Tech Talk for Wednesday August 2nd 2017

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Pre-opening Comments for Wednesday August 2nd

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

Index futures moved slightly higher following release of the July ADP Private Employment report at 8:15 AM EDT. Consensus was 175,000, up from 158,000 in June. Actual was 178,000.

Second quarter reports continue to pour in. Companies that reported this morning included Allstate, AMC Enertainment, Apple, AutoNation, Carinal Health, Cineplex, FireEye, Garmin, Hanesbrands, Herbalife, Humana, MolsonCoors, Mondelez, Restaurants Brands, Rio Tinto and Time Warner.

Apple gained $9.30 to an all-time high at $159.34 after reporting higher than consensus fiscal third quarter sales and earnings.

Wal-Mart (WMT $80.50) is expected to open higher after Oppenheimer initiated coverage with an Outperform rating.

Royal Caribbean (RCL $116.87) is expected to open higher after Stifel Nicolaus raised its target price to $134 from $125.

Lumber Liquidators added $0.04 to $33.63 after Stifel Nicolaus raised its target price to $33 from $20.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/08/01/stock-market-outlook-for-august-2-2017/

Note seasonality charts on the U.S. Financial sector, NYSE Margin Debt and Construction Spending.

Observations

The U.S. coal industry ETF briefly moved above $14.69 to a three year high, much to the chagrin of the environmentalists.

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Apple reported higher than consensus quarterly results after the close last night. The stock moved to an all-time high at $159.21 following release of the news.

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StockTwits Released Yesterday @EquityClock

S&P 500 Index has gained in 56% of Augusts over past 50 years averaging a return of 0.1%. See

http://www.equityclock.com/2017/07/31/stock-market-outlook-for-august-1-2017/

Air Canada $AC.CA moved above $20.93 to all-time high extending an intermediate uptrend.

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WestJet $WJA.CA moved above $25.88 to a 2 year high on news extending an intermediate uptrend.

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Technicals by S&P 500 stocks to 10:00: Bearish. Breakouts: $C $APD. Breakdowns: $HSIC $HRS $ECL $REGN $ETN $HCP $CMI

Editor’s Note: After 10:00 EDT, breakouts included VZ, WYN, WMT, PEG and FTV. Breakdowns included VTR MTD XRAY, HCN MLM, GRMN, CSX and IDXX.

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Germany iShares $EWG moved above $31.15 extending an intermediate uptrend.

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Telus $T.CA, a TSX 60 stock moved above $45.83 to all-time high extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for August 1st 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for August 1st 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 August 1st 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

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Don and Jon Vialoux are speakers at this year’s MoneyShow Toronto

Topic: Expected equity trends during the first 18 months of a Trump Administration

History shows that election of a Republican president following a two term Democrat president does not go well during the first nine months of his Presidency. Changes in Washington move slower than anticipated and the President’s mandates are delayed. Thereafter, a bull market in the U.S. ensues and the Canadian equity market goes along for the ride.

The MoneyShow Toronto 2017

September 8-9, 2017

Metro Toronto Convention Centre

 

The MoneyShow Toronto 2017 is the premier education event for self-directed investors and active traders in Canada. Your no-cost, two-day pass will give you unlimited access to meet and hear from the most successful experts in 60+ interactive workshops covering exciting array of topics to fit your investing and trading needs. Join us as we speak about the topic above. Whatever your experience, portfolio size, or risk posture, you simply cannot afford to miss this event.

Visit https://goo.gl/PMkw5X for information on registration, speakers, workshops, and more!

S&P 500 Momentum Barometer

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The Barometer added 0.13 to 64.73 yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

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The Barometer added 1.03 to 46.03 yesterday. It remains intermediate neutral.

 

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

Sponsored By...



15 Responses to “Tech Talk for Wednesday August 2nd 2017”

  1. Larry/ON Says:

    EUR – New two-year high today. Heading to $1.25 USD.

  2. Sherri Says:

    So, I guess the cup and handle broke on PIH.TO? 🙂 Nice!

  3. dutchcanuck Says:

    Sherri #2
    PIH received a very rich takeover bid. Being associated with Tesla paid off.

  4. roy Says:

    Hi dutchcanuck
    delayed reaction to IFC earnings. Looks like a nice reverse h&R

  5. Neil/AB Says:

    Yes, I think we now have the famous cup, handle and very long knife formation. Lol.

  6. Sandra Says:

    TECK/B. TO
    “BC Hydro says it plans to spend $1.2 billion to gain complete ownership of a dam and generating station in Trail, B.C.
    The company says in a release that it will purchase a two-thirds interest in the Waneta Dam from Teck Resources Limited to help keep electricity rates affordable for customers.

    http://www.cbc.ca/news/canada/british-columbia/bc-hydro-trail-dam-1.4231630

  7. dutchcanuck Says:

    Roy #4
    IFC at a new alltime high of $99+.
    The last time they were this high they did a stocksplit.

  8. roy Says:

    Hey Neil/AB – SHOP is all over the place. Big change from yesterday.

  9. roy Says:

    Dutchcanuck -# 7 – Would be nice, but I wonder if they will split at this time seeing that they are in the process of digesting the recent acquisition. They have stopped the NCIB for now also.

  10. Neil/Ab Says:

    Roy
    Re:8
    Yes, it has become a little volatile over the last while. I guess today most folks thought that a company losing less money than expected really wasn’t worth a 13% pop in the stock. Go figure.
    BTW as I hope I’ve made clear, I don’t own this one, though I have previously. I just for some reason find it interesting from both a ‘concept’ and chart perspective, so tend to follow it a bit.

  11. Neil/Ab Says:

    Dutchcanuck
    Photon
    I’m thinking of adding here. Another descending triangle but seems to have held support at 1.25-1.30. What do you think?

  12. Neil/Ab Says:

    Sherri
    BTW, my 5 was for your #2. And, for the record, after all my ‘cup and handle’ yak, I missed it. As I said in my post, aggressives will by the handle but conservative dolts like me will await the break through resistance. Another miss, another lesson learned.

  13. dutchcanuck Says:

    Neil/AB
    My answer is that I have doubled my pos in the last 2 weeks. I also noticed that Modesto from
    5?? recommended it today. I have asked you 2x re PEO and whether you still own it.Been following it since you mentioned it. Is this company in the same business as Morneau/Shepell?

  14. Neil/Ab Says:

    Sherri
    PHI
    So, you see a chart formation like this which doesn’t often happen, you are confident enough in the formation to blog about it, but, you don’t do anything. What an idiot. This is why this stuff just drives me crazy.

  15. Sherri Says:

    #14 Neil/Ab

    Welcome to my world 🙂 We’ll just have to keep our eyes open for another great chart pattern!

    I also own some Photon and would like to buy more, but was waiting for a break of the downtrend, although I find with a lot of Keystone Financial stocks you’re better buying low/oversold areas and not following technical analysis, especially when they’ve picked a winner like this one!

    My brain is fried from the heat and now the smoke on top of it here in North Van – driving me nuts

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