Tech Talk for Thursday August 9th 2018

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Pre-opening Comments for Thursday August 9th

U.S. equity index futures were higher this morning. S&P 500 futures were up 3 point 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 220,000 versus a revised 219,000 last week. Actual was 213,000. Consensus for July Producer Prices was an increase of 0.2% versus a gain of 0.1% in June. Actual was unchanged. Excluding food and energy, consensus for July Producer Prices was an increase of 0.3% versus a gain of 0.2% in June. Actual was an increase of 0.1%

Viacom (VIAB $28.62) is expected to open higher after reporting higher than consensus quarterly earnings.

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Canada Goose (GOOS $55.91) is expected to open higher after reporting higher than consensus quarterly results. .

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Canadian Tire (CTC.A $182.40) is expected to open lower after reporting lower than consensus second quarter sales and earnings.

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Wendy’s added $0.25 to 17.26 after JP Morgan raised its target price to $19.50 from $18.00.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/08/08/stock-market-outlook-for-august-9-2018/

Note seasonality charts on the VIX Index, Dow Jones Industrial Average during mid-term election years, Crude Oil days of Supply, Gasoline Days of Supply and Crude Oil.

 

Observations

“Oily” stocks were notably weaker on both sides of the border following a 3.22% drop in the price of crude oil.

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Natural gas and “Gassy” stocks moved in the opposite direction. Hotter than average weather, lower than average inventories and approaching hurricane season are having an impact.

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StockTwits Released Yesterday @EquityClock

Russian ETF $RSX moved below $20.87 setting an intermediate downtrend.

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Technical action by S&P 500 stocks to 10:00: Quietly bullish. Intermediate breakouts: $AET $UNH $ALB. No breakdowns.

Editor’s Note: Breakouts after 10:00 AM EDT included NTAP, CNC, CFG and KORS. Breakdowns: OXY, HLT.

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Saputo $SAP.CA, a TSX 60 stock moved below $41.07 setting an intermediate downtrend.

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Oil & Gas Exploration SPDRs $XOP moved below $41.38 setting an intermediate downtrend. Responding to lower oil prices.

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Canadian auto part stocks under pressure prior to tariff negotiations $MRE.CA $LNR.CA $MG.CA

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Domestic production of Crude #Oil continues to roll over as inventories develop a short-term range. $CL_F $USO $XLE $XOP

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for August 8th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 8th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 8th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Jeff Parent from CastleMoore on

        BNNBloomberg’s Market Call

Following are links to yesterday’s show:

Top Picks

https://www.bnnbloomberg.ca/video/jeff-parent-s-top-picks~1456938

Past Picks

https://www.bnnbloomberg.ca/video/jeff-parent-s-past-picks~1456908

Market Outlook

https://www.bnnbloomberg.ca/video/jeff-parent-s-market-outlook~1456905

 

S&P 500 Momentum Barometer

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The Barometer slipped 2.20 to 69.60 yesterday. It remains intermediate overbought

 

TSX Momentum Barometer

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The Barometer added 2.08 to 48.75 yesterday. It remains intermediate neutral and continues to trend 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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12 Responses to “Tech Talk for Thursday August 9th 2018”

  1. DARSHAN SIDHU Says:

    Hi RON/BC
    Can you please give your opinion on ACB-T & BHC(VRX).Thanks

  2. Bobj Says:

    HSE up 57% of the low, increased Div.to 2.3% any comment’s!

  3. NRG Says:

    Trades

    Sold Magna MG. bought new position in Stingray RAY.A

    Bought positions in Rogers RCI.B and Sunlife SLF

    Bought new position in Enerplus. ERF

  4. NRG Says:

    HSE

    Comment from July

    Even after the 44% gains this year, the valuation still looks reasonable at 14 times earnings and five times cash flow. Management sounds confident and the dividend increases help to back this up. The balance sheet also provides some flexibility. As a large-cap name for energy exposure that should also offer a bit of stability in the space, we would be fine with HSE

  5. Ron/BC Says:

    Dar Sidhu

    ACB.to broke out above $3.50 last November and ran up to $7 where it built a base there. price then broke out and ran straight up to $15 and has since pulled back testing the base at $7 three time but this last time broke below $7 which is bearish. Price needs to re-clear $7 to suggest more upside. If it can do this the next resistance point for it to deal with will be the downtrendline. Until $7 and then that downtrendline is cleared the trend is negative. Major support is the orginal channel top breakout at $3.50. Short term price is very oversold but still bearish. Not sure about your BHC (VRX?).

    https://stockcharts.com/h-sc/ui?s=ACB.TO&p=D&yr=2&mn=0&dy=0&id=p01283847083&a=611256940

  6. Ron/BC Says:

    NTR

    Shocking News!!!! Golfers.
    I teed off today on the 1st tee with my 7 iron and it looked like it made it to the green ok. But when I went up to the green it was no where to be seen. Looked all over the place and finally looked in the hole of the green and there it was. A hole in one! Never thought I’d see the day. Didn’t especially have a good score overall with the other holes though so I guess it was just b.s. luck,lol. I’ll take it though regardless………..

  7. dave/ab Says:

    Ron

    Congrats on your hole in one. I hope it was at NXT ball

  8. Ron/BC Says:

    Dave/AB
    NTR

    Yes it was a NXT ball oddly enough. I bought a box of 30 Titleist balls and sorted through them and found 11 NXT types so separated them. They definitely work better for me straight down the fairway and farther. Up until I used this ball I really didn’t believe it made any difference as I tend to use mixed balls of all types often even ones I found and didn’t think there really was a difference. Even these NXT balls are used balls. I was told by Golf Town that NXT balls have been discontinued though and replaced with I think he said some Tour ball,can’t recall exactly. I continued all 9 holes with it and never lost one. I often shot two balls to confirm. This course today was mainly for irons while the course a few days ago I used my driver a lot. Same result on both courses. I’m impressed. I’m also using my 6 iron along with the 7 iron to find which is best overall. Went to the range yesterday and blasted off 90 balls but couldn’t decide on the 6 or 7 iron difference. More loft I guess with the 7. Don’t care much for my Hybrids so put them away.

  9. Bernie Says:

    Ron/BC,

    Congrats on the hole-in-one!!! I had one in 1999, also with a 7 iron 🙂

  10. Ron/BC Says:

    Bernie
    NTR

    Thanks & Congrats to you too! It never crossed my mind that it was even a possibility. I love the 7 iron but have been thinking the 6 just might be as good for those short drives. Just trying to understand the difference between them. Gotta spend more time on this……………

  11. Bernie Says:

    Ron/BC,

    Thanks, I’ve had may close ones but to can one was extremely exciting!

    When using irons I never think drives. Rather, I think of them as tools for hitting a certain distance, ie; (specific for me) I hit a full 7 iron for an ~150 yard shot, a 6 iron for 160 yards, an 8 iron for 140 yards…etc.

  12. Bernie Says:

    Ron/BC,

    Thanks, I’ve had may close calls but to can one was extremely exciting!

    When using irons I never think drives. Rather, I think of them as tools for hitting a certain distance, ie; (specific for me) I hit a full 7 iron for an ~150 yard shot, a 6 iron for 160 yards, an 8 iron for 140 yards…etc.

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