Tech Talk for Thursday June 28th 2018

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Pre-opening Comments for Thursday June 28th

U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for Weekly Jobless Claims was an increase to 220,000 from 218,000 last week. Actual was 227,000. Consensus for updated first quarter GDP was unchanged from the previous annualized estimate at 2.2%. Actual was 2.0%.

Walgreen dropped $2.95 to 63.31 despite reporting higher than consensus fiscal third quarter sales and earnings. The company also raised its dividend and announced a $10 billion share buyback program. Weakness is related to Amazon announcing an acquisition in the Pharmaceutical distribution sector.

McCormick gained $2.82 to $108.75 afte4r reporting higher than consensus fiscal second quarter sales and earnings.

Salesforce.com added $0.47 to $133.69 after BMO Capital selected the stock as a “Top Pick”.

Bed Bath & Beyond fell $1.01 to $19.17 after reporting lower than consensus quarterly sales.

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/06/27/stock-market-outlook-for-june-28-2018/

Note seasonality charts on U.S. Imports and Exports, Durable Goods Orders and Silver Futures.

Observation

Crude Oil closed at a 43 month high extending its intermediate uptrend. ‘Tis the season for strength to September!

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StockTwits Released Yesterday @ EquityClock

Technical action by S&P 500 stocks to 10:15: Mixed. Intermediate breakouts: $CXO $HES $NFX $INFO. Breakdowns: $MCD $PRU $DAL $SEE

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S&P 500 breakdowns escalated after 10:15 (particularly financials): $CAG $NE $AFL $BKNG $ETFC $RF $TMK $WM $BK

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Editor’s Note: Additional breakdowns in late trading included HLT, WLTW, STT, UNM, FLHS and UNP

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Encana $ECA.CA, a TSX 60 stock moved above $17.88 and $17.89 extending an intermediate uptrend.

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ManuLife Financial $MFC.CA, a TSX 60 stock moved below $24.02 setting an intermediate downtrend.

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Regional Bank SPDRs $KRE moved below $62.01 completing a double top pattern.

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Frontier iShares $FM moved below $29.34 extending an intermediate downtrend.

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Crude Oil ETN $USO moved above $14.74 to a 33 month high extending an intermediate uptrend.

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Power Financial $PWF.CA moved below $31.08 extending an intermediate downtrend.

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Cogeco Cable $CCA.CA moved below $65.58 and $65.55 extending an intermediate downtrend.

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CI Financial $CIX.CA moved below $22.96 extending an intermediate uptrend.

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Days of Supply of Oil down 23.7, just 1.3 days above average. Narrowest gap above normal in 41 months.

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S&P 500 Index testing and reacting to gap resistance around 2743. $SPX $SPY $ES-F

Both U.S. Imports and Exports showing above average in May. Exports showing best YTD change since 2011 #Trade $MACRO #Economy

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US Durable Goods Orders up 2.9% (NSA) in May, above the average increase for the month of 2.5%. $MACRO #Economy #Manufacturing

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for June 27th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for June 27th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Sector Trends for June 27th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

The Barometer plunged 5.80 to 48.80 yesterday. It remains intermediate neutral and trending down.

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TSX Momentum Barometer

The Barometer dropped another 2.33 to 60.33 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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5 Responses to “Tech Talk for Thursday June 28th 2018”

  1. Paula Says:

    Ron/BC,
    Thanks. I didn’t realize I was paranoid. But if people really are out to get me, then it isn’t paranoia. It is rational fear. LOL…

    https://dictionary.cambridge.org/dictionary/english/paranoid

  2. Ron/BC Says:

    Paula
    I agree 100%. Better paranoid than naive! And my post referred to ‘you’re’ didn’t mean you necessarily but was meant broadly speaking. I guess I’ve always been somewhat suspicious of investments that so many including the ‘experts’ claimed to be a dream come true situation. Investors tend to focus on how much they ‘could’ make, when if you read enough material on investing you’ll realize the most rational attitude to take when investing in anything is how much could you lose first and foremost. And while that’s not always easy to figure, it does remove the dollar signs in our eyes and forces us to focus on the odds of success or failure and gets one thinking about a rational exit strategy. (what if). The lack of an exit strategy in the event the investment isn’t working in our favour is a recipe for disaster. Most don’t have an exit strategy from what I have read. So we read about them watching their once great investments go over the waterfall just staring at them like a deer in the headlights in disbelief. My conclusion over the years became, I’m either going to make money, break even or lose just a little and no other option is acceptable. This method has always worked well overall for me and I never hold a losing position. I refuse to go over the waterfall. Even if there is a pot of gold at the bottom.

  3. Paula Says:

    Ron/BC,
    Words of gold. Thanks.

  4. sp Says:

    Thanks for sharing Ron, do you have experience when you sell than it moves up and leave money on the table. when you hold it and it keep going down. ( this is I have heard from so many investors) I am not talking brokers, they take care of others money but I am sure they keep trading bonds like ladder. Overconfidence is not good too. Now everything moves so quick, so slower person like me doesn’t work. I like to know fundamental and technical both. Hopefully I will learn.

  5. Ron/BC Says:

    SP
    Never worry or get upset about leaving money on the table after you have sold a position. Stocks etc will always go higher AND lower and that has nothing to do with when and where you get out. The exit is the safest place to get out and reconsider the situation. You exit where it suits your frame of mind and finances. So what if it goes to the moon or crashes. You can never predict that,only where your risk/reward is in your own mind. I don’t care if a stock soars right after I get out as I got out when it suited me not the broad market or anything else. You have to have your own rules and I chose price support and resistance to determine that as major investors and traders buy and sell at those support and resistance areas. Doesn’t mean a resistance level wont breakout and run as it does sometimes but if you want consistent returns you can count on support and resistance levels most of the time. And then if you prefer to not be a swing trader but a longer term trader you watch the Weekly charts as the longer term support and resistance levels can be much different. I’m not much of a believer in all the stock ‘stories’ you read about as there is always an exciting story both good and bad. The old saying is,”charts don’t lie.”

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