Pre-opening Comments for Friday August 23rd
U.S. equity index futures were mixed this morning. S&P 500 futures were up 1 point in pre-opening trade.
Canada’s inflation rate dipped slightly in July. Consensus for the year-over-year Consumer Prices Index was an increase of 1.4%. Actual was a gain of 1.3%. Consensus for month-over-month was an increase of 0.1%. Actual was unchanged.
Brookfield Asset Management (BAM $34.98) is expected to open lower after Wells Fargo downgraded the stock from Outperform to Market Perform.
Staples slipped $0.11 to $13.96 after Credit Suisse downgraded the stock from Outperform to Neutral. Target is $15.00.
U.S. equity markets recovered from deeply oversold levels yesterday
· Stochastics at 4.83/2.89
· RSI recovered from below 30% to 31.15%
· MACD well below the zero line.
The trading halt by NASDAQ clearly had a big impact on volume yesterday.
Jon Vialoux on BNN Television
Following are links to yesterday’s Market Call:
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Eli Lilly & Co. (NYSE:LLY) Seasonal Chart
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 and Jon Vialoux are research analysts for Horizons Investment Management Inc. All of the views expressed herein are the personal views of the authors and are not necessarily the views of Horizons Investment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by Horizons Investment Management Inc
Horizons Seasonal Rotation ETF HAC August 22nd 2013