Tech Talk for Thursday September 7th 2017

Daily Reports Add comments

 

StockTwits Released Yesterday @EquityClock

Bank ETF testing the lower limit of a descending triangle pattern as treasury yields decline. See

http://www.equityclock.com/2017/09/05/stock-market-outlook-for-september-6-2017/

Auto ETF $CARZ moved above $38.10 extending an intermediate uptrend

clip_image001

Chevron $CVX, a Dow Jones Industrial stock moved above $110.33 extending an intermediate uptrend.

clip_image002

Germany ETF $EWG moved above $31.16 extending an intermediate uptrend.

clip_image003

Technical action by S&P 500 stocks to 10:15: Bullish. Breakouts: $VFC $HCN $GPS $PM $CVX $NSC. Breakdowns: $LUV $EVHC

Editor’s Note: After 10:15 AM EDT, breakouts included TGT CME GPC VAR BSX. Breakdowns included KMB CBS BEN NTRS HAS.

 

Trader’s Corner

Daily Seasonal/Technical Equity Trends for September 6th 2017

clip_image005

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for September 6th 2017

Unit Seasonal Trend Relative 20 Day Momentum Tech Prev

Strength MA Score Score

clip_image007

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

 

Daily Seasonal/Technical Sector Trends for September 6th 2017

clip_image009

Green: Increase from previous day

Red: Decrease from previous day

 

clip_image010a

Don and Jon Vialoux are speakers at this year’s

MoneyShow Toronto: September 8-9th

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

Our presentation: September 9th at 1:45 PM EDT 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!

 

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...



32 Responses to “Tech Talk for Thursday September 7th 2017”

  1. Sandra Says:

    cup and handle.
    Can someone confirm if VALE is forming cup and handle on this weekly chart.

    http://stockcharts.com/h-sc/ui?s=VALE&p=W&yr=5&mn=0&dy=0&id=p89066050952&a=542954510

    NUGT I mentioned yesterday.

    Thanks!

  2. Paula Says:

    • Sandra Says:
    September 6th, 2017 at 9:12 pm
    Ron/BC or anyone in BCE.TO:
    Wandering if S2 on daily chart around 57.50 would hold as support. Or has further to fall. It is a defensive stock, do you think it would get dumped. Has nice dividend.
    Thanks!
    Sandra, re your post on BCE.TO yesterday, I recently bought it in anticipation of the X-dividend next week – September 14. I have no idea if it will hold S2 level ~ 57.50. It seems to be currently making a stand at the S1 level ~ 58.40, which is also ~ an uptrend line from December 2016. I see a large trading range between ~ 57.50 and 60.00 with a slight upward bias. Perhaps Ron/BC will correct my chart.

    http://stockcharts.com/h-sc/ui?s=BCE.TO&p=D&yr=1&mn=0&dy=0&id=p97241599456&a=543290244

  3. Paula Says:

    Re: TECK.TO. Careful with this one:
    Money manager awaits chance to short Teck
    Daniel Lloyd, founder and portfolio manager at Sui Generis Investment Partners, says he reckons investors are underestimating risk in hyper-cyclical Teck Resources and he’s a looking for an opportunity to bet against the stock.

    http://www.bnn.ca/video/money-manager-awaits-chance-to-short-teck~1202344

  4. Sandra Says:

    Paula:
    hrly chart CCI and RSI have a bullish div. Yes, waiting for Ron/BC’s comments ..spoiled we are lol!
    I wish I had bought NUGT yesterday had a nice pop today.

  5. Paula Says:

    Sandra,
    There are soooo many things I wish I had bought or sold over the years…
    Easier said than done but you can’t beat yourself up over those or you will never have the confidence to do anything. I think NUGT and DUST are strictly for day trading, so not something I would do unless I am prepared to be glued to the computer for the duration of the trade.

  6. Sandra Says:

    Paula: You are right.

