ShareThisPre-opening Comments for Monday December 21st
U.S. equity index futures are higher this morning. The Christmas rally continues. S&P 500 futures are up 5 points in pre-opening trade. Weakness in the U.S. Dollar contributed to the strength. Commodities priced in U.S. dollars including gold, silver, copper and crude oil are trading higher.
Canada’s retail sales continue to recover from recession levels. October retail sales rose 0.8%, in line with consensus. Excluding auto sales, October retail sales rose 0.2%.
Walgreen added 4% after reporting higher than expected fiscal first quarter earnings.
Conagra added 3% after reporting higher than expected fiscal second quarter earnings.
Potash Corp gained 4% after Goldman Sachs upgraded the stock from Buy to Conviction Buy. Target price is $138 U.S. Goldman also upgraded another fertilizer producer, Mosaic from Neutral to Buy. Target was raised from $64 to $68. MOS added 4% in pre-opening trade.
Alcoa added 4% after Morgan Stanley upgraded the stock from Equal Weight to Over Weight. Target is $22. ‘Tis the season for Materials stocks to move higher!
Intel improved 2% after Barclays upgraded the stock from Equal Weight to Over Weight. Target is $24. ‘Tis the season for Technology stocks to move higher.
North American Palladium rose 4% after Thomas Weisel initiated coverage on the stock with an Over Weight rating. Target is $4.00
BMO Capital Markets upgraded Mattel and Hasbro after taking a more positive view on the toy industry. Mattel was upgraded to a Buy.
Economic News This Week
Economic news generally is expected to be positive this week.
Revised third quarter GDP to be released at 8:30 AM EST on Tuesday is expected to slip from 2.8% to 2.7%.
November Existing Home Sales to be released at 10:00 AM EST on Tuesday are expected to increase to 6.30 million units from 6.10 million units in October.
November Personal Income to be released at 8:30 AM EST on Wednesday is expected to increase to 0.5% from 0.2% in October.
November Personal Spending to be released at 8:30 AM EST on Wednesday is expected to remain the same the same as October at 0.7%.
November New Home Sales to be released at 10:00 AM EST on Wednesday are expected to increase to 440,000 units from 430,000 units in October.
November Durable Goods Orders to be released at 8:30 AM EST on Thursday is expected to increase 0.4% versus a decline of 0.6% in October. Excluding transportation, Durable Goods Orders are expected to increase 1.0% versus a 1.3% decline in October.
Earnings News This Week
Earnings reports are sparse this week.
Monday sees Walgreen.
Tuesday sees Micron Technology
Equity Index Trends
The ratio of S&P 500 stocks in an uptrend to a downtrend (i.e. the Up/Down ratio) increased last week from 2.96 to (330/101=) 3.27. Ten more S&P 500 stocks moved to an uptrend and seven fewer stocks were to a downtrend.
Bullish Percent Index for S&P 500 stocks increased last week from 72.80% from 75.00% and moved once again above its 15 day moving average. The Index remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
The Up/Down ratio for TSX Composite Index stocks increased last week from 3.26 to (141/31=) 4.95. Four more stocks moved to an uptrend. Nine fewer stocks were in a downtrend. The ratio does not include changes in content by the Index this morning.
Bullish Percent Index for TSX Composite stocks was unchanged last week at 78.82%. The Index remains below its 15 day moving average. The Index remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
The S&P 500 Index slipped 3.94 points (0.36%) last week. Intermediate trend remains up. The Index continues to bounce from near its 50 day moving average. Resistance may be forming at 1,119.13. Short term momentum indicators remain neutral. Support is indicated at 1,029.38. Seasonal influences are positive.
Chart courtesy of StockCharts.com www.stockcharts.com
Percent of S&P 500 stocks trading above their 50 day moving average increased last week from 67.80% to 69.40%. Percent remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
Percent of S&P 500 stocks trading above their 200 day moving average increased last week from 90.00% to 90.20%. Percent remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
The Dow Jones Industrial Average eased 142.61 points (1.36%) last week. Intermediate trend remains up. The Average continues to track above its 50 day moving average. Resistance may be forming at 10,516.70. Short term momentum indicators remain neutral. Strength relative to the S&P 500 Index has been positive, but is showing early signs of turning negative, typical at this time of year. Seasonal influences remain positive.
