Their trash, your treasure. These tossed-out stocks could be your best foot forward for 2023, says strategist

There’s green on the equity futures screens for Monday, and that may come as a relief to those braced for more selling after the S&P 500 fell to a five-week low on Friday.

“However, if this is not the case…and we see ANY downside follow-through…it’s going to raise some serious red warning flags for the stock market,” he told clients. Strategists like Maley are particularly wary after the index failed to break above its important 200-daily moving average last week, and he says 3,200 or lower can’t be ruled out if downside sticks.

“Such stocks were swept lower by the tidal wave of selling that pushed indexes to new bear market lows in October, into the traditional mutual fund year-end tax-loss selling window,” said Evercore strategists. “While tax-loss selling season remains under way for retail investors whose accounting year ends in December, opportunities have begun to materialize.”

What’s on their list? Snowflake, Airbnb, Paycom Software, eBay and Pinterest are in the top five. Here’s the rest:The markets Stock futures ES00 YM00 NQ00 are rebounding after Friday’s drop, as the dollar DXY heads south and long-term Treasury yields TMUBMUSD10Y are higher, but hovering near three-month lows. Oil prices CL.1 are also firmer, while global recession worries knocked China HSI 000300 and Japan stocks NIK .

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