Tech Talk for Wednesday August 1st 2018

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Pre-opening Comments for Wednesday August 1st

Pre-opening Comments for Wednesday August 1st

U.S. equity index futures were mixed this morning. S&P 500 futures were unchanged in pre-opening trade despite strength in Apple, highest weighted stock in the Index

Index futures were virtually unchanged following release of the July ADP Private Employment report at 8:15 AM EDT. Consensus was 185,000 additions during the month. Actual was 219,000.

Investors are waiting for news at 2:00 PM EDT on the Fed Fund Rate determined by the FOMC meeting held yesterday and today. Consensus is that the Fed Fund rate will remain unchanged with a bias toward an increase in September.

Apple gained $8.61 to an all-time high at $198.90 after reporting higher than consensus fiscal third quarter earnings. The company also raised its fourth quarter guidance.

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Molson Coors slipped $1.00 to $66.00 despite reporting higher than consensus second quarter earnings. The company also mentioned a proposal to introduce cannabis infused beer.

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Restaurants International dropped U.S. $1.63 to $61.50 after reporting lower than consensus second quarter revenues.

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Cheese Cake Factory plunged $5.63 to $ 50.40 after reporting lower than consensus second quarter results.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/07/31/stock-market-outlook-for-august-1-2018/

Note seasonality charts on the VIX Index, the Utility sector, Canadian GDP and Case/Shiller 20 city price index.

 

Jim Cramer’s comments on gold on CNBC last night

Jim noted that gold and gold stocks have a history of moving higher at this time of year for a seasonal trade to early October. Technicals currently suggest that gold and gold stocks are trying to bottom. Following is a link:

https://www.cnbc.com/2018/07/31/cramers-charts-suggest-gold-could-be-nearing-a-bottom.html

 

Observations

Dow Jones Transportation Average briefly moved above 11128.35 to reach a six month high. Ditto for its related ETF, IYT!

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Strength in Canadian bank stocks pushed the TSX Financial Services ETF, XFN.TO above $38.22 to a six month high. ‘Tis the season for strength in the sector to November!

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Breakouts: $CHD $AMT $AVB $UNM $ETN $JCI $XYL $KLAC. No breakdowns.

Editor’s Note: After 10:00 AM EDT, breakouts included MAA, MAC, BEN, MYL, SWK, FTV, ADM and L. Breakdowns included CME, MCO and IPGP

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Cdn. Pacific $CP.CA $CP, a TSX 60 stock moved above $257.26 Cdn to an all-time high extending an intermediate uptrend.

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Shopify $SHOP $SHOP.CA moved below $140.40 U.S. completing a double top pattern.

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BHP Billiton $BHP moved above $52.17 to a 4 year high extending an intermediate uptrend.

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Industrial SPDRs $XLI moved above $76.51 setting an intermediate uptrend.

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Yamana Gold $YRI.CA $AUY moved above $4.17 Cdn extending an intermediate uptrend.

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for July 31st 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for July 31st 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for July 31st 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer gained 3.80 to 67.80 yesterday. It remains intermediate overbought

 

TSX Momentum Barometer

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The Barometer added 2.93 to 53.56 yesterday. It remains intermediate neutral with a downtrend.

 

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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12 Responses to “Tech Talk for Wednesday August 1st 2018”

  1. NRG Says:

    A Real Good Day

    BIP.UN to acquire ECI for $29 per share. A premium of 53%. Roughly $10/share premium. Too bad I sold 500 shares earlier this month.
    Still own 1700 shares though, so I tidy profit to reinvest in dividend growth shares. Woot woot.

  2. Bernie Says:

    NRG,

    That’s awesome NRG! Also quite the interesting buy for Brookfield Infrastructure. I see continued good dividend growth for you and for BIP.

  3. Ron/BC Says:

    The Canadian dollar $CDW has bounced back with the U.S.$ pullback and is bumping up against its downtrendline at 77 cents. Price needs to clear and hold above 77 to suggest anything meaningful on the upside.

    https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=3&mn=0&dy=0&id=p64290519481&a=579408525

  4. Ron/BC Says:

    NRG

    Congrats on the big BIP-ECI trade! Always nice to fatten the account up one way or the other.

  5. dutchcanuck Says:

    Holy Moly, noticed that IFC is up $5.69 this morning. Sold my entire position just a few weeks ago to buy BNS. Not one of my smoother moves. I was expecting a bad Q and I guess they reported a good one.

  6. Ana Says:

    Day Traders,

    $SPX $ES

    4 sma is still crossed over by 9 sma on the one day and macd is still crossed over, so might mean more down.

    First target to 2790.

  7. Ana Says:

    Sherri,

    Thank you for continuing to post, very interesting posts from Armstrong.

    Mary,

    Thank you for your inquiries as to my posts. Are you still trading uvxy? What are you trading with for the upside?

  8. dutchcanuck Says:

    After looking at IFC’s earnings for the Q I was indeed correct re catastrophic losses being considerable. Earnings were down year over year, but their outlook for the remainder of the year was positive. Desjardin upgraded the stock from a sell to neutral. Several other upgrades from neutral to outperform.

    Here is the chuckle for the day:
    Sign on the back of a Septic Tank Truck:
    “Caution – This Truck is full of Political Promises.”

  9. dutchcanuck Says:

    NRG #1
    Good things come to those who wait. Congrats.
    Looks like it’s Brookfield Business Partners will be the umbrella for the acquisition.
    Was good to hear from you. Anyone in touch with Nick/NV?

  10. Ron/BC Says:

    Dutchcanuck

    Last post I read from Mick/NV was in early March when he said he was going away for a month.

  11. Muntazir Says:

    Congratulations to NRG & all eci holders.
    Am happy with my 300 shares.
    Also hold bip.un & couldn’t see terms of takeover eg cash/stock??

  12. dutchcanuck Says:

    Muntazir #1
    Takeover is for cash with an option to take some stock.

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