Tech Talk for Tuesday July 31st 2018

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Pre-opening Comments for Tuesday July 31st

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

Index futures were virtually unchanged following release of economic news at 8:30 AM EDT. Consensus for June Personal Income was an increase of 0.4% versus a gain of 0.4% in May. Actual was an increase of 0.4%. Consensus for June Personal Spending was an increase of 0.4% versus a gain of 0.2% in May. Actual was an increase of 0.4%

The Canadian Dollar rallied slightly to US 76.81 cents following release of Canada’s May GDP. Consensus was an increase of 0.4% versus a gain of 0.1% in April. Actual was an increase of 0.5%.

Pfizer slipped $0.51 to $38.08 despite reporting higher than consensus second quarter sales and earnings. The company also raised its guidance.

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Procter & Gamble dropped $1.20 to $79.00 after reporting lower than consensus fiscal fourth quarter revenues.

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Qualcomm gained $2.22 to $64.26 after announcing a modified Dutch auction to repurchase its shares. Value of the auction is $10 billion. Shares are to be purchased between $60 and $67.

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Shopify dropped $8.58 to $139.50 despite reporting higher than consensus second quarter revenues.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/07/30/stock-market-outlook-for-july-31-2018/

Note sector breakdown chart for the S&P 500 Index.

StockTwits Released Yesterday @EquityClock

South Africa iShares $EZA moved above $60.69 completing a base building pattern.

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Netflix $NFLX one of the FAANG stocks dropped below $344.00 extending an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Bullish. Breakouts: $GIS $WBA, $PSX $BAC $TMK $HSIC $ETN $ROK. Breakdowns: $NFLX $STX $ATVI

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CI Financial $CIX.CA moved below $22.79 extending an intermediate downtrend.

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Blackberry $BB.CA, a TSX 60 stock moved below $12.63 extending an intermediate downtrend.

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CAE $CAE.CA moved below $26.52 completing a double top pattern.

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‘Tis the season for weakness in CAE $CAE.CA to early October.

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Technical action by S&P 500 stocks after 10:00:7 breakdowns including Head & Shoulder in $ADSK.Others: $ANSS $BR $SPGI $VAR $FIS $TTWO

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for July 30th 2018

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Note the improving technical picture on energy and related investments.

Daily Seasonal/Technical Commodities Trends for July 30th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 30th 2018

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Green: Increase from previous day

Red: Decrease from previous day

Technical Scoop

David Chapman at Enriched Investing, an old friend of Tech Talk writes an excellent weekly letter called Technical Scoop. The report offers a technical overview on bitcoin, major equity markets, currencies and commodities. Following are links to his letter for July 30th

. http://www.enrichedinvesting.com/PDF/Technical-Scoop-2018-July-30-Final.pdf

or

http://www.enrichedinvesting.com/PDF/Technical-Scoop-2018-July-30-Final.pdf

 

S&P 500 Momentum Barometer

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The Barometer dropped 3.80 to 64.00 yesterday. It remains intermediate overbought and has rolled over.

 

TSX Momentum Barometer

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The Barometer dropped another 3.25 to 50.63 yesterday. It remains intermediate neutral and trending down.

 

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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3 Responses to “Tech Talk for Tuesday July 31st 2018”

  1. Tawny Says:

    As you know I am long time retired and up there in age…I am in a very low tax bracket… I would sincerely like feedback if there are opinions on taking profits for tax purposes – that is sell positions to take some cap gains annually, rather than let the gains accumulate for a big hit later. Idea would be to buy back very soon. Just need to know I am doing the right thing…

  2. Ana Says:

    First day back! Will start reading past posts.

    Glad to see your post Tawny, as I have not read anything for more than a month. I would think an accountant might be able to help you decide this.

    I have been to the USA to see my Grandchild. Drove down, so the long way to travel but I love driving.

    So back home, very broke but determined to make up all of the $ that was spent!

  3. Bobj Says:

    Tawny,

    I would look at your Taxes this way. Had you $10,000 of Capital Gains in 2017, how much more Income Taxes would you have paid? Below 10% is always desirable.

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