Tech Talk for Tuesday September 12th 2017

Daily Reports Add comments

Pre-opening Comments for Tuesday September 12th

U.S. equity index futures were higher this morning. S&P 500 Index futures were up 4 points in pre-opening trade. An open at this level will establish a new all-time high for the Index.

Apple gained $1.68 to $163.18 prior to the launch of its new products later this morning.

Precision Drilling (PD $3.32 Cdn) is expected to open lower after JP Morgan downgraded the stock to Neutral from Overweight.

Oracle gained $0.26 to $52.75 after RBC Capital raised its target price to $56 from $53.

U.S. Steel gained $0.24 to$ 27.10 after Macquarie initiated coverage with an Outperform rating. Target is $31.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/09/11/stock-market-outlook-for-september-12-2017/

See seasonality charts on the Dow Jones Industrial Average under several scenarios.

Toronto Money Show Presentation

Presented on Saturday. Following is a link:

http://www.equityclock.com/2017/09/11/toronto-money-show-presentation/

 

Observations

Once again, the S&P 500 Index is testing its all-time inter-day high at 2,490.87, buoyed primarily by a recovery in insurance and chemical stocks.

clip_image001

clip_image002

clip_image003

Another reason for the recovery in U.S. equity indices was a move by international equity indices and related ETFs to new recent highs.

clip_image004

clip_image005

 

StockTwits Released Yesterday @EquityClock

Coca Cola $KO, a Dow Jones Industrial stock moved above $40.62 to an all-time high extending an intermediate uptrend.

clip_image006

Techs for S&P 500 stocks to 10:00: Bullish. Breakouts:$LLY $MRK $MTD $WAT $DE $NSC $TXT $MMM $APD $AWK $KO. Breakdown: $REGN

Editor’s Note: After 10:00 AM EDT, breakouts included EQR, FTV, INFO, LRCX, EIX, HON, ROK, PX, DHI, NTRS, ALB and PPL. Breakdowns included ECL and CHTR.

Agriculture ETF $MOO moved above $57.54 to an all-time high extending an intermediate uptrend.

clip_image007

S&P 500 SPDRs $SPY moved above $248.91 to an all-time high extending an intermediate uptrend.

clip_image008

Fertilizer ETF $SOIL moved above $9.81 extending an intermediate uptrend.

clip_image009

Eurozone ETF $EZU moved above $42.35 to an 8 year high extending an intermediate uptrend.

clip_image010

Water ETF $PHO moved above $27.65 to an all-time high extending an intermediate uptrend.

clip_image011

Agrium $AGU, a TSX 60 stock moved above US$101.92 extending an intermediate uptrend.

clip_image012

Potash Corp $POT, a TSX 60 stock moved above US$18.15 extending an intermediate uptrend

Editor’s Note: Agrium and Potash Corp. received approval for their merger yesterday from the Competition Borough

clip_image013

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for September 11th 2017

clip_image015

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities and Related ETFs

Daily Seasonal/Technical Commodities Trends for September 11th 2017

clip_image017

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

 

Sectors

Daily Seasonal/Technical Sector Trends for September 11th 2017

clip_image019

Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Indicator

The Barometer jumped 8.40 to 63.80 yesterday. It has returned to an intermediate overbought level.

clip_image020

 

TSX Momentum Indicator

The Barometer added 3.13 to 48.55 yesterday. It remains intermediate neutral.

clip_image021

 

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...



27 Responses to “Tech Talk for Tuesday September 12th 2017”

  1. Neil/Ab Says:

    SIS.t
    Nice divi increase.