  7. Paula Says:

    Sandra,
    XME – just sold it at 32.62. Wish I had sold it 2 days ago when it was over 33. Watch it take off from here if your VALE works out…LOL

  8. Paula Says:

    Now that frees up some cash – waiting, watching JPM. Getting oversold on the daily RSI 8. Just went through S1 ~ 88.96, headed for 87 perhaps?

  9. Paula Says:

    Don’t remember how I got on this guy’s mailing list but I like his charts:

    http://allstarcharts.com/gold-charts-need-watching/?utm_source=MASTER+LIST&utm_campaign=70c60cfabd-EP2_Announcement&utm_medium=email&utm_term=0_a9243eb148-70c60cfabd-234831221#more-68509

  10. JP/BC Says:

    Paula: It’s easy to remember all of the “I wish I had of bought” investments over the years and forget the ones that you avoided, which later tanked. You can even expand this type of thinking beyond investing. For example, Bryan Adams (the singer) was a good friend when I was a teen. He asked me if I wanted to join his band, but I declined. I have often wondered what would have happened had I excepted. I don’t beat myself up over this (most of the time) but try and remember the bad choices I avoided. I also rely on my faith knowing a higher power is looking after me.

  11. Sherri Says:

    #3 Paula
    He probably already shorted it, BEFORE he went on BNN 🙂

    If Armstrong’s theory is right about the Canadian dollar and commodities, we have another down leg still before the commodity cycle kicks in, from July 12th:

    “The Monthly Bullish that would be like the 1362 number in gold is 88360. This tends to be the maximum target on the upside. If we could reach that level during the 4th quarter, it appears to be the trade of the decade to sell the C$ with a risk just above.

    So there is room for a fake-out to the upside, then a swing down and that appears to start in 2018 and may push the greenback up into 2020 before the world begins to crack. We should then see the commodity cycle kick back in.”

  12. Ron/BC Says:

    Sandra
    Here is a chart of BCE.to. I don’t use Pivot Points other than look at them at times with intraday charts for day trading. I prefer actual price support and resistance and trendlines and chart ‘patterns’ for direction. BCE.to has price support at the July low of $57.55. And that price point has a long history of serving as support when price is above and acting as resistance when price is below. So a buy at about that price would be where to get onboard technically with a stop below that level. Note the 2nd long term chart and see that uptrendline and strong price support is at $55.

    Also keep in mind Sandra that these charts I post and comments are strictly my opinion of what the charts are suggesting and I don’t get into stock fundamentals much or dividends,earnings,yield etc as I focus on capital gains and risk. There are many others on this site that are well versed on those factors. Plus there are other defensive stocks that have been mentioned on this site such as T.to which has done very well and a ratio chart up until recently showed T.to outperforming BCE.to for a long time now. So check out more than one of them if looking for a defensive stock. Also FTS.to is another one like T.to that Mick/NV mentioned that he suggests.

    http://stockcharts.com/h-sc/ui?s=BCE.TO&p=D&yr=2&mn=0&dy=0&id=p76233524143&a=490971233

    http://stockcharts.com/h-sc/ui?s=BCE.TO&p=D&yr=8&mn=0&dy=0&id=p46374877230&a=343912149

  13. Paula Says:

    Just got John Murphy’s latest Market Message. He is showing GLD at its highest level in nearly a year, with a possible breakout on the weekly, if it goes above ~ 130. He thinks this would be viewed as a loss of confidence in stocks.

  14. JP/BC Says:

    Re post #10. That should read: I often wonder what would have happened had I accepted.

  15. Paula Says:

    JP/BC,
    Yes, regrets go beyond the markets… thanks for your kind words.

