Tech Talk for Wednesday June 7th 2017

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Pre-opening Comments for Wednesday June 7th

U.S. equity index futures were mixed this morning S&P 500 futures was up 1 point in pre-opening trade.

Sun Life (SLF Cdn $43.83) is expected to open higher after RBC Capital upgraded the stock to Outperform from Sector Perform.

IMAX (IMAX $25.15) is expected to open lower after Benchmark downgraded the stock to Hold from Buy.

UnitedHealth Group (UNH $180.82) is expected to open higher after the company increased its dividend by 20% to $0.75 per share.

Navistar dropped $2.19 to $27.74 after reporting lower than consensus fiscal second quarter earnings.

Brown Foreman dropped $0.32 to $52.00 after reporting lower than consensus fiscal fourth quarter earnings.

BMO Capital changed its recommendations on U.S. beverage stocks. Pepsico slipped $0.85 to $116.85 and Coca Cola dropped $0.41 to $45.57 after BMO Capital downgraded them to Market Perform from Outperform. Dr. Pepper (DPS $92.29) was upgraded to Outperform from Market Perform.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/06/06/stock-market-outlook-for-june-7-2017/

Note seasonality charts on Gold, 30 year Treasury Bond Price and Job Openings

Observations

Growing geopolitical risks prompted gold to move above $1297.50 per ounce to a seven month high.

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Gold stocks on both sides of the border quickly responded

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StockTwits Released Yesterday @Equityclock

100 day correlation of U.S. Dollar and CRB Index the highest in 15 years as both trade lower.

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Technical action by S&P 500 stocks to 10:00: Quietly bearish. No breakouts. Breakdowns: $BAC $UNM $PNR $LYB

Editor’s Note: After 10:00 AM EDT, breakouts included NEM, MSI. Breakdowns included DIS, M, FLS, SRCL and FAST

Bank of America $BAC completed a Head & Shoulders pattern on a move below $22.19

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Gold ETF $GLD moved above $123.07 extending an intermediate uptrend.

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Cdn. Gold stocks break on higher gold prices: $K.CA $BTO.CA $ IMG.CA

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Walt Disney $DIS, a Dow Jones Industrial stock moved below $105.23 extending an intermediate downtrend.

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Fairfax Financial $FFH.CA moved below $586.00 extending an intermediate downtrend.

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Base Metals ETN $DBB moved below $15.40 extending an intermediate downtrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for June 6th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for June 6th 2017

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Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for June 6th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer dropped 2.80 to 62.20 yesterday. It remains intermediate overbought

 

TSX Momentum Barometer

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The Barometer added 2.19 to 46.09 yesterday. It remains intermediate neutral and trending down.

 

Disclaimer: Seasonality and technical ratings offered in this report and www.equityclock.com 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

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4 Responses to “Tech Talk for Wednesday June 7th 2017”

  1. dutchcanuck Says:

    Looks like CXI.TO is turning around. Back being profitable and growing. May be worth a look.
    Do not own it.
    PHO.V was recommended by PeterHodson once again. Up today. Own a full position.

  2. Bernie Says:

    Helloooooo…Helloooooo
    I hear an echo in here!

    Good informative article on Alaris Royalty (AD.TO)
    https://seekingalpha.com/article/4079620-alaris-royalty-get-paid-8-percent-wait

  3. Ron/BC Says:

    Oaken Financial Raised their interest rates on GICs again.
    2.75% on a 1 year GIC and 3.25% on a 5 year rate is exceptional. Wish I trusted them more as they are owned by Home Capital I believe. Any thoughts on the fundamentals anyone???????????????

    https://www.oaken.com/gic-rates/

    http://stockcharts.com/h-sc/ui?s=HCG.TO&p=D&yr=1&mn=6&dy=0&id=p75878174958&a=525404692

  4. Bernie Says:

    Ron/BC,

    Re: Home Capital Group (HCG)
    This is no longer a dividend growth stock. I have no idea how sound their balance sheet is. Perhaps someone on here who subscribes to 5i can dig up a recent analysis for you.

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