  2. Mick/NV Says:

    Yesterday RY.to like BMO.to gapped up on the open, above the S1 pivot point resistance. Today it opened above that new support level. There are two gaps to be covered, yesterdays around 90.75 and another at the beginning of sept at around 91.80. If this current level can hold, price may run up to around $92+ to cover the gap. Stock is essentially flat for the year.

    http://stockcharts.com/h-sc/ui?s=RY.TO&p=D&b=5&g=0&id=p58190005457&a=402353557

  3. Ron/BC Says:

    Here is a ratio chart of RY.to on the $TSX in Canadian dollars compared to RY on the NYSE in U.S.$. One can clearly see the importance and effect the two currencies have on equities. To make the point I’ve overlaid the U.S.$ in pink to show how they correlate. The U.S.$ compared to the CD$ is a major factor in price action.

    http://stockcharts.com/h-sc/ui?s=RY.TO%3ARY&p=D&yr=20&mn=0&dy=0&id=p36140085777&a=538476361

    Here is the RY.to struggling to clear the May lows and RY on the NYSE trying to breakout over its double top to new highs. Same thing with BNS & BNS.to. All the Canadian banks are doing ok on the NYSE. Even the sickest puppy of them all CM. Nothing more important than which currency you have.

    http://stockcharts.com/h-sc/ui?s=RY&p=D&yr=1&mn=0&dy=0&id=p78690108198&a=527603110

    http://stockcharts.com/h-sc/ui?s=RY.TO&p=D&yr=1&mn=0&dy=0&id=p73222639855&a=441076408

  4. dutchcanuck Says:

    SIS.TO inexplicably dropped from $17.5 to $12 since June, yet the business producing mobility products was doing just fine.
    This morning they announced yet another div increase of 10% and going from a quarterly payment to a monthly payment of 3c.
    Own an oversized pos in this one as I trade around in this one.
    This company has a strong demographic at it’s back.

  5. dutchcanuck Says:

    Canadian Western Bank (CWB.TO) has outperformed the big five since Jun2017. Alberta is coming back, me thinks. Own this one.

    For those of you who own Apple, Morgan Stanley raised it’s estimate to $253 and congrats.

  6. Ron/BC Says:

    Just look at the chart of the $TSX60 ETF:XIU.to that topped out in February and has been selling off ever since. Many if not most Canadian funds have this combination of Financials and Energy in their funds that amount to 2/3 of the fund. Compare XIU.to to EWC that trades on the NYSE that is also mainly in Canadian Financials and Canadian Energy and you can see the huge difference in trends. EWC has a very bullish chart and has been in an uptrend since May. Big difference mainly due to currency differences.

    http://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=2&mn=6&dy=0&id=p10069376366&a=514385735

    http://stockcharts.com/h-sc/ui?s=EWC&p=D&yr=1&mn=6&dy=0&id=p95751127146&a=522521485

  7. Bernie Says:

    dutch,

    Re: #4 SIS.TO
    The dividend increase is 38.5%. They are raising from $0.065/quarter to $0.10/month. Congrats on your gains!

  8. polish1 Says:

    Ron/BC
    #6 Very good point you make on the difference in the currencies,brings up the best approach to hedging.In the ETF industry,hedged you’re protected when our dollar rises,but you lose out when our dollar is falling.

  9. Ron/BC Says:

    Polish 1
    Only trouble is on the $TSX all or most of those ETFs have such low volume that you have to wonder just how quick you can get in AND get out of them when you wish to. Always something with the $TSX……………..

  10. polish1 Says:

    Ron/Bc
    The big advantage one has playing in the U.S. market is the liquidity,agree with you.

  11. Ron/BC Says:

    Here is an article that shouldn’t surprise anyone now with our “Over Spend/Over Tax and Over Spend MORE” Federal Government. They are going to have to tax everything in sight to pay down those deficits. (Actually I didn’t think they cared.) Our TFSA accounts ‘could be’ taxed if we trade too much OR do too well. Wouldn’t want the average Canadian to do too well now would we…………….

    http://business.financialpost.com/personal-finance/tfsa/canadians-with-too-many-wins-in-their-tfsa-being-targetted-by-cra

  12. roy Says:

    Hi RonBC
    Whats next? Do they also target RRSPs soon?

