Small and midcap pair trades for every sector - Oppenheimer

Oppenheimer's technical analysis team is out with more buy/sell pair trades for smallcap and midcap stocks.

Analyst Ari Wald recommends a buy and a sell based on charts.

Energy

• Buy PBF Energy (PBF) with refiners the best in the sector.
• Sell Nabors Industries (NBR), which is hitting a bearish inflection point.

Materials

• Buy Hawkins (HWKN), sticking with the uptrend.
• Sell O-I Glass (OI), which is below its 200-day moving average.

Industrials

• Buy Saia (SAIA), staying with momentum.
• Sell John Bean Technologies (JBT), which is rolling over.

Consumer Discretionary

• Buy Light & Wonder (LNW), buying the dip.
• Sell Frontdoor (FTDR), which is rolling over.

Consumer Staples

• Buy Celsius Holdings (CELH), buying the dip.
• Sell USANA Health Sciences (USNA), with the 2023 breakdown resuming.

Healthcare

• Buy Neurocrine Biosciences (NBIX), which is holding its breakout.
• Sell PetIQ (PETQ), which is reversing lower.

Financials

• Buy Jefferies (JEF), buying the dip.
• Sell AMERISAFE (AMSF), which is relatively weak.

REITs

• Buy American Homes 4 Rent (AMH), which is one of the few options in a relatively weak sector.
• Sell Kite Realty Group (KRG), which is reversing lower.

Technology

• Buy Elastic (ESTC), a near-term opportunity to buy long-term strength.
• Sell A10 Networks (ATEN), selling the rally into resistance.

Communication Services

• Buy Taboola.com (TBLA), which is testing key support.
• Sell Scholastic (SCHL), which is turning lower.

Utilities

• Buy Otter Tail (OTTR), one of the few options in a relatively weak sector.
• Sell IDACORP (IDA), with the downtrend intact.

Wald also updated the 50/50 SMID portfolio, which picks 50 buys and 50 sells from the Russell 2000 (NYSEARCA:IWM), the Russell Midcaps (NYSEARCA:IWR) and the S&P 400 Midcap (NYSEARCA:SPMD).

"This list adopts a market-neutral and sector-neutral stance by providing the same number of buy and sell ideas," Wald said.

On the Buy list, he added PBF Energy (PBF), Neurocrine Biosciences (NBIX), Jones Lang LaSalle (JLL) and EverQuote (EVER). He removed Par Pacific Holdings (PARR), Acadia Healthcare (ACHC), Phillips Edison (PECO) and Vimeo (VMEO).

On the Sell list he added MSC Industrial Direct (MSM), Ollie's Bargain Outlet (OLLI), NeoGenomics (NEO) and Kite Realty (KRG). He removed ESCO Technologies (ESE), Vail Resorts (MTN), Inspire Medical Systems (INSP) and Centerspace (CSR).