FTNT - Oppenheimer big-stock update gets bullish on homebuilders IPO names

Oppenheimer's latest 50/50 list for the S&P 500 looks at moving averages to note that enough of the top stocks' market capitalization is in an uptrend that it sees "weakness, like Friday's opening drop, as a buying opportunity ahead of resuming strength over the coming weeks." Some 78% of the S&P 500 market cap is above its 200-day average "and we see a looming mid-month turn in calendar-year seasonals too," the firm says - with the caveat that market laggards might be "broken" and make the market's upward path choppier until they strengthen. It sees S&P support at 3,209 (also the September low), and resistance at 3,428. (The measure closed at 3,408.63 today.) And while breadth is low, Oppenheimer is disagreeing with the stance some have to sell what's working. "We’ve heard statements along the lines of: 'Market participation is narrow, so sell Technology.' This makes little sense to us.

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Oppenheimer big-stock update gets bullish on homebuilders, IPO names