Tech Talk for Thursday June 14th 2018

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Pre-opening Comments for Thursday June 14th 2018

U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points in pre-opening trade.

Index futures moved higher after the European Central Bank announced the tapering of its Quantitative Easing program beginning in September. Its overnight lending rate was unchanged

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to $224,000 from 222,000 last week. Actual was 218,000. Consensus for May Retail Sales was an increase of 0.4% versus a gain of 0.2% in April. Actual was an increase of 0.8%. Excluding auto sales, consensus for May Retail Sales was an increase of 0.5% versus a gain of 0.3% in April. Actual was an increase of 0.8%.

Comcast added $0.10 to $32.42, Fox gained $0.73 to $44.14 and Disney slipped $0.35 to $105.96 after Comcast offered $65 billion cash for Fox assets. The offer topped Disney’s share offer by 19%.

Oracle dropped $1.11 to $47.16 after JP Morgan downgraded the stock to Neutral from Overweight.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/13/stock-market-outlook-for-june-14-2018/

Note seasonality charts on the Producer Price Index, Crude Oil Days of Supply and Gasoline Days of Supply.

Observations

Responses to Federal Reserve’s 2:00 PM EDT decision to raise the Fed Fund rate by 0.25% to 1.75-2.00%

Equity indices initially were mixed, but moved lower in late trade

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Treasury yields initially soared

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The VIX Index soared

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The U.S. Dollar Index and its related ETF initially moved higher, but closed virtually unchanged.

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Grain prices remain under technical pressure. Soybean ETN joined the breakdown by the CORN ETN yesterday.

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The Federal judge ruling to allow AT&T to take over Time Warner triggered anticipation of other takeover/mergers in the industry. Media ETF moved to another all-time high.

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Lumber stocks are responding to the double top pattern in lumber prices. Canadian lumber stocks were particularly hard hit.

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $DISH $DIS $GRMN $DISCK $CA $RHT $INCY. Breakdown: $HRB

Editor’s Note: After 10:00, breakouts included DISCA, FTV, RRC, TTWO and DVN. Breakdowns included PSX and IPGP.

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Disney $DIS, a Dow Jones Industrial stock moved above $105.49 extending an intermediate uptrend.

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Fertilizer ETF $SOIL moved above $10.81 extending an intermediate uptrend

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National Bank $NA.CA, a TSX 60 stock moved above $63.69 extending an intermediate uptrend

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Turkey iShares $TUR moved below $30.61 extending an intermediate downtrend.

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WestJet $WJA.CA moved below $19.04 extending an intermediate downtrend.

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Agnico-Eagle $AEM, a TSX 60 stock moved above $45.91 U.S. extending an intermediate uptrend.

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First Majestic Silver $FR.CA $AG moved above $10.06 Cdn. extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for June 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for June 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for June 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richards’ Blog

Bear-o-meter bewilderment. Following is a link:

https://www.valuetrend.ca/bear-o-meter-bewilderment/

 

S&P 500 Momentum Barometer

The Barometer plunged 5.60 to 69.00 yesterday. It remains intermediate overbought and has started to show signs of rolling over.

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TSX Momentum Barometer

The Barometer dropped 2.50 to 67.08 yesterday. It remains intermediate overbought and showed more 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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14 Responses to “Tech Talk for Thursday June 14th 2018”

  1. NRG Says:

    RRSP withdrawal

    What are readers responses for fees charged for withdrawing or transferring from RRSP to non registered account. I would like to transfer 20k from RRSP to investing account through BMO and they charge $50.

  2. Sandra Says:

    NRG:
    I transferred an amount from RRSP to non-regd. account online. Both were with TD waterhouse. They deducted the tax and transferred the balance. There was no fee.
    When I filed the return I got overpaid tax back.
    If both accounts are with BMO, I hope they don’t charge. You are not taking the business way. But that is how they get rich by charging for everything!

  3. bobj Says:

    any comment’s on AMD, since April 18th. is up 70%.

  4. Muntazir Says:

    NRG
    I deal with TD & they have $25 transferring fee ( also note all banks are supposed to with hold tax according to $ you withdraw but goes against your tax liability end of year). One way to avoid fee is transferring to RRIF ( but need to be 65 years +)
    Alternatively you can tell bank to waive this transferring fee or you will consider looking at other brokers ( banks, etc) who will probably be glad to absorb the transferring fee. However, if you do that check with the new broker how much is their maintenance fee ( eg TD last checked was $25 & waived if a/c > 25k ). Hope this helps ?& Wish you Good Luck.

  5. Larry/ON Says:

    GOOGL – Nice breakout from flag/pennant formation. I think we will soon test the old high at 1198.

  6. dutchcanuck Says:

    NRG #1
    Is that $20K in cash or in stock?

  7. Larry/ON Says:

    $CAD now breaking critical support at 76.33. I think it’s going down down down from here.

  8. KC Says:

    Anyone know why USD has a sharp increase today ?

  9. dutchcanuck Says:

    KC #8
    Yesterday’s rate hike by the FED. Increased probability of more increases in the future.
    Booming economy.
    Question is why are both the US$ and gold up?

  10. DM/ON Says:

    Loony wasn’t this low vs. USD since about middle 2004

  11. DM/ON Says:

    That is if I forget periods of 2015-16-17

  12. NRG Says:

    6. Dutchcanuck

    20k in stock

  13. NRG Says:

    6. Dutchcanuck

    Will have to have 30% in cash in same account to prepay tax.

  14. dutchcanuck Says:

    NRG
    No charge if it’s all cash, but individual stocks require manual intervention, hence the charge.

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