Tech Talk for Tuesday August 14th 2018

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Pre-opening Comments for Tuesday August 14th

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

Home Depot gained $4.86 to $194.14 after reporting higher than consensus second quarter sales and earnings.

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MasterCard (MA $202.31) is expected to open higher after JP Morgan raised its target price on the stock to $246 from $210.

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PayPal (PYPL $87.01) is expected to open higher after JP Morgan increased its target price on the stock to $102 from $83.

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Visa (V $140.94) is expected to open higher after JP Morgan raised its target price to $177 from $152.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/08/13/stock-market-outlook-for-august-14-2018/

Note seasonality charts on the VIX Index, Gold futures and MSCI World Index ex U.S.

Hap Sneddon on BNNBloomberg’s Market Call Tonight

Top Picks

https://www.bnnbloomberg.ca/video/hap-sneddon-s-top-picks~1460625

Past Picks

https://www.bnnbloomberg.ca/video/hap-sneddon-s-past-picks~1460598

Market Outlook

https://www.bnnbloomberg.ca/video/hap-sneddon-s-market-outlook~1460573

 

Observations

Economic and political uncertainties in Turkey continued to impact equity markets

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Add Greece to the list of markets responding to southern Europe uncertainties

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The VIX Index jumps again. ’Tis the season!

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StockTwits Released Yesterday @EquityClock

Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakout: $SYY. Breakdowns: $SBAC $GM.

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Silver ETN $SLV moved below $14.35 extending an intermediate downtrend.

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Wheaton Precious Metals $WPM moved below $$20.53 U.S. extending an intermediate downtrend. Responding to lower silver prices.

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Agriculture iShares $COW.CA moved below $38.54 extending an intermediate downtrend

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WTI Crude Oil at $66.17 moved below $66.29 setting an intermediate downtrend. $USO.

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General Electric $GE, formerly a Dow Jones Industrial stock moved below $12.61 to a 6 year low extending an intermediate downtrend.

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Base Metals iShares $ PICK moved below $31.29 extending an intermediate downtrend. Ditto for ZMT.CA!

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U.S. Home Construction iShares $ITB moved below $36.85 extending an intermediate downtrend. Other related breakdowns: $PHM $XHB.

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Teck Resources $TECK $TECK.B.CA, a TSX 60 stock and major base metals miner moved below $23.95 U.S. extending an intermediate downtrend.

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Exxon Mobil $XOM, a Dow Jones Industrial stock moved below $78.49 on lower crude oil prices, setting an intermediate down trend.

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Auto ETF $CARZ moved below $36.65 extending an intermediate downtrend.

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Platinum ETN $PPLT moved below $31.50 extending an intermediate downtrend.

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Lithium ETN $LIT moved below $31.50 extending an intermediate downtrend.

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Gold ETN $GLD moved below $114.80 and $114.02 extending an intermediate downtrend.

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Goldcorp. $G.CA $GG, a TSX 60 stock moved below $15.11 Cdn. extending an intermediate downtrend.

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Cdn. Energy stocks $XEG.CA also hit by lower crude oil prices. E.g. breakdown by Vermillion Energy $VET.CA below $41.59

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Editor’s Note: Oil services stocks on both sides of the border had a rough day on the charts.

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Trader’s Corner

Equities and Related ETFs

Daily Seasonal/Technical Equity Trends for August 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 13th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Changes in Seasonality ratings

Lumber/lumber stocks turn Negative from Neutral in mid-August

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Consumer Staples sector turns Negative from Neutral in mid-August

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Josef Schachter on BNNBloomberg’s Market Call Yesterday

Josef remains negative/cautious on crude oil and cautiously optimistic on natural gas. Following are links:

Market Outlook

https://www.bnnbloomberg.ca/video/josef-schachter-s-market-outlook~1460348

Past Picks

https://www.bnnbloomberg.ca/video/josef-schachter-s-past-picks~1460354

Top Picks

https://www.bnnbloomberg.ca/video/josef-schachter-s-top-picks~1460359

 

S&P 500 Momentum Barometer

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The Barometer dropped 4.20 to 58.60 yesterday. It changed from intermediate overbought to intermediate neutral and established a downtrend.

