ShareThisTechnical Action Yesterday
Technical action by S&P 500 stocks remains bullish. Ten S&P 500 stocks broke resistance (BB&T Bank, Cintas, Danaher, Host Hotels, Key Banks, Lowes, M&T Banks, Viacom, Western Union and Zion) and none broke support. The Up/Down ratio increased from 3.19 to (327/98=) 3.34.
Technical action by TSX Composite stocks also remains bullish. Three TSX stocks broke resistance (Crew Energy, Trican Oil Services and Capital Power) and none broke support. The Up/Down ratio increased from 2.65 to (131/48=) 2.73.
Interesting Charts
The S&P 500 Index closed at an 18 month closing high yesterday and just below its January inter-day high at 1,150.45. Current intermediate upside potential is to 1,220.
Chart courtesy of StockCharts.com www.stockcharts.com
Energy stocks on both sides of the border continue to show improving technical action.
Chart courtesy of StockCharts.com www.stockcharts.com
Canadian oil service stocks were notably stronger in anticipation of an improvement in the Alberta royalty regime.
Chart courtesy of StockCharts.com www.stockcharts.com
U.S. bank stocks continue to dominate the list of S&P 500 stocks breaking resistance.
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
ETFs for the major and regional banks have broken resistance to reach 18 month highs
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Short term momentum indicators for the Euro continue to improve implying that an intermediate low has been reached. A continuing recovery in the Euro and corresponding weakness in the U.S Dollar is positive for commodities priced in U.S. Dollars.
Chart courtesy of StockCharts.com www.stockcharts.com
‘Tis the season for the Euro to move higher!
Euro FX Futures (EC) Seasonal Chart
Chart courtesy of www.equityclock.com
The Canadian Dollar finally broke above its six month trading range between 92.16 cents U.S. and 97.79 U.S. cents to reach a 20 month high. Current intermediate upside potential is to 103.75 cents U.S.
Chart courtesy of StockCharts.com www.stockcharts.com
News released after the close last night could be sufficient to trigger a move by the TSX 60 Index above resistance at 709.73 to reach an 18 month high.
Chart courtesy of StockCharts.com www.stockcharts.com
Potash Corp. with a weight of 3.5% in the TSX 60 Index announced positive first quarter earnings guidance after the close last night. Previous guidance was $0.70-$1.00 per share. New guidance is $1.30-$1.50 per share. Gains are coming from higher than expected volumes and prices. The stock gained 8% following the news and is poised to move above resistance at $126.36 U.S.
Chart courtesy of StockCharts.com www.stockcharts.com
The news is likely to spill into other fertilizer stocks including Agrium and Mosaic.
Tech Talk’s Financial Post Column this Saturday
(Available in hard copy or at www.nationalpost.com )
The column updates the seasonal strategy on the Small Cap sector.
FP Trading Desk Headline
Headline reads, “Earnings surprises and stocks”. Following is a link to the report:
Thackray’s 2010 Investor’s Guide
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 directly at Amazon.ca and Amazon.com. Following are links to these book stores:
Seasonal trades in the book that currently are active include Consumer Discretionary, Small Cap, Platinum, U.S. Materials, U.S. Retail, U.S. Oil Exploration & Production, U.S. Energy 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 $10.54 March 11 2010
· High 10.54
· Low 10.45
· Bid 10.52×10 lots
· Ask 10.54×4 lots
· Volume 2,600
· Open 10.45
· Previous Close 10.54
· 52-week High 10.65 on Jan 18
· 52-week Low 9.44 on Feb 5
· Beta 2.30
· Net Asset Value per unit: $10.55
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March 12th, 2010 at 7:02 am
To: Equity Clock.com
Wonderful service. Thanks for it. A small problem Ive noticed the right side of the page overlaps the comments etc on your stocks. Any way you can reduce the size either way? Much appreciated.
March 12th, 2010 at 7:47 am
Re: Equity Clock
The addition of this site is terrific. It is a treasure trove of information. Improving access to analyzed and compiled information is very useful.
Thanks