Tech Talk for Wednesday December 6th 2017

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Pre-opening Comments for Wednesday December 6th

U.S. equity index futures were lower this morning. S&P 500 futures were down 4 points in pre-opening trade. Index futures are reflecting overnight weakness in European and Asian equity markets

Index futures were virtually unchanged following release of the November ADP Private Employment Report at 8:30 AM EST. Consensus was 192,000 versus 235,000 in October. Actual was 190,000.

The Canadian Dollar was steady at US 78.99 cents prior to release of the Bank of Canada’s economic statement at 10:00 AM EST. Consensus calls for no change at 1.0% in the Bank of Canada’s overnight lending rate.

Toll Brothers slipped $0.13 to $46.80 after KeyBanc Capital downgraded the stock to Sector Perform from Outperform.

Oracle eased $0.12 to $47.87 after RBC Capital lowered its target price to $53 from $56.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2017/12/05/stock-market-outlook-for-december-6-2017/

Note seasonality charts on the Telecommunications industry, Merchandise exports, Merchandise Imports, Vehicle sales and Energy Equipment.

Observations

More “sell on news” after the Senate’s passing of the U.S. Tax Bill! The Dow Jones Industrial Average dropped 353 points from its high near the open on Monday.

Copper broke support at $3.32 per lb. resuming an intermediate downtrend. Not good for base metal stocks! The sector is following weakness in the Shanghai Composite Index.

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StockTwits Released Yesterday @EquityClock

Utilities SPDRs $XLU moved below $55.55 completing a double top pattern.

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Technical action by S&P 500 stocks to 10:00: Bearish. Breakdowns were dominated by Utilities stocks: $RHT $ALB $CCI $AEE $EIX $PNW $PPL. No breakouts

Editor’s Note: After 10:00 AM EST, breakouts included CPB and breakdowns included WLTW, SRE, AEP and SYM.

Lithium ETN $LIT moved below $38.50 setting new intermediate downtrend.

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Soybean ETN $SOYB moved above $18.90 extending an intermediate uptrend.

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Silver equity ETF $SIL moved below $30.28 extending an intermediate downtrend

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Silver equities break support: First Majestic Silver and Hecla Mining $FR.CA $HL

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Gold SPDRs $GLD moved below $119.78 setting an intermediate downtrend.

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Rogers Communications $RCI, a TSX 60 stock moved below %51.52 completing a double top pattern.

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Toronto Dominion Bank $TD.CA and Laurentian Bank $LB.CA break short term support.

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Editor’s Note: Laurentian responded to new information that raised concerns about its mortgage loan portfolio.

Trader’s Corner

Daily Seasonal/Technical Equity Trends for December 5th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for December 5th 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 December 5th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer dropped yesterday. It remains intermediate overbought and trending down.

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TSX Momentum Barometer

The Barometer dropped another yesterday. It remains intermediate neutral and trending down.

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Disclaimer: Seasonality and technical ratings offered in this report and at

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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11 Responses to “Tech Talk for Wednesday December 6th 2017”

  1. Mick/NV Says:

    Was able to pick up some shares in bns.to as it dropped below the $81 level, which i thought would be a good entry point. Have never owned this bank, but it does have nice international exposure which is lacking in the other banks. Stock is up 11.5% ytd, comparable to it’s peers, there is a gap at $83.5 which was caused after disappointing earnings, I expect that gap to be covered in the next few weeks.

    http://stockcharts.com/h-sc/ui?s=BNS.TO&p=D&b=5&g=0&id=p46893485312&a=413977040

    I did miss out on adding more td.to as it dropped below the s1 pivot point support this morning, may get another opportunity at some point as there still appears to be some selling pressure on the shares with a red elder bar, at least for the moment. Stock is up 13% ytd.

    http://stockcharts.com/h-sc/ui?s=TD.TO&p=D&b=5&g=0&id=p55062134466&a=402003323

  2. roy Says:

    Anyone here have thoughts on AFN.TO and JWEL.TO? Thanks

  3. Mick/NV Says:

    cnr.to did not have a good Nov, dropping around 5.5% including that big 4% drop near the end of the month ending in being oversold on the rsi. The stock has started to recover, up a little over 4% since the end of nov. In the short term looks like the main pivot point is a good support, with an upside to the r1 resistance at just under $105. Cnr has been a steady performer, but if that main pivot point support does not hold, a drop to around the $98 level would be a good entry point for a long term hold.

    http://stockcharts.com/h-sc/ui?s=CNR.TO&p=D&b=5&g=0&id=p14226553694&a=450854173

  4. Vik Says:

    Any option traders with recommendations for an online broker/platform? I called into TD Waterhouse who I have a trading account with. I believe their commissions are $9.95 + $4.95 per contract.
    Thanks!