Chart courtesy of StockCharts.com www.stockcharts.com
Bullish Percent Index for Dow Jones Industrial Average stocks slipped last week from 83.33% to 80.00% and remains below its 15 day moving average. The Index remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
Bullish Percent Index for NASDAQ Composite Index stocks increased last week from 58.48% to 59.03% and remains above its 15 day moving average. The Index remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
The NASDAQ Composite Index added 21.38 points (0.98%) last week. Intermediate trend remains up. The Index continues to track above its 50 day moving average. MACD and RSI are neutral and Stochastics are short term overbought. Strength relative to the S&P 500 Index remains neutral. Seasonal influences are positive until mid January.
Chart courtesy of StockCharts.com www.stockcharts.com
The Russell 2000 Index added 10.20 points (1.70%) last week. Intermediate trend remains down. The Index remains above its 50 and 200 day moving averages. Resistance is at 625.31. Short term momentum indicators are overbought, but continue to trend higher. Strength relative to the S&P 500 Index has turned from negative to positive. The period of relative strength from December 19th to March 7th has appeared earlier than usual this year. See column near the end of this report for the full story.
Chart courtesy of StockCharts.com www.stockcharts.com
The Dow Jones Transportation Average gained 34.71 points (0.85%) last week. Intermediate trend is up. The Average remains above its 50 and 200 day moving averages. Short term momentum indicators are overbought, but continue to trend higher. Strength relative to the S&P 500 Index remains neutral.
Chart courtesy of StockCharts.com www.stockcharts.com
The TSX Composite Index added 39.47 points (0.35%) last week. Intermediate trend is up. The Index remains above its 50 and 200 moving averages. Short term momentum indicators currently are neutral. Resistance may be forming at 11,816.33. Strength relative to the S&P 500 Index remains negative. Seasonal influences are positive.
Chart courtesy of StockCharts.com www.stockcharts.com
Percent of TSX stocks trading above their 50 day moving average increased last week from 55.17% to 61.08%. Percent remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
Percent of TSX stocks trading above their 200 day moving average increased last week from 83.74% to 84.73%. Percent remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
The Australia All Ordinaries Composite Index added 20.50 points (0.44%) last week. Intermediate trend remains up. The Index remains in a four month trading range between 4,515.30 and 4,897.50. The Index is above its 200 day moving average, but below its 50 day moving average. Short term momentum indicators are neutral. Strength relative to the S&P 500 Index remains negative. Seasonal influences are positive.
Chart courtesy of StockCharts.com www.stockcharts.com
The Nikkei Average gained 34.18 points (0.34%) last week. Intermediate trend is down. The Average remains above its 50 and 200 day moving averages. Short term momentum indictors are overbought, but continue to trend higher. Strength relative to the S&P 500 Index remains negative. Seasonal influences are positive.
Chart courtesy of StockCharts.com www.stockcharts.com
The Shanghai Composite Index fell 133.43 points (4.11%) last week. Intermediate trend is up. The Index fell below its 50 day moving average on Friday. Two month trading range is between 3,080.88 and 3,361.39. Short term momentum indicators are trending lower from overbought levels. Strength relative to the S&P 500 Index has turned from positive to neutral.
Chart courtesy of StockCharts.com www.stockcharts.com
The London FT Index slipped 64.76 points (1.23%), the Frankfurt DAX Index added 74.92 points (1.30%) and the Paris CAC Index eased 9.28 points (0.24%) last week. All remain in a 2-4 month trading range.
Chart courtesy of StockCharts.com
Currencies
The U.S. Dollar jumped 1.23 last week. It broke another resistance level at 77.47. Next short term resistance is at 79.51. Intermediate trend remains down. Short term momentum indicators are substantially overbought, but have yet to show signs of peaking. Seasonal influences normally are negative to the end of December and positive from January to April. Weakness late in December is caused by year end transactions by international companies.
Chart courtesy of StockCharts.com www.stockcharts.com
Conversely, the Euro lost another 2.71 and broke below another support level at 146.32. Next support is at 140.47. Short term momentum indicators are substantially oversold, but have yet to show signs of bottoming.
Chart courtesy of StockCharts.com www.stockcharts.com
The Canadian Dollar fell 0.53 cents U.S. last week. The Canuck Buck remains in a three month trading range between 92.16 and 97.69. MACD and RSI are neutral. Stochastics are oversold, but continue to trend lower.