  16. Ron/BC Says:

    Sandra
    Here is a chart of FTS.to with a ratio chart of FTS.to:BCE.to and FTS.to:T.to which compares FTS.to to the other two. Note FTS.to has pulled back to its uptrendline and solid price support being the bottom of that $45 to $46 channel. Also look at the RSI 4 above and see how oversold it is. Doesn’t get much prettier than that for me. Just a suggestion on a chart,not a fundamental opinion…………Note the Equity Clock seasonality on FTS.to.

    http://stockcharts.com/h-sc/ui?s=FTS.TO&p=D&yr=1&mn=6&dy=0&id=p29213402731&a=505251651

    http://charts.equityclock.com/fortis-incorporated-tsefts-seasonal-chart

  17. Bernie Says:

    Good points made in this article:
    “The dumbest argument against dividend paying stocks”
    http://www.dividendgrowthinvestor.com/2017/09/the-dumbest-argument-against-dividend.html

  18. Paula Says:

    Sherri,
    Thanks but he did say he wasn’t short yet and I think he would be held accountable for that. He admits that he regrets not having been long on the recent 50% rally. I don’t follow this guy, just thought his point of view a good counterpoint to the recent overly bullish ones.
    I find Armstrong inscrutable – kind of like EW, so I admit, that I don’t pay attention to his calls. Sorry, don’t mean to offend.

  19. Ron/BC Says:

    Sandra
    VALE is breaking out over $11 resistance and you could call the pattern a Cup and Handle on this Daily chart. I don’t get into weekly charts so much as they aren’t that timely. But with this chart it would be the same. Nice looking chart with this breakout and into the sector that seems to have turned the corner and is trending up. Price is overbought and a break below $10.50 would suggest a test of the uptrendline at $9 but this breakout isn’t just a nose poke and seems to be strong with very good volume. Below is the long term chart of FTS.to and with it $43 is strong support.

    http://stockcharts.com/h-sc/ui?s=VALE&p=D&yr=4&mn=0&dy=0&id=p99131943563&a=543307447

    http://stockcharts.com/h-sc/ui?s=FTS.TO&p=D&yr=4&mn=0&dy=0&id=p78269040867&a=482742096

  20. dutchcanuck Says:

    Ron/BC
    You asked the other day what base metal mining stocks I would recommend. I highlighted MDI.TO as an alternative. This driller just reported Q3 results with revenue up 22% and a very promising outlook. I haven’t bought this one yet, but am just about to.

  21. Kam Says:

    Kam Says:
    September 6th, 2017 at 12:18 pm
    We have lots of folks here who invest in Banks. Can someone please explain why banks are not up in Canada after interest rate increase?
    All the time I hear the rationale that they go up with rate hike as can make more money so why not this time?

    Ron/BC,Rick & DutchCanuck,
    Just went thru yesterday’s question.
    I think you guys read what I meant from that Question,lol. It was more of a comment than a question.Your answers were exactly what I was expecting you guys to say.There is no such correlation no matter what talking heads make up. People on BNN, CNBC etc. Everyday they make up BS rationale to justify what stocks do day by day.
    Here is one of the biggest BS by those market analysts.
    On July13 they said that “Gold fell because Yellen says inflation may rise”. Very next day when gold took off the same clowns said ‘Gold price rise based on US inflation data” That was a big LOL.
    Rick
    Thanks for #10,11 extra explanation too.

  22. Ron/BC Says:

    Dutchcanuck
    Well here is the chart of MDI.to again. price is down a little. I guess the earnings didn’t impress everyone. I don’t really care what the earnings were but just care about how price responded to the earnings. Price seems to want to test the July low of $7.70 but still am impressed that price did not selloff like the broad market did the other day. And price is well off its low today as well so far so isn’t selling off on the earnings to any degree. Still looks good overall. Just needs to either test the July low successfully OR breakout over those lower highs it’s been having the last two months. Major resistance at the $9.00 level on the 2nd chart.

    http://stockcharts.com/h-sc/ui?s=MDI.TO&p=D&yr=2&mn=0&dy=0&id=p29082073067&a=543042645

    http://stockcharts.com/h-sc/ui?s=MDI.TO&p=D&yr=9&mn=0&dy=0&id=p22210860034&a=543017040

  23. Sandra Says:

    Ron/BC:
    Thank you so much for your prompt replies and charts. I was wandering if Vale would pullback to 10.50 that is a long way to go. I was thinking more like 11.20 for support. I have this one on my serious watch list.

