Tech Talk for Thursday January 11th 2018

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Pre-opening Comments for Thursday January 11th

Equity index futures were higher this morning. S&P 500 futures were up 5 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST.

Consensus for Weekly Jobless Claims was a drop to 245,000 from 250,000 last week. Actual was 261,000. Consensus for December Producer Prices was an increase of 0.2% versus a gain of 0.4% in November. Actual was a decline of 0.1%. Excluding food and energy, consensus for December Producer Prices was an increase of 0.2% versus a gain of 0.3% in November. Actual was a drop of 0.1%.

Delta Airlines gained $2.01 to $57.87 after reporting higher than consensus fiscal fourth quarter sales and earnings.

Boston Scientific added $0.63 to $28.15 after receiving FDA approval for a spinal cord stimulator system.

KB Homes gained $1.53 to $35.88 after reporting higher than consensus quarterly earnings.

Prudential Financial (PRU $121.51) is expected to open higher after Atlantic Equities upgraded the stock to Overweight from Neutral.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/01/10/stock-market-outlook-for-january-11-2018/

Note seasonality charts on the U.S. REIT sector, Crude Oil Days of Supply, Gasoline Days of Supply and Crude Oil.

Observation

NAFTA jitters at 2:00 PM EST

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bearish. Breakouts: $ZION $ISRG. Breakdowns: $ADM $COST $KMB $SLG $PSA $XRAY $CCI $AEE $CMS $ETR.

Editor’s Note: After 10:00 AM EST, breakouts included FITB, FIS, MS, BHF, UNM, PBCT, IPG, SBUX. Breakdowns included DLR, AIZ, AMT, MHK and INTC

Regional Bank ETF $KRE moved above $$61.00 to an all-time high extending an intermediate uptrend.

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Goldcorp $GG $G.CA, a TSX 60 stock moved above US$13.64 extending an intermediate uptrend. ‘Tis the season for strength to end of February!

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Shaw Communications $SJR, a TSX 60 stock moved below US$22.42 completing a double top pattern.

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Toromont Industries $TIH.CA moved below $54.55 extending an intermediate downtrend.

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Higher interest rate! U.S. REIT iShares $IYR breaks another support level at $77.93 extending an intermediate downtrend.

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Ontario minimum tax increase concerns: $QSR.CA, a TSX 60 stock moved below $76.63 extending an intermediate downtrend.

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Starbucks $SBUX, a Dow Jones Industrial stock moved above $60.05 extending an intermediate uptrend.

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Saputo $SAP.CA, a TSX 60 stock moved below $43.05 setting intermediate downtrend.

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Intel $INTC, a Dow Jones Industrial stock moved below $42.67 completing a double top pattern.

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Rogers Communications $RCI, a TSX 60 stock moved below US$49.70 extending an intermediate downtrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for January 10th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for January 10th 2018

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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 January 10th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richards’ Blogs

The factors to consider before buying European stock ETF’s: http://www.valuetrend.ca/investing-europe-not-straight-forward-youd-think/

Canadian technology stocks: http://www.valuetrend.ca/canadian-technology-buy/

 

S&P 500 Momentum Barometer

S&P 500 Momentum Barometer dropped 3.80 to 79.20 yesterday. It remains intermediate overbought and showing early signs of rolling over.

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TSX Momentum Barometer

TSX Momentum Barometer dropped another 2.07 to 55.19 yesterday. It remains intermediate overbought 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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19 Responses to “Tech Talk for Thursday January 11th 2018”

  1. Sandra Says:

    Teck.B/TO

    Don’t have much luck with setting stops so out of it this morning. May regret it if keeps going up 🙁 but for now happy with gains as it looked too overbought.

    Ron/BC: Please can you share a beautiful chart of it?

  2. Ron/BC Says:

    Sandra
    Will be busy running around today. Hard to believe many were golfing yesterday and today it’s pounding down rain and windy. Will post something later. You want a short term chart or longer term?

  3. dutchcanuck Says:

    It’s now very apparent that OIL is on an upswing with the next resistance level at $75. If you are reluctant to buy into the Canadian mess of not being able to get our product to market, carbon taxes etc., but would like to participate I have a suggestion that you consider PXT.TO.
    Recently broken out to an alltime high, Colombian based, rapidly growing, Gets Brent pricing.
    The attraction here is that you can buy this on the TSX, but is not Canadian based.

  4. Sandra Says:

    Ron/BC:
    Enjoy your day. Here too is 12 degrees hard to believe. Such fluctuations in temperature – not good.

    Please share both short and long term. I am sure both will be appreciated by everyone here. Most of all I want to know where to enter. Gone back up since I sold. What’s new. Hehe!!

  5. roy Says:

    Hello Dutchcanuck
    All the oils are moving up regardless of the Canadian mess and that includes SU, ECA and CNQ. The mess doesnt seem to have affected them – so far.

  6. Ana Says:

    $SPX $ES
    Well that H and S definitely did not play out!

    It is freezing here!