Chart courtesy of StockCharts.com www.stockcharts.com
Commodities
The CRB Index added 5.28 points (1.95%) last week thanks mainly to strength in the energy sector. The Index remains in a relatively tight three month trading range between 267.48 and 285.18. The Index moved once again above its 50 day moving average last week, an encouraging technical sign. Short term momentum indicators are recovering from oversold levels.
Chart courtesy of StockCharts.com www.stockcharts.com
Crude oil gained $2.47 U.S. per barrel (3.43%) last week thanks to colder and stormier than average weather in North America and a surprise drop in crude oil inventories. Inventories have declined significantly since April.
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History is repeating itself. Historically, crude oil has reached a seasonal low in the first half of December, forms a base into February and moves strongly higher into May. Resistance exists at $82.00 and support appears to be forming at $69.81. Short term momentum indicators are recovering from oversold levels. MACD recorded a short term buy signal on Friday. The likelihood of a colder-than-average winter this year (partially caused by lower than average sunspot activity) suggests that the period of seasonal strength from February to May likely will come sooner this year and will be more significant than average.
Chart courtesy of StockCharts.com www.stockcharts.com
Gasoline has a similar technical profile. It added $0.06 per gallon last week. Short term momentum indicators are recovering from oversold levels. Gasoline remains in a seven month trading range between $1.60 and $2.10 U.S. per gallon. Problems at refiners prior to the traditional spring maintenance period already have surfaced. Suncor experienced a fire at one of its refineries last week. Refinery utilization levels continue to drift lower due to aging equipment that requires additional maintenance. Could be an interesting seasonal trade starting before the end of January!
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Chart courtesy of StockCharts.com www.stockcharts.com
Natural gas gained $0.62 (11.9%) last week thanks to colder-than-average weather. The period of seasonal strength has reached an end. Short term momentum indicators are overbought, but have yet to show technical signs of rolling over. Stay tuned!
Chart courtesy of StockCharts.com www.stockcharts.com
The S&P Energy Index was virtually unchanged last week despite higher energy prices. Short term momentum indicators are recovering from an oversold level. Base building continues.
Chart courtesy of StockCharts.com www.stockcharts.com
Ditto for the Canadian energy sector! Stochastics already are short term overbought.
Charts courtesy of StockCharts.com www.stockcharts.com
Gold was virtually unchanged (down $3.00 U.S.) last week. It briefly moved below its 50 day moving average, but recovered above that level on Friday. Stochastics are oversold, but are trying to recover.
Gold equity indices remain in an intermediate uptrend despite another 3.1% decline last week. Gold equities are responding to strength in the U.S. Dollar. Stochastics are substantially oversold, but have yet to show signs of recovery. Support for the Philadelphia Gold and Silver Index is at 152.35. Strength relative to the price of gold remains negative.
Chart courtesy of StockCharts.com www.stockcharts.com
Silver gained $0.09 per ounce last week despite strength in the U.S. Dollar. Intermediate trend remains up. Stochastics have started to recover from a short term oversold level. Favourable seasonal influences starting in the second week in December and continuing until April arrived on schedule this past week. Silver is responding to its “economically sensitive” characteristics as opposed to its “monetary” sensitivity. ‘Tis the time to own silver ETFs! See Tech Talk for December 11th for the full story and ETF selections: http://www.timingthemarket.ca/techtalk/2009/12/11/tech-talk-for-friday-december-11th-2009/
Chart courtesy of StockCharts.com www.stockcharts.com
Platinum added $7.40 per ounce last week despite strength in the U.S. Dollar. Stochastics are recovering from short term oversold levels. Favourable seasonal influences from January to May have arrived earlier than usual this year.
Chart courtesy of StockCharts.com www.stockcharts.com
Purest way to play platinum is through its Exchange Traded Note.
Chart courtesy of StockCharts.com www.stockcharts.com
Copper added 0.55 cents per lb. last week despite strength in the U.S Dollar. Economically sensitive commodities such as copper, silver and platinum are responding to anticipation of greater demand triggered by a recovery in world economies. Copper and platinum continue to track above their 50 day moving averages. ‘Tis the season for copper to move higher!
Chart courtesy of StockCharts.com www.stockcharts.com
Grain prices moved slightly lower last week. Short term momentum indicators are neutral. Favourable seasonal influences for the Agriculture sector finish at the end of December. Stay tuned for a technical signal to take profits on strength.
