Tech Talk for Tuesday April 17th 2018

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Pre-opening comments for Tuesday April 17th

U.S. equity index futures were higher this morning. S&P 500 futures were up 16 points in pre-opening trade.

Index futures were virtually unchanged following release of the March Housing Start report at 8:30 AM EDT. Consensus was 1.27 million units versus 1.236 million in February. Actual was 1.32 million units.

Johnson & Johnson gained $1.04 to $132.80 after reporting higher than consensus first quarter earnings.

Netflex jumped $21.22 to $329.00 after reporting higher than consensus first quarter sales and earnings. Several investment firms raised their target price on the stock.

Goldman Sachs added $2.12 to $260.00 after reporting higher than consensus first quarter earnings.

International Paper slipped $0.14 to $53.61 after RBC Capital downgraded the stock to market perform from outperform. Target was reduced to $57 from $70.

UnitedHealth Group gained $4.90 to $235.22 after reporting higher than consensus first quarter earnings.

Lululemon gained $1.59 to $95.35 after MKM Partners raised its target price to $103 from $95.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/04/16/stock-market-outlook-for-april-17-2018/

Note seasonality charts on Drug Retailers, Retail Sales, Empire State Manufacturing Survey, Business Sales, Business Inventories and the Technology sector.

Observations

Responses to first quarter reports released yesterday remained positive.

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Netflix surged over 6% after the close after reporting higher than consensus quarterly results.

The Chinese market has become a concern.

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StockTwits Released Yesterday @EquityClock

BCE Inc. $BCE.CA, a TSX 60 stock moved below $53.72 extending an intermediate downtrend.

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Manufacturing in the New York region remains upbeat. Empire State Survey showing 26.7 (NSA), well above average level of 17.3.

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Sales growth returns to #Retail industry. Activity up 16.7% (NSA) in March, above average for month by 3.3%.

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Loblaw Companies $L.CA, a TSX 60 stock moved below $63.04 extending an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Quietly bullish. Intermediate breakouts: $ULTA $MPC $CMI. No breakdowns.

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Editor’s Note: After 10:00 AM EDT, breakouts included LLY, EIX, PXD, TWX and PSX. No breakdowns

Inter Pipeline $IPL.CA, a TSX 60 stock moved $23.50 completing a double bottom pattern.

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Brazil iShares $EWZ moved below $41.84 completing a double top pattern.

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More U.S. energy stock breakouts: $MPC $NE $PXD.

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Nickel ETN $JJNTF moved above $17.50 extending an intermediate uptrend.

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BMO Junior Gas ETF $ZJN.CA moved above $15.04 setting intermediate uptrend.

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Restaurant Brands International $QSR.CA, a TSX 60 stock moved below $68.79 extending an intermediate downtrend.

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Cameco $CCO.CA $CCJ, a TSX 60 stock spiked on rumors that Russia is considering a ban on uranium exports

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Ditto for Denison Mines, another uranium producer! $DML.CA $DNN

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Editor’s Note: Ditto for the Uranium ETF!

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for April 16th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for April 16th 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 April 16th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richard’s Blog

Keith says, “Bear-o-meter continues to read favourably” See

http://www.valuetrend.ca/bear-o-meter-continues-to-read-favorably/

 

Josef Schachter update

It’s starting to happen, consolidation in the Canadian energy sector! Yesterday, Aveda (AVE) and Specter (SPE) received takeover offers. Look for more consolidation in the months ahead. Josef will comment in the April edition of the Schachter Energy Report. .

 

S&P 500 Momentum Barometer

 

The Barometer gained 10.00 to 51.20 yesterday. It remains intermediate neutral and trending up.

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TSX Momentum Barometer

The Barometer gained 3.29 to 55.14 yesterday. It remains intermediate neutral and trending up.

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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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12 Responses to “Tech Talk for Tuesday April 17th 2018”

  1. gcg Says:

    I don’t understand this kind of logic.
    BNN’s report this morning, Alberta oil producers need export permit from the Government.
    After the pipeline completed, if BC Government impose the same rule and allows KML export
    only one tanker a day and that makes the pipeline construction meaningless.
    Alberta oil producers are really screwing up badly.

