Election Season Investing: Top Stocks to Watch in November
As the country gears up for the 2024 U.S. election, savvy investors are turning their attention to the market’s historical trends. One of the most promising patterns to emerge is the outperformance of specific stocks in November. Among the top 25 S&P 500 (SPX) stocks to own this month is semiconductor powerhouse Broadcom Inc (NASDAQ:AVGO), which has consistently delivered strong returns in the fourth quarter.
A Consistent Winner in November
Broadcom’s track record is impressive: over the last decade, the stock has closed November higher an astonishing 10 times, with an average gain of 8%. This remarkable consistency makes AVGO an attractive addition to any portfolio.
Bullish Signals Aligning
Recent market activity has set the stage for another strong performance from Broadcom. The stock has recently dipped within one standard deviation of its 80-day moving average, a signal that has historically preceded significant gains. In fact, according to data from Schaeffer’s Senior Quantitative Analyst Rocky White, five similar signals have occurred in the last three years, resulting in a 100% positive one-month return, with an average gain of 9.4%.
Upward Momentum Builds
Broadcom’s shares are already on a tear, up 54.4% year-to-date and 95.7% year-over-year. With only two monthly losses – both under 2% – in the last 12 months, the stock’s upward momentum shows no signs of slowing. Should both historical signals play out, AVGO could surge past its October 9 all-time high of $186.42.
A Strong Addition to Any Portfolio
With its consistent November outperformance and bullish technical signals aligning, Broadcom Inc (NASDAQ:AVGO) is an attractive addition to any portfolio. As the market navigates the uncertainty of the election season, AVGO’s strong track record makes it a compelling choice for investors seeking to maximize their returns.
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