Chart courtesy of StockCharts.com www.stockcharts.com
Lumber prices slipped $2.60 last week. Stochastics are short term oversold and trying to bottom. ‘Tis the season for lumber prices to move higher!
Chart courtesy of StockCharts.com www.stockcharts.com
Financials
The yield on long term U.S. Treasuries was unchanged last week. Once again, resistance was found near the 3.60% level for 10 year treasuries. Stochastics are short term overbought and showing signs of rolling over. Seven month trading range between 3.21% and 3.98% remains intact. The trading range is unlikely to change until the Federal Reserve signals intent to tighten monetary policy.
Chart courtesy of StockCharts.com www.stockcharts.com
The S&P Financial Services Index also remains in a narrow trading range between 185.53 and 212.09. Stochastics are short term oversold and may be trying to bottom. Seasonal influences turn positive in mid-January. The sector remains plagued by secondary offers by the money center banks that will require significant time for digestion by the market.
Chart courtesy of StockCharts.com www.stockcharts.com
An interesting alternative for a seasonal play this year is the SPDR Regional Bank ETF. It already is showing positive strength relative to the S&P Financial Index. Nice breakout on Friday!
Chart courtesy of StockCharts.com www.stockcharts.com
The TSX Financial Services Index added 0.93 (0.54%) last week. Its six month trading range remains tight between163.00 and 181.93. Favourable seasonal influences expire at the end of December. Stay tuned for an optimal profit taking point based on short term momentum indicators.
Chart courtesy of StockCharts.com www.stockcharts.com
Other Factors
The VIX Index was virtually unchanged last week. It continues to test the bottom of a seven month trading range.
Chart courtesy of StockCharts.com www.stockcharts.com
The Baltic Dry Index fell another 9.0% last week and slipped below its 50 day moving average. Intermediate trend remains up.
Chart courtesy of StockCharts.com www.stockcharts.com
The stage is set for a typical year end rally. According to Thackray’s 2010 Investor’s Guide, the Santa Claus rally starts on December 15th and ends on January 6th. Annual recurring events that trigger the rally are in place this year.
Technical parameters (Bullish Percent indices, Up/Down ratios, Percent above 50 and 200 day moving averages, short term momentum indicators) generally are intermediate overbought, but trending slightly higher.
Economic and earnings news this week is quietly bullish.
Weather conditions will have a temporary negative influence on equity markets. Storms on the Pacific coast, U.S. Midwest and U.S. Northeast will hamper consumer purchases during the Christmas buying season.
Political influences are winding down for the Christmas holiday season. Copenhagen is over. The U.S. Health Care debate was “put to bed” over the weekend when the Senate managed to convince 60 senators to vote in favour of the bill. The U.S. House of Representatives and the House of Commons already are on holidays. The Iran/Iraq conflict announced on Friday has turned out to be a non-event. Apparently, similar events have happened in recent months, but the world media had not noticed. The conflict is based on a long standing disagreement about location of the boundary line in a remote area.
Investors will be in a holiday mood as the week progresses. U.S. and Canadian equity markets close early on Thursday. The last day for Canadian taxpayers to sell Canadian equities for settlement in 2009 is December 24th.
The Bottom Line
‘Tis the season for equity markets to move higher until early January! Look for history to repeat.
Tech Talk’s Weekly Column in the Financial Post
(Published on Saturday and available by paid subscription at www.nationalpost.com )
The Small Cap Effect
Small cap U.S. indices such as the Russell 2000 Index have a history of outperforming big cap indices such as the Russell 1000 Index or the S&P 500 Index from the middle of December to at least the end of January. Will the “Small Cap Effect” happen again this year?
Seasonal influences
Thackray’s 2010 Investor’s Guide notes that the Russell 2000 Index outperforms the Russell 1000 Index from December 19th to March 7th. The Russell 2000 Index rose in 23 of the past 30 periods for an average gain per period of 5.4% and outperformed the Russell 1000 Index by an average of 3.4% per period.
Small cap equities and Exchange Traded Funds tend to come under pressure during October, November and early December each year due to a series of annual recurring events. Tax loss selling pressures by individual investors take their toll during this period. In addition, “window dressing” by institutional investors has a negative influence. Institutional investors prefer not to show large holding is small cap stocks when they release their annual reports. Accordingly, they tend to replace some of their small cap holdings with big cap holdings as year end approaches.
