Tech Talk for Tuesday November 14th 2017

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Pre-opening Comments for Tuesday November 14th

U.S. equity index futures were lower this morning. S&P 500 futures were down 5 points in pre-opening trade.

Index futures were virtually unchanged following release of the October Producer Price Index at 8:30 AM EST. Consensus was an increase of 0.1% versus a gain of 0.4% in September. Actual was an increase of 0.4%. Excluding food and energy, consensus for the October Price Index was an increase of 0.2% versus a gain of 0.4% in September. Actual was an increase of 0.4%.

Home Depot gained $0.63 to $165.93 after reporting higher than consensus third quarter revenues and earnings.

Buffalo Wild Wings jumped $31.10 to $148.35 following a report in the Wall Street Journal that the company has received at takeover bid valued at $2.3 billion.

Dick’s Sporting Goods dropped $1.02 to $25.30 despite reporting higher than consensus third quarter revenues and earnings. The company also lowered its 2018 guidance.

Coca Cola gained $0.16 to $46.88 after Wells Fargo upgraded the stock to Outperform.

General Electric slipped $0.04 to $18.98 after RBC Capital downgraded the stock to sector perform from outperform. Target was lowered to $20 from $25.

Bombardier (BBD.B) is expected to open higher after announcing the sale of 12 Series C passenger jets to EygptAir.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/11/13/stock-market-outlook-for-november-14-2017/

 

Observations

Weakness by European equity indices was led yesterday by Greece’s Equity Index. The Athens General Share Index broke below 725.03 extending an intermediate downtrend.

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Related to the Index, the Greek ETF broke below $9.01.

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In contrast, the Hong Kong ETF $EWH moved above $25.47 to an all-time high extending an intermediate uptrend. The Hang Seng Index recently moved to a 9 year high.

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$EWH and the Hang Seng Index continue to shadow the Shanghai Composite Index

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StockTwits Released Yesterday @EquityClock

Mattel $MAT moved above $16.09 and $16.17 on Hasbro takeover rumors. $HAL

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United Kingdom iShares $EWU moved below $34.51 completing a Head & Shoulders pattern.

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Italy iShares $EWI moved below $30.50 completing a double top pattern.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for November 13th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for November 13th 2017

Note the decline in momentum for a wide variety of commodity related investments

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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 November 13th 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 gained 3.40 to 66.40 yesterday. It remains intermediate overbought and trending down.

 

TSX Momentum Barometer

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The Barometer slipped 1.81 to 64.85 yesterday. It remains intermediate overbought and trending down.

 


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

Pay no attention to the man behind the curtain!

Pay no attention to the man behind the curtain!

November 13, 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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20 Responses to “Tech Talk for Tuesday November 14th 2017”

  1. Sandra Says:

    OIL was very over bought.

    CNQ
    http://stockcharts.com/h-sc/ui?s=CNQ&p=D&yr=1&mn=3&dy=0&id=p49320301790&a=543439849

  2. Dave Says:

    Wasn’t Mattel the company that bought the company Kevin O’leary was running for $4 billion and they ended up selling it for $150 million. One of the largest loses in history of take overs.

  3. Ron/BC Says:

    Sandra
    Yes,CNQ.to ran up to major resistance of $45-$46 for the 6th time over the last decade. Reminds me of the cartoon of Lucy holding the ball for Charlie Brown to kick. Maybe this time……

    http://stockcharts.com/h-sc/ui?s=CNQ.TO&p=D&yr=13&mn=0&dy=0&id=p05041493597&a=502815556

  4. Ron/BC Says:

    For those that like ENB.to, price has pulled back to its long term uptrendline and previous support and breakout point of $45 and is very oversold on most any oscillator. Plus $45 is also a Fib 61.8% retracement of the 2015 low at $38.12 to 2018 high at $56.63. Unless price breaks down below $45 and holds below, this is a significant price support area.

    http://stockcharts.com/h-sc/ui?s=ENB.TO&p=D&yr=9&mn=0&dy=0&id=p94732667685&a=431626587

  5. Larry/ON Says:

    $WTIC – Looks to me like it was overbought and today is testing the point that it broke resistance at around $55.30. Long-term chart is interesting with a three year base and a reverse head and shoulders pattern. I don’t like commodities in general for predicting future direction. Looks like we are now in a soft overall market and Don V. is talking about being prepared to wait until Feb for the next uptrend. For longer term investors you just wait it out.

  6. dutchcanuck Says:

    Hardwood Distribution (HWD.TO) which I own reported disappointing earnings. Expenses were up due to significant increases in the price of lumber. The lumber war between US and Canada is beginning to bite.
    I also see expense increases in more and more financial results from other cos. Coming inflation?

