FDXF

Outperforming without a clear catalyst yet

• FDXF +2.01% on the last session vs SPY +0.74%: +1.3 pts of stock-specific move.
• Aftermath, rsi oversold (Sep 28): After its 1 oversold readings in the past 5 years, FDXF typically lost 0.2% over the next day (median) and was higher only 0% of the time. An ordinary day: -0.8%. (Low confidence: few independent periods.)
• Market backdrop (Fri): Average Hourly Earnings m/m 0.1% vs 0.3% expected (cooler); Non-Farm Employment Change 29K vs 89K expected (weaker); S&P futures +0.41%, 10-year yield -5bp in the 30 minutes after.