Weakness until mid December sets the stage for a significant recovery by the sector near year end. Frequently, the recovery starts during the traditional Santa Claus rally period from December 15th to January 6th. Tax loss selling pressures are relieved. In addition, institutional investors start to look for equities with higher risk, but greater potential return to set the stage for potential outperformance in the following year.
Frequently, they find these securities within the small cap sector.
What about this year? Tax loss pressures were less intense this year. Fewer stocks are likely to benefit from a rebound following relief of tax loss selling pressures. On the other hand, window dressing activity is thought to have been more intense than usual this year. Institutional investors were caught with large cash positions near the end of the third quarter despite strong equity markets from March to September. They responded by parking cash positions in big cap equities and Exchange Traded Funds until near yearend. Big cap equity indices such as the Dow Jones Industrial Average and the S&P 500 Index significantly outperformed small cap equity indices such as the Russell 2000 Index from October 1st to December 1st this year: The S&P 500 Index gained 7.7% and the Dow Jones Industrial Average added 10.1% while the Russell 2000 Index improved only 0.9%. The stage is set for rotation from overvalued big cap positions to undervalued small cap positions.
Technical influences
Technical parameters suggest that the seasonal move by small cap indices already has started this year. The Russell 2000 Index began to outperform the S&P 500 and Dow Jones Industrial Average at the beginning of December. Short term momentum indicators for the Russell 2000 Index including Stochastics, Relative Strength Index and Moving Average Convergence Divergence currently are overbought, but continue to trend higher.
Fundamental influences
Recent weakness in the U.S. Dollar Index is a bonus for companies that are included in the Russell 2000 Index. Russell 2000 companies mainly are smaller companies that focus on U.S. markets instead of international markets. Weakness in the U.S. Dollar in recent months will help them to compete more effectively with international companies that import goods and services into U.S. markets. Also, if the U.S. Dollar begins to recover early next year, rotation from big cap to small cap equities will accelerate.
What to do?
Several small cap Exchange Traded Funds (ETF) are available. The most actively traded U.S. small cap ETF is iShares on the Russell 2000 Index (Symbol: IWM). Canadian investors can choose to purchase a hedged version by owning iShares on the Canadian Russell 2000 Index (Symbol: XSU). Units trade in Canadian Dollars and are fully hedged against a decline in the U.S. Dollar. In addition, iShares offers a small cap Exchange Traded Fund consisting of Canadian stocks in the TSX Composite Index (Symbol:XCS).
Thackray’s 2010 Investor’s Guide: A great Christmas Present
Tech Talk frequently mentions Brooke Thackray and his book entitled, “Thackray’s 2010 Investor’s Guide”. The book summarizes attractive seasonal trades that are available during the year. The book can be purchased electronically below or by visiting your local bookstore.
U.S. Visitors click here: Thackray’s 2010 Investor’s Guide (from Amazon.com)
Seasonal trades in the book that currently are active include Agriculture, Information Technology, Consumer Discretionary, Natural Gas and Metals & Mining.
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.
Don Vialoux is a research analyst for JovInvestment Management Inc. All of the views expressed herein are the personal views of the author and are not necessarily the views of JovInvestment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by JovInvestment Management Inc
HAP Seasonal Rotation E.T.F. |HAC-T $10.09 December18,2009
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Open |
10.290 |
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High |
10.290 |
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Low |
10.000 |
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Bid x- |
10.010 |
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Ask x- |
10.120 |
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Volume |
16,590 |
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52-wk High 12/03 |
10.400 |
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52-wk Low 12/09 |
10.000 |
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Performance since launch:
Net asset value per unit after one month: $10.04: +0.40%
S&P 500 Index: +0.69%
Dow Jones Industrial Average: –0.03%
TSX Composite Index -1.18%
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Discussions from the Tech Talk Forum:
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December 21st, 2009 at 5:34 am
Good morning Don,
What to do to play the crude oil seasonal strength?
Regards,
ES
December 21st, 2009 at 5:48 am
Hi ES. Please be patient.
December 21st, 2009 at 7:40 am
Hi Don, what signals and indicators would you use to determine if the US has reversed its intermediate and long term down trend?
December 21st, 2009 at 8:01 am
Hi Don,
I’m a little confused on the seasonal strength dates for Silver. DV TT from Dec 11th reports “end of October to the end of May” while this morning’s report states “Favourable seasonal influences starting in the second week in December and continuing until April”.
