New Trifecta stock picks from Oppenheimer include TXN, MS, ETSY
Irina Ivanova

The broader market is in a process of bottoming but more is needed to stop the downtrend, Oppenheimer says.
The S&P 500 (SP500) (NYSEARCA:SPY) closed above its 200-day moving average last week for the first time since April.
"Overall, we believe the S&Pâs base is intact, and whether the final breakaway occurs now or later, we expect a broadening list of stocks to be at a higher price level when that breakaway occurs," technical analyst Ari Wald wrote in a note. "For trading levels, we see 4,028 (Nov. peak) as the start of support followed by 3,920 (100-day average), and 4,100 as resistance (2022 downtrend)."
Wald identified eight stocks that his the OPCO Trifecta criteria of stocks rated Outperform, screen positively in trend work and are supported by top-down portfolio tailwinds.

Chipotle (CMG) - "Strength in consumer cyclicals."
Etsy (ETSY) - "Relatively strong in a low-momentum industry."
Apollo Global (APO) - "Strength in capital markets."
Morgan Stanley (MS) - Strength in capital markets."
Enphase Energy (ENPH) - "Best of solar and breakout ready to resume."
Arcosa (ACA) - "Strength in capital goods."
Paycom Software (PAYC) - "Relatively strong in a low-momentum industry."
Texas Instruments (TXN) - "Relatively strong in a low-momentum industry."

Oppenheimer also downgraded Utilities (XLU) to Underweight from Market Weight, keeping with its theme of offense over defense. 
"In terms of price, the tracking SPDR (XLU) has rallied into $71 resistance marking both its 200-day average and February 2020 peak in what looks like a neutral range," Wald said. "The sectorâs relative trend is our key concern."
"Relative to the S&P 500, XLU is showing signs of moderating below formidable resistance at both its 2020 breakdown below its year-2000 low, and its multi-year downtrend dating back to its 2009 relative high."
Charts show sell signals in four stocks that are rallying into resistance after breaking trend: Duke Energy (DUK), Xcel Energy (XEL), Eversource Energy (ES) and Alliant Energy (LNT).
From a fundamental perspective, Morgan Stanley says it's now time to fade the bear really.