  7. roy Says:

    Hello Ron/BC # 4
    You say “Unless price breaks down below $45 and holds below, this is a significant price support area.” Should it break down below, where do you see the next support? TIA

  8. dutchcanuck Says:

    Ron/BC
    Enbridge is at a crossroads in my opinion. High capital expenditures, juicy dividends and high debt levels. Promises of div increases of 10-12%. They are reevaluating all they are trying to do. If they they do it all they will have to borrow once again to pay the dividends. Good chance of a debt downgrade. They also do not have full approval for the upgrade of line 3.
    Own a full position here.

  9. JP/BC Says:

    Bernie

    Regarding the use of the name “Eskimo” for a sports team, I totally agree with you. It was intended as a positive statement, not an insult. If I were Inuit, I wouldn’t be offended. My previous comments were making the point that Eskimo was not a term created by white people.

  10. roy Says:

    Hello Dutchcanuck # 8 Re: ENB
    With the tremendous debt they are carrying, Can they actually continue to increase dividends or will they become like GE and slash them?
    Time to watch this one carefully eh?

  11. Ron/BC Says:

    Roy
    Next support level for ENB.to “IF” it breaks down below $45 would definitely be the late 2015 low at $37.50.

    http://stockcharts.com/h-sc/ui?s=ENB.TO&p=D&yr=9&mn=0&dy=0&id=p96473136554&a=431626587

    Dutchcanuck
    Thanks for the update. With the pullback to support and the extreme oversold level I would think a bounce is due here. But then it along with many other markets do seem to be rolling over so we could be in for more serious selling. No other evidence to suggest a buy now from what I see.

  12. Mick/NV Says:

    re: cnq.to

    Have been watching this stock for awhile as I do own 1/2 a position and looking to add. CNQ.to has performed ok this year, up 5% , trailing su.to but ahead of the tsx and well ahead of xeg.to, which happens to be negative ytd, sometimes owning etf’s don’t pay. Regardless, if price for cnq can drop below the main pivot point support at $43.69, might just be a nice entry point. Has a decent yield of around 2%, more important, it has increased its dividend each year for the past 16.

    http://stockcharts.com/h-sc/ui?s=CNQ.TO&p=D&b=5&g=0&id=p00851195733&a=485258366

  13. dutchcanuck Says:

    AQN.TO great Q3 results compared to Q3/2016.
    Revenue +100%
    Earnings before adjustments +236%
    Cashflow +427%
    Earnings/sh +78%

    SIS.TO Savaria
    management outlook for 2018. Revenue up 40%.

    We could do with some good news!

  14. Bernie Says:

    dutch,

    Re: #13
    That’s bad news (for me) on AQN.TO because the price is going to shoot up now. I don’t own any but have them on my buy list for a full position. Was hoping for a further price drop.

  15. Bernie Says:

    JP/BC,

    Re: #9
    No worries!

  16. Paula Says:

    With the recent discussion about the flattening of the yield curve and it being an indicator of a coming recession, I thought this article might be of interest to some:

    http://allstarcharts.com/chart-week-just-junk-alone-credit-spreads/?utm_source=MASTER+LIST&utm_campaign=d8d1b8e2b7-EP2_Announcement&utm_medium=email&utm_term=0_a9243eb148-d8d1b8e2b7-234831221#more-70536

  17. dutchcanuck Says:

    I just finished listening to a Crypto Briefing put on by the Motley Fool. Of course, it ended in a marketing spiel to sign up for their crypto/blockchain future recommendations.
    Nevertheless, they started out with a very enlightening explanation of crypto currencies and blockchain technology. I was astonished how pervasive it already has become. I took some notes, but it was difficult because they were going at a hell of a rate in the pres.
    Anyone else on this board listen to it.
    What I did learn was- Do not dismiss these new technologies. It’s like the Internet all over again.
    I’ll be in California for 2 weeks starting Friday. I’ll be in Silicon Valley and should be able to widen my knowledge in this area. Then I’ll be off to Napa/Sonoma to see for myself the damage that has been done by the recent fires.

  18. Ron/BC Says:

    Bernie
    Just in case you want another pair of eyes on the AQN.to chart here it is. Nice 6 month sideways channel to trade or buy from $12.90 to $14.15. I’d even buy it at the bottom of the channel,lol.

    http://stockcharts.com/h-sc/ui?s=AQN.TO&p=D&yr=1&mn=0&dy=0&id=p60429468398&a=518199055

  19. Bernie Says:

    Ron/BC,

    Re: AQN.TO
    When I look at your charts its like turning on a light and putting on reading glasses. Thanks for the increased clarity and view on AQN.TO.

  20. Sandra Says:

    Bernie, Ron/BC:
    You are so right. I had been watching AQN.TO to add as well. Missed it. I did not see the chart as clearly as Ron/BC did.
    CNQ-N is at retracement 61.8% from the recent high. Ron/BC, I had 34 as buy price or would 33, 31 a better entry?

    Bernie, are you familiar with SMLP? Pays nice dividend.

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