    And I like FTS.TO and I am thinking of adding to RRSP account. Thanks for that one too!

    Today I am looking at TECK charts too.
    A guest as Paula mentioned did say that he will be shorting it as Met coal demand story is overdone and on same day TECK executive raised met coal production estimates due to demand. Mixed views!
    TECK/b.TO stopped dropping at 28.75 (actually up a $) has it turned around? Also, TECK (US) appears to be doing better. Would you trade CDN or US and why? Thanks a ton!

  24. Sandra Says:

    Ron/BC
    CNQ-N
    A strong recommendation. Thinking of adding some more. Where do you see the support?
    Thanks!

  25. Sandra Says:

    dutchcanuck: CMMC

    Chart is beginning to look good.

  26. Sandra Says:

    TECK/B. TO upgraded

    https://stocktwits.com/symbol/TECK?q=TECK

  27. Mick/NV Says:

    Telus (T.to) is ex-dividend today and gapped down on the open, below the S1 pivot point support and close to being oversold. If price does break below s2 support, I would consider that to be a good entry point for a long term hold.

    http://stockcharts.com/h-sc/ui?s=T.TO&p=D&b=5&g=0&id=p16434319617&a=415869692

    I know that many only look at the short term, but if you are familiar with the rule of 72 (how long will it take to double your money at a given rate), similar to cdn banks, if you held Telus for 6 years you would have doubled your money, dividends and cap gains, approx 13% annualized return, that is not bad, RCI/b.to and BCE.to are in the same range. Of course if you buy today will you double your money in year 6, not sure, these stocks may go thru some rough patches but they have shown to perform well if you have the patience to hold.

    http://stockcharts.com/h-sc/ui?s=T.TO&p=D&yr=6&mn=0&dy=0&id=p00182661260

  28. dutchcanuck Says:

    Ron/BC
    Orders for MDI are in below the market.

  29. dutchcanuck Says:

    Pacific Insight PHI has a rival bid of $24.35. Maker of interior lighting for cars, incl Tesla3.

  30. Ron/BC Says:

    Dutchcanuck
    Price today broke below the August low at $7.70 and closed at $7.60. Not a huge breakdown but enough to spook many. It also broke below its 20 month uptrendline. Price needs to clear that downtrendline to get out of the woods from what I’m looking at. Any further selloff could see price test $7.00. Not a lot of volume on the stock and it does tend to be choppy and hard to define support and resistance lower down. Clearing and holding above $9.00 would get price in a solid uptrend again. Big test here for the stock. Not sure what you are referring to with your comment about orders are below the market.

    http://stockcharts.com/h-sc/ui?s=MDI.TO&p=D&yr=2&mn=0&dy=0&id=p29082073067&a=543042645

    http://stockcharts.com/h-sc/ui?s=MDI.TO&p=D&yr=9&mn=0&dy=0&id=p22210860034&a=543017040

  31. Neil/Ab Says:

    Dutchcanuck
    29
    Now they are just rubbing salt in my already gaping wounds.

  32. Ron/BC Says:

    Sandra
    RE:CNQ-N
    Support is at $31-$30 with resistance at the double top of $33 that is now being tested. Then next resistance is $34 which isn’t far away. Not much upside short term. Price also tracks $WTIC closely. Better hope Crude breaks out over that downtrendline around $50 if you buy CNQ.

    http://stockcharts.com/h-sc/ui?s=CNQ&p=D&yr=2&mn=3&dy=0&id=p81414775459&a=532125311

    http://stockcharts.com/h-sc/ui?s=%24WTIC&p=D&yr=3&mn=0&dy=0&id=p26308220153&a=311185278

TopOfBlogs Finance Blogs
Entries RSS Comments RSS Log in