Valens Equity Weekly Insights and Inflections for November 15, 2017

Market Insights
Most Compelling Long Ideas
FB, FSLR, LGIH, GRMN, WGO

Most Compelling ECF™ Inflections
GPS, LH, VZ, RCII, AVB

Company Specific Highlights & Insights:

CRUS, CVI, HON
005930:KOR, AMZN, ASML:NLD, CCI, CSX, ESV, EXPE, FCX, FL, GILD, GNTX, IBM, NOVN:CHE, PM, SYF, XOM

Management confidence levels appear to be trending positively. In October 2016, the Management Growth Confidence Index started to trend strongly positively for the first time in over a year, a signal confirmed in calls continuing through August 2017. While the ratio dipped in September, if the ratio recovers again in October, this would point to management teams finally growing more confident about investing.