Tech Talk for Wednesday October 11th 2017

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Pre-opening Comments for Wednesday October 11th

U.S. equity index futures were lower this morning. S&P 500 futures were down 2 points in pre-opening trade.

FedEx added $1.08 to $221.86 after KeyBank initiated coverage with an Overweight rating and a target price of $260.

Wal-Mart gained $0.06 to $84.19 after KeyBank, Stifel Nicolaus and Susquehanna raised their target price on the stock.

Chipotle slipped $0.88 to $310.00 after Wedbush lowered its target price to $290 from $350.

Colgate Palmolive added $0.75 to $73.65 after SunTrust raised its target price to $85 from $65.

General Electric eased $0.17 to $23.19 after JP Morgan lowered its target price to $20 from $22.

American Express gained $0.40 to $92.29 after Susquehanna raised its target price to $106 from $91.

Delta Airlines advanced $0.91 to $53.61 after reporting higher than consensus third quarter earnings and revenues

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/10/10/stock-market-outlook-for-october-11-2017/

Note seasonality charts on Wal-Mart and Copper

Observations

First Trust Canada Technology ETF (FHQ on TSX) moved above $30.59 to an all-time high. Units recently were chosen by Don Vialoux as a “Top Pick” on BNN’ s Market Call on October 2nd

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Much of the gain by the Dow Jones Industrial Average yesterday can be attributed to strength in Wal-Mart following news of a new $20 billion share buyback program. The stock moved above $81.99 to an all-time high.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Breakouts: $COF $BA $AAL $NVDA PLD. No breakdowns.

Editor’s Note: After 10:00 AM EDT, breakout: NWSA. Breakdowns included PG, PDCO and DISCK.

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Boeing $BA, a Dow Jones Industrial stock moved above $259.30 to an all-time high extending an intermediate uptrend.

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Eurozone iShares $EZU moved above $45.33 to an 8 year high extending an intermediate uptrend.

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Tourmaline Oil $TOU.CA moved below $23.37 extending an intermediate downtrend.

Editor’s Note: Canadian “Gassy” stocks such as Tourmaline were hit again yesterday following a downgrade by the sector by a major Canadian investment dealer.

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Procter & Gamble $PG, a Dow Jones Industrial stock moved below $90.34 to set new intermediate downtrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for October 10th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for October 10th 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 October 10th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

CSTA Event

Oakville Chapter of the Canadian Society of Technical Analysts is holding its monthly meeting tonight at 7:00 PM EDT at Oakville Town Hall.

Speaker is Patrick Cerosna. Topic is “Enhancing Income and Hedging Strategies using options”.

Register at www.csta.org . Everyone is welcome.

 

S&P 500 Momentum Barometer

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The Barometer added 0.60 to 73.60 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer added 1.15 to 80.17 yesterday. It remains intermediate overbought.

 


http://www.valuetrend.ca/wp-content/uploads/2015/02/valuetrend_logo.jpg

Smart money/ dumb money

Smart money/ dumb money

October 10, 2017 by Keith Richards

 
 
 
 


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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7 Responses to “Tech Talk for Wednesday October 11th 2017”

  1. bruce Says:

    tu Sherri for the Armstrong update…….

  2. Neil/Ab Says:

    Paula, Bernie
    Thanks for taking the time to respond yesterday. I’ll check out your suggestions.

  3. Sandra Says:

    Strange, copper is up very nicely today. Almost back to highs in September…. but copper stocks are not even in the green let alone up nicely today.

    Any ideas why this could be?

    Thanks!

  4. Polish1 Says:

    Investors Intelligence Survey
    The 4 to 1 ratio of Bulls (60.4) to Bears (15.1) this week is close to the highest ratio in the past 30 years

  5. Polish1 Says:

    http://stockcharts.com/h-sc/ui
    PVG is the standout miner today after reporting production results

  6. Mick/NV Says:

    Atd/b.to has a bought offering of shares at $57.17, so I expect price to gap down tomorrow morning at the open, might even drop below $57, if that happens might be worth a look. Offering was filled quite quickly

    http://stockcharts.com/h-sc/ui?s=ATD%2FB.TO&p=D&b=5&g=0&id=p69625320453&a=529931874

  7. Sherri Says:

    Armstrong update………..again…………today……..yowsa!

    “The likelihood of a major correction does not seem to be in the cards. Much is riding fundamentally on the Trump Tax Reform. Corporate tax cuts and the one-time repatriation will be extremely bullish and indeed may be the fundamental behind the Vertical Market we see coming. Keep in mind that Canada is going totally in the opposite direction as is Europe and Japan. If Trump succeeds in getting this reform through, we will see a stark and shocking bull market that will finally start to bring in everyone from around the world culminating in the explosive rally our computer has been forecasting.

    Trump wants to eliminate the estate tax, which is levied on the distribution of property as it passes from deceased persons to their heirs. Of course the critics are yelling this could save the Trump family as much as $1.4 billion. Keeping with that logic, one would guess it is a good day to die before the Democrats get back in. What they ignore by focusing on Trump is that we have big farming today because of the estate taxes have resulted in farmers being forced to sell land to pay inheritance taxes and small businesses closing because the tax must be paid at the expense of workers who lose their job.

    Trump’s initial plan would also help small business who provide 70% of all employment. The “pass through” tax on small businesses at 25%, instead of the income tax rate their owners would pay often 39%+ reducing job growth. Most U.S. businesses are taxed under their owners’ individual income tax rate instead of the corporate rate.

    All of these proposals will have a tremendous impact upon the US share market providing the backbone for the rally which has resistance at 23000 area which is capping the market right now. This is followed by a gap to 25650 area and 28000 for next year and 32000 by 2020. A full blown rally into 2032 is possible and there our target become 61608 on the Dow. Support is now shaping up at 20300.

    We still see that the Panic move this week may begin tomorrow. A break of the 22730 level would signal the break would be to the downside. Keep in mind that only a monthly closing below 21275 zone would warn of a more pronounced correct.

    Immediate this month, we have resistance at 23079 level and 22459 which will be important for the closing of October. Last moth’s closing was 22405.09 and a lower closing for October will signal a sharper correction that could retest the 20-21000 zone. Keep in mind that this market may be headed for a major high off in 2032.”

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