As Wall Street awaits the results of the 2024 US elections, we’re revisiting one of our favorite trends: analyzing the best stocks to own over a given period. We specifically look at stocks that tend to outperform November.
Third on the list of the 25 best S&P 500 (SPX) stocks to have in your portfolio this month is semiconductor giant Broadcom Inc (NASDAQ:AVGO)which just so happens to be the case a standout in the fourth quarter. According to data from Schaeffer’s Senior Quantitative Analyst Rocky White, AVGO closed November 10 times higher in the past decade, with an average of 8%.
Adding to this bullish setup, Broadcom stock recently came within one standard deviation of its 80-day moving average. According to data from Schaeffer’s Senior Quantitative Analyst Rocky White, five similar signals have been observed over the past three years. AVGO delivered positive one-month returns 100% of the time, with an average gain of 9.4%.
Shares were last up 2.3% at $172.41 and could surge past their Oct. 9 all-time high of $186.42 if both historically bullish signals materialize. AVGO is already outperforming year-on-year and year-on-year, up 54.4% and 95.7% respectively, and has only suffered two monthly losses in the last twelve months (both less than 2%) .
