Tech Talk for Friday June 15th 2018

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Pre-opening Comments for Friday June 15th

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Traders are responding to President Trump’s approval of $50 billion in tariffs on Chinese goods

Today is Quadruple Witching Day on U.S. markets, the last trade date for June index and equity futures and options.

Index futures were virtually unchanged following release of the June Empire State Manufacturing Survey at 8:30 AM EDT. Consensus was 19.6 versus 20.1 in May. Actual was 25.0,

Adobe dropped $7.72 to $250.38 after lowering guidance. JP Morgan and Stifel Nicolaus raised their target price on the stock.

Advanced Auto Parts added $0.82 to $133.50 after JP Morgan raised its target price to $158 from $140.

Electronic Arts (EA $144.25) is expected to open higher after Stifel Nicolaus raised its target price to $157 from $144.

Canada Goose soared $10.17 to $56.02 after reporting higher than consensus fiscal fourth quarter sales and earnings.

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/14/stock-market-outlook-for-june-15-2018/

Note seasonality charts on U.S. Retail Trade, U.S. Business Sales, Business Inventories, Australia All Ordinaries Composite Index, Hong Kong Hang Seng Index and Bombay Sensex Index.

 

Observation

The Canadian Dollar briefly moved below 76.29 to a 12 month low extending an intermediate downtrend. A strong U.S. Dollar Index plus a growing realization that NAFTA will not happen anytime soon took its toll.

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Technical action yesterday

Technical action by S&P 500 stocks yesterday: Bullish. Intermediate breakouts: CMCSA, NCLH, RCL, CAG, HOLX, FB, QRVO. Breakdowns: AMG, LRCX, OI

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FaceBook FB, one of the FAANG stocks moved above $195.32 to an all-time high extending an intermediate uptrend.

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TSX Gold Index and its related ETF XGD.TO advanced above a four month trading range moving above 193.52

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The TSX Gold Index was helped by a breakout by Yamana Gold above $3.95

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Metro $MRU.TO, a TSX 60 stock moved above $43.77 extending an intermediate uptrend

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Grain ETN JJGTF moved below $25.10 extending an intermediate downtrend.

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Altagas moved above $25.99 extending an intermediate uptrend.

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for June 14th 2018

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Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for June 14th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for June 14th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer added 2.20 to 71.20 yesterday. It remains intermediate overbought

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TSX Momentum Barometer

The Barometer added 1.25 to 68.33 yesterday. It remains intermediate overbought and showing 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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17 Responses to “Tech Talk for Friday June 15th 2018”

  1. Larry/ON Says:

    Trump Risks Wrecking The Global Market – I apologize if it seems I post more than I should. The smart people in the Republican Party need to take swift action to block Trump’s trade actions. Trump should have learned the mistake of some previous dictators who tried to take on everyone at the same time and ended up losing but like those other dictators his ego prevents him from acting logically. Everyone is enacting retaliatory tariffs because they know that if collectively they retaliate Trump has no big stick anymore. He is getting whacked just as hard as he gives out. There is no trade gain for the US. The only gain is for Trump to get a few temporary political points from his base who will end up getting hit by the retaliatory tariffs. Bad for everyone except Vladimir Putin as Trump Makes Russia Great Again.

  2. Pat/Vic Says:

    Larry/ON…Agree 100% The only question is how much damage bonespurs is going to do before he is tossed out.
    Cheers,Pat

  3. Mary Says:

    Larry/ON

    Are you selling your stocks or hoping for the best. Do you think this is all noise and the market keeps trending up.
    Appreciate your thoughts.

  4. Larry/ON Says:

    Re 3 – Great question – My default position is to do nothing and take a longer term view. You have to hope that at some point the adults take charge and trade wars are averted. My initial post is laced with my frustration and distaste with the situation. It’s hard to think that Congress will allow Trump to take the world off a cliff into the abyss.

  5. NRG Says:

    Sold
    A bit of CHE.UN and SIS

    Bought more COV and new position in TSGI

  6. NRG Says:

    Sold

    A bit of ECI and RME

    Bought a new position In TCL.A

  7. Bernie Says:

    “15 Dividend Increases in the May 2018 Canadian Dividend All-Star List”

    http://www.dividendgrowthinvestingandretirement.com/2018/06/15-dividend-increases-may-2018-canadian-dividend-star-list/

  8. Ron/BC Says:

    Moved from my apt to my recently purchased condo. What a P.I.T.H. Glad it’s done but I must conclude that “I’m getting waaaay too old for this sh–! The dumbest thing I did was just days before packing up I took a golf lesson in Teeing off and teed off almost steadily for an hour none stop. Ended up with a soar lower back and after packing up all my stuff and unpacking etc,etc right after still have a soar back. Not the brightest thing I ever did……………..

  9. NRG Says:

    Ron/BC

    I hear you. Rebuilding my deck, so I am always bent at the waist putting in thousands of screws. That along with softball and pickleball makes me one sore guy. Can’t put in a 8 hour lab our day anymore. But I am too cheap to pay someone.

  10. Paula Says:

    Ron/BC – sorry to hear you are in pain. For a sore back I found an ice pack for ~ 20 min at a time is helpful. And take it easy. What a relief that your move is over.

