Recent market trends are boosting the shares of some oversold stocks.
Cyclical rebound and recoveries are causing a "growing number of economy-sensitive stocks [to] rebound from oversold levels that developed following corrections in October into November," Fundstrat Global Advisors noted Tuesday.
The firm sees a number of "noteworthy" technical developments supporting this including the recent rally in the Russell 2000, a rebound in the financial, and industrials and materials sectors, and comebacks in consumer discretionary, media, auto, and food stocks.
Fundstrat calls attention to other sectors that appear to be stabilizing, including the staples and utilities. And with the all the recent success in the tech sector, there is little evidence to suggest its deteriorating.
In light of these trends, the firm says investors should key in on a number of sectors and companies.
The firm's top technology investing ideas are Broadcom (AVGO) and Skyworks Solutions (SWKS) . Regarding the industrials, Fundstrat is bullish on Masco (MAS) , Pentair (PNR) , FedEx (FDX) and UPS (UPS) .
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