Tech Talk for Wednesday June 6th 2018

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Pre-opening Comments for Wednesday June 6th

U.S. 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 the April U.S. Trade Deficit report at 8:30 AM EDT. Consensus was $50.0 billion versus $49 billion in March. Actual was $46.2 billion.

The Canadian Dollar was unchanged at U.S. 76.66 cents following release of Canada’s April Merchandise Trade Deficit report at 8:30 AM EDT. Consensus was $2.5 billion. Actual was $1.9 billion.

Kohl’s added $0.02 to 74.96 after JP Morgan raised its target on the stock to $84 from $76.

ADP (ADP $134.07) is expected to open higher after Stifel Nicolaus increased its target price to $148 from $126.

Merck improved $0.22 to $61.61 after SunTrust raised its target price to $74 from $72.

UnitedHealth Group added $2.57 to $247.00 after the company raised its dividend by 20% and set a $100 million share buyback program

Valeant Pharm gained $0.56 to $24.15 after Barclay’s upgraded the stock to Overweight.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/05/stock-market-outlook-for-june-6-2018/

Note seasonality charts on 10 year Treasury Futures and Non-farm Job Openings

Observation

The NASDAQ Composite Index moved above 7,637.27 yesterday to an all-time high extending an intermediate uptrend.

 

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:15: Quiet. Intermediate breakout: $MYL. Breakdowns: $CCL $RCL

Editor’s Note: After 10:15 AM EDT, breakouts included TGT, AKAM, CTXS, FRT, JWN, FISV, MSI and NTAP. Breakdowns included VRTX, BLL, DTE ES and PNW.

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Nickel ETN $JJNTF moved above $19.16 to 3 year high extending an intermediate uptrend. Largest producer of nickel is $VALE.

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Cameco $CCO.CA $CCJ, a TSX 60 stock moved above $15.01 extending an intermediate uptrend.

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Uranium ETF $URA moved above $14.25 extending an intermediate uptrend mainly due to strength in Cameco $CCJ.

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Finning International $FTT.CA moved above $33.89 extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for June 5th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for June 5th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for June 5th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richards’ Blog

Canadian conglomerates: What to buy and what to avoid. See link:

https://www.valuetrend.ca/canadian-conglomerates-what-to-buy-what-to-avoid/

S&P 500 Momentum Barometer

The Barometer slipped 0.28 to 61.52 yesterday. It remains intermediate overbought and showing early signs of rolling over.

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TSX Momentum Barometer

The Barometer added 2.08 to 70.83 yesterday. It remains intermediate overbought and showing early signs of rolling over.

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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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8 Responses to “Tech Talk for Wednesday June 6th 2018”

  1. Bernie Says:

    Re: #6 from last night – David Burrows

    I’ve looked at Barometer funds on a number of occasions. As much as I like David Burrows when he’s on Market Call I have to admit I’ve never been impressed with his firm’s mutual fund performances. I don’t know why his BNN picks outperform his funds, it puzzles me.

    I wish BNN would get Jason Donville back on. He’s been MIA for close to two years. His track record for top picks and firm’s mutual fund performances were outstanding!

  2. IAN BACK Says:

    ? Is TRUMP skewing , altering or destroying the normal seasonality trends ? I am new to investing and I am really finding it difficult in the current trading climate to learn the patterns when they are changing before my eyes. ? Any suggestions ?
    THANKS ALOT . IAN BACK 2018.06.06.

  3. dutchcanuck Says:

    Bernie #1
    Jason D was my favourite analyst also. He and his picks on BNN were great until he went into a rant defending Home Capital and Concordia Health just about 2 years ago just before they cratered. At first I thought he stayed away because of embarrassment, but then I learned that many listeners either did not sell or even worse bought these stocks after listening to JD. I have tracked his performance for the last 2 yrs and it’s not great,
    Would love to see him back tho.

  4. NRG Says:

    Bernie #1

    Jason was the man everyone including me listened to when he was on BNN. Made a lot of good decisions and made a lot of people a lot of money. Then he had a string of bad picks. The worst for me was when he pushed and puched Valeant Pharma when they were tanking. The last time I heard him was when he sold Valeant after just promoting them days earlier. Other losers were Home Patient Monitoring, Concordia Healthcare, Delphi Energy, Pulse Seismic, and many others. This was hard to compensate with all the winners he backed. He lost a lot of credibility and chose to hide from the cameras and build his reputation and results back up. I am sure he is doing fine now and is probably succeeding again. Miss his Mr Magoo glasses.

  5. Larry/ON Says:

    US Financials – What a day! I was going to post this morning and I was wondering where is everyone? I went big into BAC at 29.63. The US banks were the downtrodden has beens looking scary on the charts and all of a sudden the interest has come back. A lot of upside potential.

    SHOP – I can’t understand the fundamentals of it. If someone follows it closely I would appreciate comment. I stay in but it’s crazy.

  6. Bernie Says:

    dutchcanuck & NRG,

    Yeah, I remember Jason’s rant over shorters getting too much press. Unfortunately they were right about a couple of his larger holdings. Donville’s blowup was in 2016. It shows in his fund’s returns (see below). Subsequently, returns in 2017 through April 2018 were average compared to the index. Hopefully he gets his mojo back soon and returns to Market Call. He was a very popular guest! https://donvillekent.com/pdf/DK_Fact_Sheet_APR18_CI.pdf

  7. Larry/ON Says:

    Bernie – Everything I have posted from David Burrows has been about overall market direction and I think he has been quite good. He does extensive historical research and applies it to current market conditions. His bullish call has been spot on. The skeptics are all dealing with sellers remorse.

  8. FishFat Says:

    IAN BLACK re:#2
    Jon Vialoux was on BNN Market Call on May 18th (you can find links on the dvTechTalk website for Monday May 21). Jon did a good job of explaining seasonality and the current market conditions.

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