    Sorry if I am bringing up a boring old subject. I was in to talk to my bank about opening a RRIF and was told that once you have it you are obliged to withdraw a certain pre-determined percentage each year, whether you want to or not. This might not be such a good idea if it causes you to lose benefits and pay more tax. So what are the advantages of opening it early rather than waiting until required to at age 71? I recall that some on this board had some thoughts on the subject. Thanks.

  11. Bernie Says:

    Re: #9

    Sorry to hear you’re in discomfort Ron. I get the same kind of back pain when I over exert myself. I hate to suggest retraining your golf swing but I suggest you look into the “single plane swing”. Its far less stress on the lower back than the standard two plane. I’ve been trying, slowly, to learn it but its tough to teach a old dog new tricks; ie; old as in many decades with the two plane. Anyway, get lots of rest and follow Paula’s advice. We miss your input on here but want you healthy and happy!

  12. Ron/BC Says:

    Paula
    Well now that I’ve spent a few hundred thousand dollars I wont be getting the interest on that money that was taxable but will be saving more than that interest in not having rent to pay but just low strata fees. And I wont be taxed on the rent saved thankfully. So that will help with income tax. Seems you just can’t make money without getting taxed to death. But as far as a RRIF goes I just converted my RRSP to a RRIF as I turned 71 and had to. I do like the idea of being forced to take a small percentage each year for income even though it will be taxed. I’m taking mine at the end of the year in one lump sum and just using that money to pay any income tax owed so don’t have to be concerned with my overall income tax bill each year. But anyway you slice it up the Feds will be taxing that money whenever you get your hands on it. Hopefully I will get that cheque in early 2019 when my income will be less next year due to the drop in interest income in 2019. Not sure how that will pan out. My accountant retired like most everyone else I know and he was great at answering questions but I’m sure someone down there can figure it out. But until you turn 71 just keeping and maxing out your RRSP is the best bet to defer the income tax. Delaying it until you convert to a RRIF at least gives you time to plan your strategy on taking it out one way or the other. One never knows what situation they will be in as time ticks by.

  13. Ron/BC Says:

    Bernie
    Well I didn’t expect to have a soar back after the golf teeing off lesson as I haven’t had lower back pain for some time to any degree. And whatever pain I gave myself it would clear up in a few days typically so I didn’t concern myself with it. But I had to start packing and tossing things out and dropping things off here and there with a lot of lifting etc. And then after having my stuff moved I had to unpack with the same thing again. I love the condo I bought but where my underground parking spot is to the elevator to the top 3rd floor and then to my unit it is 180 steps,lol. That’s a long walk and of course I carried many things back and forth that I decided to do myself. And to add insult to injury I was informed by my rental agency regarding my apartment I had rented the last few years that I had to wash all the cupboards inside and out and wash the curtains and rehang them along with washing the fridge and stove inside and out and the tub,tile,lino, mirrors etc etc. Basically everything in the place had to be scrubbed clean and as new. Never heard of this before as I haven’t rented for over 50 years when you just cleaned up and vacuumed etc before leaving. Apparently this is B.C. law now with rentals. (or Victoria law?) And the carpets have to be professionally cleaned with a receipt to prove it which is occurring this coming Wednesday. Then and only then the place will be inspected and “IF” approved I’ll get my damage deposit back. So this didn’t help my back any either needless to say. If I had known how much work was involved cleaning to this degree I would have told them to keep the xxxxxxx (doggone) damage deposit. But it’s done now (I think) so will wait for the final inspection to see if I passed the cleaning test or not. I do feel bad for not fully appreciating what my wife must have put up with for over 40 years especially raising 3 kids and a husband to boot from 18 to 58. I do owe her an apology and it’s too bad I can’t pay her back somehow.

    Here is a video from U-Tube on the Single Plane Golf Swing. Looks interesting and I like this guy’s technical equipment that shows how it works. I’ll wait a bit before trying it out but am looking forward to using it. My partner has a weak swing even with her new adjustable Taylor Made driver we bought her and doesn’t have much fire power on her drives. Perhaps this will help that as well. Thanks for the info. Now all I need is a chiropractor to speed things up. Just haven’t had time for such things lately.

    https://www.youtube.com/watch?v=Zucid8DewvU

  14. Bernie Says:

    Happy Father’s Day to all the Fathers on this blog and admin!

  15. Paula Says:

    Ron/BC
    Thanks for your input on RRSP/RRIF. You confirm what the bank person told me: it is best to wait until you have to convert your RRSP to a RRIF and not do it early.

    Hope you feel better soon and get your full deposit back after all that work.

  16. Bernie Says:

    Paula,

    Re: conversion to a RRIF
    Your bank person may have felt it to be in your best interest to wait until age 71 but that isn’t necessarily the best case scenario for all. I converted late last year at age 67 and began withdrawals this year. In my RRIF I don’t pay withdrawal fees on scheduled RRIF withdrawals or have any taxes withheld unless my minimum requirement is exceeded. Had I made withdrawals from my RRSP each one would have cost me $50 plus I would have been subjected to the withholding taxes.

  17. Bernie Says:

    Ron/BC,

    Hopefully you’re back to speed soon and you get your apartment damage deposit returned with interest. Speaking of back pain and golf I wonder if “Tiger Balm” would help 🙂 Rest easy!

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