Thanks Don – surpurb service you provide (and I own HAC-T)
December 21st, 2009 at 8:06 am
Silver bottomed at the end of October as usual this year. Recent weakness during the period of seasonal strength has provided a second buying opportunity at a higher price.
December 21st, 2009 at 8:10 am
Hi Don,
Given current low interest rates, could you please suggest appropriate bond ETFs for the income portion of my portfolio. I have been rolling all my seasonal plays into HAC for one “cover-all” holding – let you and Brooke handle the ‘when to buy’ and ‘when to sell’ thus simplifing the whole process. I am counting on you guys!
Andie
December 21st, 2009 at 8:53 am
Hello Don
Whats the seasonality and target for KRE thats mentioned above? Thanks.
December 21st, 2009 at 9:00 am
Hi Don – I wanted to express my gratitude for the excellent opportunity you are providing by passing your knowledge on.I met you in a seminar 11 years ago and was equally impressed at that time. Best Wishes for a Happy Holiday.(I too am an owner of HAC-T)
December 21st, 2009 at 9:23 am
Hi Don,
Did I understand you correctly – the positive seasonal influence of American Financial Services starts after December but ends for the TSX Financial Services sector ? Reference: today’s comments for charts $SPF and $SPTFS. Thanks
December 21st, 2009 at 10:07 am
Last week Don V. expressed some scepticism about the belief that humans are causing global warming. He was asked to drop the subject by one of the contributors since he (Don) was not an expert. In support of Don I thought I would mantion the following.
Below are links to YouTube videos (5 of them) that make up the program called “Doomsday Called Off” that played on the Canadian Broadcasting Corporation. They make a strong case (with scientific backing), that global warming, if it is occuring at all, is not related to human activity. They also debunk the hockey stick graph used by Al Gore saying it is misleading. We have a large stake in getting this right. There are many with hidden agendas that will continue to profit from us “taking action” against global warming even if science doesn’t necessarily back their claims. At the very least, we need to discuss the data that dissenting scientists are attempting to present.
Part 1
http://www.youtube.com/watch?v=fr5O1HsTVgA
Part 2
http://www.youtube.com/watch?v=fD6VBLlWmCI
Part 3
http://www.youtube.com/watch?v=nJbkyGRxwjw
Part 4
http://www.youtube.com/watch?v=dIbTJ6mhCqk
Part 5
http://www.youtube.com/watch?v=v2XALmrq3ro
December 21st, 2009 at 10:27 am
Hi Don,
Would you recommend continuing to hold Agrium after the end of the Agri period of seasonality ? Thank you.
Joe
December 21st, 2009 at 11:34 am
To go along with Paul’s post. Here’s a piece on Jim Puplava’s website by one named Ian Pilmer. “Heaven and Earth: Global Warming, the Missing Science” – Octoer 24, 2009, It’s a replay of a broadcast. http://www.financialsense.com/Experts/2009/Plimer.html
December 21st, 2009 at 4:20 pm
Hi Don,
Thanks for the clarification on Silver seasonality. Most appreciated !
TTYS
December 21st, 2009 at 5:33 pm
Thx Don.
Patience is one of the virtue I took away from this great site.
Keep me the great work!
Cheers,
ES
December 21st, 2009 at 7:30 pm
Hi Roy. According to a recent study by Brooke Thackray, the period of seasonal strength for the U.S. Financial Service sector is from January 19th to April 13th
December 21st, 2009 at 7:31 pm
Hi Heinz S. The end of the period of seasonal strength is the end of December.
December 21st, 2009 at 7:38 pm
Hi Joe. The market will let us know when to take profits in Agrium and other agriculture equities and ETFs. Generally, the end of the period of seasonal strength is the end of December plus or minus about two weeks. Individual stocks in the sector currently are mixed with short term momentum indicators for MOO and COW near oversold levels.
December 21st, 2009 at 7:54 pm
Hi Don,I am going to study MACD, RSI and STOCKASTIKS/ fast and slow, do you recommend I use any other indicators, or are those three sufficent to help my trading. Of course I will also use trend lines, and your excellent advice. Thanks and Merry Christmas.
December 29th, 2009 at 6:42 pm
Paul and George clearly are climate deniers soiling this website with silly nonsense – sigh. Lets get back to discussing trading and money. Enjoy this site, thanks Don.