  5. Wayne Says:

    Vik,
    Questrade charges $ 9.95 plus $ 1.00 per contract.

    http://www.questrade.com/pricing/self-directed-investing/commissions.

    Their platform charts daily price movement in the option with all of your favourite indicators.
    I only trade US options.

  6. rick Says:

    Bitcoin 13600 $ , look like bitcoin mania is bigger than tulip mania

  7. Larry/ON Says:

    David Rosenberg lays out the bear case for $CAD
    https://www.theglobeandmail.com/globe-investor/inside-the-market/david-rosenberg-the-bank-of-canada-has-just-ensured-another-5-cent-drop-in-the-loonie/article37224718/

  8. Neil/Ab Says:

    Bought some sleep country (zzz.t) this morning at 33.10. Haven’t owned for probably a year or so. Did really well on the earlier run (though that is no reason for rebuying). Last quarter was a bit disappointing and there is the Sears hangover thing. So, Probably a bit too early to buy but dove in anyway. Why, Coming off potential double bottom on both daily and weekly, though I like to see more of a positive divergence on macd and RSI than this one is showing on the bottoms. Elder turned green yesterday on daily and blue on weekly. 5I are very positive on it. Looks to have pretty good upside potential but will have to watch closely. It is a definite sell should it drop below 32.

  9. Muntazir Says:

    Vik,

    I believe TDW charges 9.99 + 1.25 per contract. Also you should ask assignment charges $43. Keep in mind if you write 3 contracts & if assigned to/by 3 diff people the assignment charges are 3×43 ( if by 1 then only 43) – just some things to keep in mind

    NTR

    Ron/BC et al

    closed one a/c at ing & they asked me why & told them that I am not happy with their promotions & have to call them & had to wait for 15-20 mins & its small amt. The agent said soory that I feel like that – just thought of sharing my experience

  10. Ron/BC Says:

    Muntazir NTR

    The trick when phoning Tangerine or any other financial organization is once you talk to someone ask for their extension number. So when you phone the message will be “if you know the person’s extension number you wish to speak with dial it now.” Then it dials directly to that person. Now that person may just have an answering machine so you can then call the main number and ask for the department you need and then when answered ask them for their extension number. So you will end up with a few extension numbers you write down where you dial directly to them. And it it isn’t the person you need to help you with that particular new issue ask that person to patch you through to the right person. They will do this quickly and then ask them for their extension number. I don’t like waiting for much of anything so like to find a way to get faster service. This works most of the time. But you have to have extension numbers or the person’s name if they actually answer on your first dial to get directly to them. Those with extension numbers tend to be more informed as well rather than just a person answering the phones.

    P.S. EQ Bank pays 2.30% all the time with no promotions. You can only deposit $100K though but as interest builds up they still pay that rate on your entire amount in there. It is also just cash that is available to you 24/7 too with no restrictions. Nice not to have to deal with fluctuating promotions as well. Will be glad when rates come back to normal.

  11. Ron/BC Says:

    Larry/ON
    Stephen Poloz has got to be the first B.O.C.Governor that flips flops around with his hawkish/dovish comments about interest rate hikes and the economy. B.O.C. governors in Canada are appointed for 7 years and tend to serve two terms. The reason for that is Canadians and the rest of the financial world gets to know our fiscal and monetary policies so there are no surprises or very few of them. That telegraphing of financial intentions allow everyone to organize their financial plans without shocking changes in policies. Poloz seems to talk dovish like he did right into May of last year even suggesting that “easing was still on the table” and then abruptly change to talking hawkishly about interest rate hikes and worrying about inflation. Now all of a sudden he is talking dovishly again after two rate hikes. Historically this has not been typical of a B.O.C. Governor and certainly isn’t very professional or helpful to other Canadians especially as they try to organize their financial plans. As the former head of Export Canada he knows more than anyone the effect of the value of the Canadian dollar especially relative to the U.S.$. So having it bounce up and down isn’t doing any of our exporters and importers any favours.

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