Editor’s Note: Pre-opening comments and “Technical comments on equities in today’s news” are not available today. See you at the Toronto CSTA conference!
Technical Action Yesterday
Technical action by S&P 500 stocks was bullish yesterday. Five S&P 500 stocks broke resistance (Allergan, DirectTV, Emerson Electric, IMS Health, Costco and Northrop) and two stocks broke support (CF Industries and CVS). The Up/Down ratio improved from 2.02 to (280/136=) 2.06.
Technical action by TSX Composite stocks also was bullish yesterday. Five TSX stocks broke resistance (CCL Industries, Dorel, European Gold Fields, Quebecor and Sino Forest) and one stock broke support (Canadian Natural Resources). The Up/Down ratio increased from 2.40 to (128/50=) 2.56.
Weekly Bullish Percent Index Sector Review
Most bullish percent indices moved lower last week: Ten of the 12 indices eased slightly. Transportation was unchanged and gold moved slightly higher. All indices remain below their 15 day moving average. All indices remain intermediate overbought.
Charts courtesy of StockCharts.com
Tech Talk’s Weekly Financial Post Column
(Available in hard copy or by paid subscription at www.nationalpost.com)
The column asks the question, “Is now the time to buy the Canadian Financial Services sector?”
Disclosure: Mr. Vialoux does not own securities mentioned in this report.
Disclaimer: Comments and opinions offered in this report at www.timingthemarket.ca are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
November 6th, 2009 at 8:23 am
“Is now the time to buy the Canadian Financial Services sector?” The timing is great….is this scheduled for next Sat. Thanks
November 6th, 2009 at 4:03 pm
The SP500 is testing the long term moving avg from the bottom side. Failure to break through to the upside may signal a drop in the SP500 to the 1000 range. Not catastrophic but a downside of 6%. No doubt the TSX will follow to some extent in sympathy and the banks will no doubt demonstrate a beta which closely follows. We were in the exact same situation in July and went down for a second time which is what I am describing here.
November 8th, 2009 at 11:32 am
Market Is Strong, But Correction Should Continue
by Carl Swenlin
November 6, 2009
http://decisionpoint.com/ChartSpotliteFiles/091106_cspot.html