Tech Talk for Thursday December 28th 2017

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Pre-opening Comments for Thursday December 28th

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

Index futures were virtually unchanged following release of the Weekly Jobless Claims report at 8:30 AM EST. Consensus was a drop to 240,000 from 245,000 last week. Actual was 245,000.

JB Hunt fell $1.32 to $114.15 after lowering its fourth quarter earnings guidance.

 

Observations

Weakness in the U.S. Dollar Index and its related ETN supported higher commodity and commodity equity prices.

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Colder than average weather in most of Canada and the northern U.S. states prompted strength in Canada’s junior “gassy”/oil service ETF.

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Kitco’s latest survey on Gold

The latest analyst survey offered by Kitco is bullish on gold prices. Thanks to Colin Cieszynski at www.TheFundamentalTechnician.com the following link was brought to our attention:

http://www.kitco.com/news/2017-12-22/Kitco-News-Gold-Survey-Voters-See-Prices-Retaining-Their-Shine.html

‘Tis the season for gold prices to move higher to the end of February.

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StockTwits Released Yesterday @EquityClock

Yamana Gold $YRI.CA moved above $3.91 completing a reverse Head & Shoulders pattern.

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Copper equity ETF $COPX moved above $27.39 extending an intermediate uptrend.

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Technical action by S&P 500 stocks to 10:00: Quiet. Breakout: $K. No breakdowns.

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Editor’s note: After 10:00, breakouts included VRTX and AFL. No breakdowns.

Restaurant Brands $QSR.CA, a TSX 60 stock moved below $76.68 extending an intermediate uptrend.

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Base Metals ETN $DBB moved above $19.07 to a 4 year high extending an intermediate uptrend.

Editor’s Note: DBB is weighted 1/3 copper, 1/3 zinc and 1/3 aluminum

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Editor’s Note: Copper and Aluminum ETNs broke to 3-4 year highs yesterday.

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Fertilzer ETF $SOIL moved above $10.46 to a 4 year high extending an intermediate uptrend. Regulatory approval of the Agrium/Potash Corp. merger contributed to strength.

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Power Financial $PWF.CA moved below $34.78 extending an intermediate downtrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for December 27th 2017

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for December 27th 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 27th 2017

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

The S&P 500 Barometer added 1.00 to 73.80 yesterday. It remains intermediate overbought

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TSX Momentum Barometer

The Barometer added 0.41 to 59.50 yesterday. It remains intermediate overbought.

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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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3 Responses to “Tech Talk for Thursday December 28th 2017”

  1. Sherri Says:

    Gotta love those POT stocks!!!

  2. roy Says:

    Ron/BC – thanks for you response to CSH.UN from yesterday

  3. Ron/BC Says:

    Someone mentioned this stock the other day. Nice looking chart that is about to clear $26 resistance. Clearing this level should run up a couple of bucks. Not sure if higher oil prices will affect this airline stock regarding fuel prices. Then again a chart is a chart so no sense trying to overthink it. A breakout would project a rally to a double top.

    http://stockcharts.com/h-sc/ui?s=AC.TO&p=D&yr=2&mn=0&dy=0&id=p18053508415&a=562279011

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