  13. Ron/BC Says:

    Roy
    They already tax RRSP AND RIF money when you take it out. And the tax rate is high because that money removed goes on top of your yearly income so is taxed at the highest rate. Plus depending on what benefits you presently get that extra money you removed from the retirement account will cause you to receive less benefits as you are now in a higher income bracket. And with a RIF you ‘must’ take out a percentage set by the Feds every year so they can tax it at that higher rate. I have read many times that Canadians are the highest taxed society in the industrialized world. That is ‘total’ taxes not just income tax. You can’t buy a chocolate bar in Canada without paying some sort of tax. And the Feds seem to over spend ‘our’ money with ease.

  14. roy Says:

    You are so right Ron/BC – 2 more years of tax and spend and tax some more and spend some more,but we never learn. It would not surprise me if he wins another majority.

  15. NRG Says:

    Dutchcanuck

    Own both SIS and CWB. Both increased dividends this year.

  16. Mick/NV Says:

    If you are retired and do not have a pension (company or annuity) and are 65, you can move $10000 from your rrsp to a rif, then take out $2000 each year from the rrif , you will then be eligible for the $2000 pension income credit, this should save you about $300 in taxes, every little bit helps.
    If you take money out of your rrsp you will be taxed at whatever the rate is and may end up paying more tax at tax time, depending on your income. If you move that money into your cash account and invest into dividend paying companies you can then be eligible for the dividend tax credit again paying less tax overall than if you put money into a gic/bond etc. There are some advantages that many people can consider in lowering their overall tax.
    The best, although not a tax saving, is paying the gov’t their money on the very last day required, e-filing makes that easy these days.

  17. polish1 Says:

    Jamie Diamond out on the wires saying Bitcoin is a total fraud. He would fire any of his traders that trades bitcoin.

  18. polish1 Says:

    AAPL traders fading that news event

  19. dutchcanuck Says:

    Ron/BC # 13
    That’s called waste.
    Our PM traipses around the world doling out our hard earned Canadian cash.
    Do you love me yet? No, here’s some more!!!
    His finance minister is trying to generate more revenue to keep up with the spending. Don’t envy him his job. Under the guise of future infrastructure spending needs the funds to assist the economy. They always think they know how to spend our money better.

  20. Ron/BC Says:

    Dutchcanuck

    “”Do you love me yet? No, here’s some more!!!””
    You hit the nail on the head with that! They think they have the moral high ground so tax and then spend our money on left wing pie in the sky projects regardless of the devastating financial consequences on the life style of tax payers. Nothing more arrogant and immoral than that.

  21. NRG Says:

    Ron/BC
    #20
    There is so much waste and so high taxes. I feel like leaving it all behind and moving to Caribbean.

  22. Ron/BC Says:

    NRG
    Well right now one might get a great deal on some property in that area. Or it might just be better to rent close to an airport once things get cleaned up……………

  23. Neil/Ab Says:

    Sorry to interrupt the “snap your suspenders and complain about the government. com” site, but thought I would mention a couple of stocks.
    Shop.t recently broke out of it’s trading range to new highs, came back to briefly test support, and has now, again, taken off – 4 up days to new highs. One can argue the price/to whatever, but hard to argue the chart.
    Celestica (CLS.t). I mentioned this one a couple of weeks ago in respect of following positive divergences with an apparent bottom showing especially with a stock that had shown in recent history, the opposite. That is, negative divergences on appreciating stock prices. Since that post, it is up about a dollar, say, 8%.

  24. Neil/Ab Says:

    Re: 23
    Causes one to wonder if, at least in certain circumstances, paying attention to divergences may be worthwhile. BTW, I didn’t act on this. It was just a formation/history I thought I saw and thought it would be fun to follow. Next time could be totally different.

  25. roy Says:

    I dont know who mentioned GPS.TO some time ago along with ITC.TO and PHO. I think it was Dutchcanuck. Just wanted to give you a heads up that BSM Technologies (GPS.TO) had a very very high volume day today. Wonder whats up with that. Anyone know?

  26. dutchcanuck Says:

    roy #2Not guilty. Think it was Neil/AB.

  27. Ana Says:

    #23. Neil/Ab

    Funny, very, very funny! Brings a great big smile to my face at this late hour.

TopOfBlogs Finance Blogs
Entries RSS Comments RSS Log in