 

TSX Momentum Barometer

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The Barometer dropped 4.79 to 44.58 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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10 Responses to “Tech Talk for Tuesday August 14th 2018”

  1. dave/ab Says:

    Ron/Bernie/Golfers

    What a display by Tiger. Drive for show and putt for dough.But if your like Brook and have both skills in the bag you will win.

  2. KC Says:

    RonBC,

    Thanks for #4 last night. Any chance of your TA on Extendicare please?

    Thanks
    KC

  3. Ron/BC Says:

    KC

    EXE.to has support at $7.00 which is the multi year uptrendline and the low support area over the last two years. Resistance is The last low point at $8.00 which is also the 16 month downtrendline. If price can clear $8.00 and hold next resistance is $8.50 that was cleared in 2016 but failed to hold this year on the pullback to that breakout point. Price now is in the middle of this range between solid support and resistance.

    https://stockcharts.com/h-sc/ui?s=EXE.TO&p=D&yr=10&mn=0&dy=0&id=p99220062685&a=612196672

  4. Ron/BC Says:

    Dave/AB
    NTR
    I never saw that but Tiger has been getting it back together once again it seems.

  5. Ron/BC Says:

    The $TSX Gold stock ETF:XGD.to is testing the December 2016 low presently at the $10.70 area. Price action is bearish along with most technicals. The XGD.to:GLD ratio is fairing much better with the stocks holding up much better than Gold.(see upper chart) Much of the selloff is due to the rising U.S.$ and while that chart looks bullish above 95 if the politics is suddenly resolved with Turkey/Euro concerns etc this could reverse and see the U.S.$ pullback and Gold and inverse markets rally. A comment or action by the U.S. or Mario Draghi of the ECB, currency valuations can change in a heartbeat. Bottom line: Be prepared……….things aren’t always what they seem to be.

    https://stockcharts.com/h-sc/ui?s=XGD.TO&p=D&yr=3&mn=0&dy=0&id=p13104189974&a=579408507

  6. Ron/BC Says:

    Dave/AB

    NTR

    Went golfing with my lady partner yesterday and had her use the Titleist NXT balls. She hit straighter and definitely hit further than she typically does. Going again today so will compare them again. I’ll shoot two balls being one NXT and the 2nd one a Pro-V1 that is so highly recommended now to see any difference between them.

  7. Bernie Says:

    dave/ab

    Re: #1 NTR
    Good to see Tiger get his “game back and create some closing drama at the PGA Championship. Unfortunately I missed tuning in.

  8. dave/ab Says:

    Hi Ron #6

    Looking forward to your experience between the two balls. I used them interchangeably before. Now I really look more for the NXT. I golf around Calgary and in windy conditions, over years I find NXT is affected less by the wind. NXT is a harder cover ball so will have less spin from off sweet spot hits. But on nice days warm no wind, I do like the Pro V1.

  9. Ron/BC Says:

    Dave/AB

    NTR

    I teed off with a NXT and a Pro V-1 and found they both ended up side by side. I used a Cobra adjustable Driver on some and a Cobra 7 iron on a couple of shorter holes. Each time side by side. It was a hot calm day here but smokey sky and no wind. I wondered why Titleist would discontinue the NXT and come out with the Pro V-1 ball. I thought perhaps they are much the same ball. It does seem odd they’d discontinue that particular ball while they continue to make a wide variety of other Titleist balls. But either way they are impressive. I’ve been using Cobra irons and wondered if there is a better iron to use. Been thinking about those PXG irons advertised on BNN. I went to Golf Town and they recommended either a Callaway or a Ping 7 iron. They are only about $150 but the PXG clubs run around $400 each and are custom fitted by them. I’d just buy the 7 iron and see what the difference would be for starters. Any thoughts on this would be appreciated from you and other golfers.

  10. KC Says:

    Hi Ron/BC,

    Could you please throw up a chart for XMA.TO Do you think its worth a buy at $11.77 area (bottom of channel) ?

    Thanks,
    KC

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