  2. Larry/ON Says:

    David Burrows Complete Analysis Of Market, Sectors, Historical Context – I Highly Recommend Everyone To Watch Today’s Video

    https://barometerreadings.com/2018/04/16/equity-markets-where-to-from-here-spy-qqq-dia-tlt/

  3. Sandra Says:

    So mad with TSX not performing… thinking of leaving Canada. Ahmmmmm..

  4. Ron/BC Says:

    Tomorrow is when Stephen Poloz makes an interest rate decision. With the dramatic slow down in home sales which affects the economy in many ways and with new rules on hiring, minimum wage hikes, new carbon taxes and environmental regulations, gender neutral hiring and other business headwinds including a loss of business to the U.S. that is doing the opposite and attracting business by slashing regulations etc, I cant see the B.O.C. raising interest rates tomorrow or any time soon. Poloz is between a rock and a hard place with these regulations and economics that slow the economy. Add to this massive Federal deficits and loss of business interest in Canada from abroad due to these and other internal problems and he is in a tight spot as he no longer has a balanced budget and strong business interests in Canada as he originally did. And the U.S. continues to raise rates and beef up the economy so I’m not sure what he is capable of doing with rates. Poloz is an expert in exporting and the importance of a low Canadian dollar relative to the U.S.$ as he was once the head of Export Canada. So he can’t raise rates along with the U.S. and kill our weakening economy with our personal and government high debt loads and also can’t keep interest rates low without seeing the Canadian dollar fall sharply. I suspect his only action will be to not raise rates tomorrow or in 2018 more than once if that and let the CD$ fall so even with a weakening economy we will be able to export due to our low dollar. And personal debt loads wont completely trash the housing market and other indebted Canadians with higher rates. So tomorrow will be an important day and will be interesting as to how he manages this situation.

  5. Sandra Says:

    Ron/BC:
    I will wait till tomorrow not packing yet… LOL!

    But snow and ice in April might make me move.

  6. Ron/BC Says:

    Sandra NTR
    I’m going golfing today as it’s not raining in Victoria today. Supposed to be nice for the next few days here, so they say. I should buy an umbrella like some do so I could golf any day other than a windy one. But my partner isn’t big on rainy golfing. Looking at a condo tomorrow so won’t likely be able to golf then even if it is dry. Where are you living?

  7. Larry/ON Says:

    Shift from Financials To Tech Happening – Some major US banks like WFC and C look terrible. BAC holding up but pretty mediocre. Regionals (KRE) not far from Feb and March lows. MSFT and AMAT are my choices for tech. Picked up a very small amount of SHOP on a roll of the dice.

  8. dutchcanuck Says:

    Larry/ONT #2
    Thank you for sharing Barometer Capital’s video with us. What a great piece of work.
    They really dig into the underlying fundamentals of the market.

  9. Paula Says:

    Sandra,
    BMO has a number of ETFs that are based off US indices and these are outperforming the TSX. I know the volume is not that great but that is not supposed to matter as long as the underlying has good volume. So far, that has been my experience. Here are a couple:

    http://stockcharts.com/h-sc/ui?s=ZSP.TO&p=D&b=5&g=0&id=p97388512527&a=583245822

    http://stockcharts.com/h-sc/ui?s=ZQQ.TO&p=D&b=5&g=0&id=p28712972070

  10. Sandra Says:

    Ron/BC: NTR

    I am in Toronto. Last few days have been treacherous weather wise. I am happy for you guys that you have good weather and are already golfing.Here we have snow on the ground. There is a soccer, baseball game and basketball game on in the city tonight so life goes on!

    Good luck with Condo hunting. Hope you find what you are looking for and that too at a good price 🙂

  11. Sandra Says:

    Paula: Thank you for the info on ETFs for S&P 500 and Nasdaq 100. I will be definitely reading up on these. Nice of you to share the information.

  12. Sandra Says:

    Further to our discussion about tax consequences on capital gains and Foreign/Canadian dividends in different portfolios a very informative article :

    https://www.milliondollarjourney.com/portfolio-allocation-rrsps-tfsas-and-taxable-accounts.htm

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