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BTIG remains bullish on materials, dollar weakness fueling more upside

Published 08/03/2024, 09:48
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In its recent notes, BTIG strategists pointed to a bullish breakout in the materials sector. On Thursday, the broker released another analysis, maintaining its bullish views on this group.

Among other things, the depreciation of the dollar is seen as an additional factor supporting upward momentum in this group.

“We felt that not many eyes were on them a few weeks ago, but Materials are by far the best performing sector over the last month (+8% vs. +4.6% for Energy, Utilities and Industrials). We suspect not many would guess that,” said analysts at BTIG.

Analysts noted the relative trend of Materials Select Sector SPDR ETF versus S&P 500 is yet to break out and is something that will be closely monitored in the upcoming weeks for further confirmation of this sector's strength.

Meanwhile, the SPDR S&P Metals & Mining (NYSE:XME) ETF also appears opportune, analysts added, having recently surged past a multi-month base above $58.

Regarding individual stocks, Cleveland Cliffs (CLF) “also looks timely,” analysts wrote.

Moreover, the iShares Silver Trust (NYSE:SLV) is showing strength as well. It remains within a trading range until it surpasses the 23-24 mark, “but we suspect that is coming,” they added.

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