TJX has slipped to the bottom of the trend table. 28 Western stocks fell to a relative trend (CAPR) score of 0 out of 5 today, led by $TJX, $SYK and Renault. 9 are consumer names. Fellow clothing retailers Inditex $ITX and Next $NXT.L still score 5.

Costco climbs into the top tier of ByteTrend scores. 17 Western stocks rose from 4 to a top relative trend (CAPR) score of 5 out of 5, led by $COST, Shell and Suncor. Energy is the common thread: 4 of the 17, incl. $DINO.

Nvidia ($NVDA) has slipped to a fresh 30-week relative low. It is one of 85 Western stocks at 30-week lows vs the world index on ByteTrend, with $SCCO, $CMI and Rheinmetall. Meanwhile, chip peer $AMD holds a relative trend score of 4 out of 5.

$NVDA - Jensen Huang resigned as CEO after reports of relationships with two women, one allegedly a Chinese spy. Now there's talk of a second affair with an employee (third in total). CFO Colette Kress will serve as interim chief, but reports have emerged of Jensen criticising her abilities in meetings. Three House committees have summoned Huang for a closed-door interview. It has fallen from a rock solid relative trend score of 5 to a 2, and is making new relative lows. Nvidia reports fiscal Q3 results on 17 November 💣

Apple is now the only $5 tn stock in the world, since Jensen's little adventure $NVDA. It leads 15 stocks to fresh 30-week relative highs. On ByteTrend, $AAPL, $GWW and $FAST hit new highs vs the world index in Leading Trend, each with a top relative trend (CAPR) score of 5/5. Distributors Grainger and Fastenal broke out together. Apple relative trend chart:

Also notable are the countries that have won from this rotation. India $EPI hosts a number of "AI losers" like $INFY and $WIT - and has suffered a multi-year bear market in relative terms. As a result, it is home to companies whhich gifted capital to the AI trade and are now claiming it back, and started this rotation at a lower valuation than before. Unsurprising to see Swiss stocks also offering a safe haven during a flight to safety...

Rotation underway. This table shows the change in the average trend score by sector, over 1 month. Average means equal weight - so every Energy stock contributes equally to the average. Technology $XLK has been the biggest loser over the past month, while rate-sensitive stocks like Real Estate $XLRE and Defensives $XLP have been the relative winners.

Energy and defensives climbed while the AI trade slipped - here are the main overnight moves on Energy: $SHEL and $SU rose to a top relative trend (CAPR) score of 5 out of 5, with $XOM up to 4. Defensives: $COST, $RSG and $COR rose to 5, with Nestlé up to 3. Commonwealth Bank $CBA jumped from 0 to 3, the biggest move in the top 300. Down: $TJX and $SYK fell to 0, $GE slipped to 3. Brent and natural gas each rose 1 point.

Amgen and Cheniere join the top-score club. 10 Western stocks hit a top ByteTrend relative trend (CAPR) score of 5 out of 5 on Wednesday, led by $AMGN, $CVNA and $LNG. Healthcare leads with 3 of the 10, incl. $RPRX; half also score 5 on the daily.

German financials are one of Europe’s strongest trend groups. All 7 big German banks, insurers and exchanges score 4 or 5 out of 5 on relative trend (CAPR), averaging 4.4 vs 2.1 for Western stocks. Allianz, Deutsche Börse and Talanx score 5.

New charts just dropped on MA gradients are new in there too, so you can see how fast / slow a moving average of your choice is rising. The platform keeps getting better and better!

Calm stocks are leading the trend right now. 43% of the 318 least volatile Western stocks have a top daily relative trend score (5 out of 5) on ByteTrend, vs 10% of the 277 most volatile. $COST, $KO and $JPM all sit on daily 5s.

Daily scores move first. Weekly scores confirm. ByteTrend rates relative trend (CAPR) 0-5 on a fast Daily and slow Weekly clock. $MA hit a Daily 5 on 22 Oct; the Weekly joined on 30 Oct. Now 5 on both, with the Weekly up from 0 in July.

New charts just dropped on MA gradients are new in there too, so you can see how fast / slow a moving average of your choice is rising. The platform keeps getting better and better!

New relative highs today. $AAPL leads the pack as the largest, and it's already on a weekly relative trend score of 5. Dr Pepper $KDP makes the cut, as Consumer Staples stocks have surged in this rotation. Edwards Life $EW reflects the growing strength of healthcare, and medical devices in particular, in the current market.

Two trend scores, two speeds: BAE Systems $BA.L shows the gap. ByteTrend rates trends vs the world index, 0 to 5. BAE’s daily score went 3, 2, 1, 3, 3, 0 in six sessions; its weekly score held at 2. Daily data catches swings. Weekly data shows the bigger trend.

BAE $BA.L Systems just took the a sharp daily hit. Its daily ByteTrend score vs world stocks fell from 3 to 0 out of 5 on Wednesday, the biggest one-day drop of the ~300 largest Western stocks. In March it scored a top 5 daily and weekly.

The secret of is judging things in relative terms. This week, this is especially helpful, as it helps tease out the relative winners and losers amid the chaos. For example, looking at countries, South Korea (−10.0 relative to the World) and Taiwan (−8.0 relative) fell hardest again, extending their two-day losses to 13.2 and 10.7. Both lost a Weekly CAPR point, to 2 and 3. China (+5.0 relative) and India (+4.0) led, with Mexico (+3.6) and France (+2.9) close behind. All four are ahead of the world over two days. Europe held up. Germany and Switzerland gained 2.2 each (relative) and both now have a Weekly CAPR of 4, up from 1 and 2 on Tuesday. The United Kingdom and Canada also rose to 4. The US slipped 0.6 against World (−4.4 in simple price terms). Japan lost 2.2 and dropped to a Weekly CAPR of 1. $SPY $EWY $EWT $EPI

Same stock, two very different trend scores. $PG (Procter & Gamble) scores 5 out of 5 on ByteTrend’s weekly trend in dollars, but just 2 on its relative (CAPR) score vs the MSCI World index. Rising on its own, lagging the world: the gap CAPR shows.