    Thursday Overnight
    Clear

    Clear-31°C
    Feels like: -39

  7. Bernie Says:

    Ron/BC,

    Golf tips?!?
    https://twitter.com/PGATOUR/status/951495320805957632?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2F3downnation.com%2F2018%2F01%2F11%2Fticats-head-coach-june-jones-plays-golf-barefoot-and-putts-with-his-five-iron%2F

    Not recommended for Canadian winters, even in Victoria…lol

  8. Sandra Says:

    Roy: #5
    CNQ, SU has been going sideways and ECA has gone up in the last few days while crude has been going up.

    Winner is clearly TECK.B/TO compared to FM.TO, LUN.TO, HBM.TO, FCX, COPX. Waiting for pullback on this one as I sold most of it. Was over bought and NAFTA news I thought will bring it crashing down I thought. But now I will wait patiently for pullback.

  9. FishFat Says:

    Corus Entertainment (CJR/b.to)
    The market reaction to the yesterdays earnings miss ($0.38 vs $0.44 conses) for CJR/b has been brutal. Two days of bloodbath with the price down >20%. The stock is excessively oversold. Looking at the weekly chart, there is support @ $9.14 that will likely hold – but will have to wait and see on the Friday close. The daily chart shows a bullish candle for today which suggests a bottom reversal – of some magnitude. May well be a dead cat bounce, but I expect a rally tomorrow.
    http://schrts.co/83gNYy
    http://schrts.co/5aXLzr

  10. Ron/BC Says:

    Bernie NTR
    Last couple of weeks I “could have” golfed as the weather was good now and again. Busy with other ‘stuff’ unfortunately. But barefoot hmmmmmmmm, I don’t think my feet would have liked the cold damp grass here very much. I’m going to Palm Springs in early February for awhile so perhaps I could try it there. Probably get arrested though………

  11. Mick/NV Says:

    Ron/BC

    Ntr

    Not sure how long you will be there but I will be in Palm Springs at the beginning of March, will need to touch base if you are still there.

  12. Ron/BC Says:

    Sandra
    TECK/B.to. Long term price is bumping up against the 2012 high.Shorter term price has broken out over the Nov/2016 high of $34.87 but is also very overbought. As long as price holds above the $34.87 breakout point all is well regardless. But with price already 10% above the breakout point and very oversold I’d take the money an run. But that’s just me. Odds favour a pullback to the breakout point. Just never when when or at what price point.
    http://stockcharts.com/h-sc/ui?s=TECK%2FB.TO&p=D&yr=10&mn=0&dy=0&id=p39670922755&a=380075481

    http://stockcharts.com/h-sc/ui?s=TECK%2FB.TO&p=D&yr=2&mn=0&dy=0&id=p27169834032&a=491071783

  13. Ron/BC Says:

    Mick/NV NTR

    My partner and I are only going for 7 days to get a taste of the place. The last 2 holidays we’ve taken have been 2 weeks in Waikiki and then 3 weeks in Arizona so we thought one week in Palm Springs and then coming back would give us a good feel for the place and not cost much. Then we would know the place and have a better plan for next time. Bought tickets at $350 each and didn’t bother with points. Too bad we hadn’t known otherwise we could have met up as you know the area well. We just thought early February it wouldn’t be too hot and if we could get though a dreary wet January here that would be a nice short sunny break. Perhaps after the one week we’ll go again soon. Or stick around longer if possible. Seems crazy that after about 10 years we’ve never met up.

  14. Mick/NV Says:

    Ron/BC
    Ntr

    I have not been there in Feb but I hear it is not quite as hot as March where it can easily be in the mid 90’s every day
    I do hope you enjoy it, lots of golf courses to choose from even some nice hikes. If you get a chance there is a nice hike up to Bob Hopes old house, may even notice it as you fly into Palm Springs, odd looking house up in the hills. Palm Springs airport is different also, essentially an open air airport.
    For dinner, try Spencer’s , John Henry’s or Fisherman’s Market and Grill, good food all around.

  15. roy Says:

    Sandra # 8
    Thanks for the info on CNQ,SU and ECA
    For some unknown reason, I have never gotten into Teck.
    Waiting for the pullback on SU and CNQ so I can buy some shares. Hopefully able to do so before long. I have been lucky with a Vancouver listed stock Orc.B. Bought last month. Has done very well recently but also seems overbought.

  16. Ron/BC Says:

    Mick/NV NTR
    Thanks Mick. Will make a note of those places. Always wanted to go there but never did for one reason or the other. I’ve got a hunch I’ll want to go back again.

  17. Sandra Says:

    FishFat #9: CJR.B/TO

    Dividend is safe.
    The company will be paying monthly dividends of $0.094583 per class A share and $0.095 per class B share on Feb. 28, March 30, and April 30 to shareholders of record at the close of business on Febr. 14, March 15, and April 16, respectively.

  18. Ana Says:

    #9 Fish Fat

    https://seekingalpha.com/article/4136897-corus-faceplants-sit-sidelines

    https://seekingalpha.com/news/3322407-corus-sees-downgrades-disappointing-q1-earnings

  19. DH Says:

    5i research Q&A comment on CJR.B yesterday to a subscriber:

    The stock is cheap but the quarter was very ugly, and we have seen downgrades already. At a 12% yield, investors have already assumed a dividend cut after three months. Debt is very high, and no earnings growth is expected for some time. It has now missed 7 of the past 8 quarters. With a prime goal of presevering capital, we would suggest getting out of this one now. Risks have increased, even at a lower valuation.

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