Tech Talk for Friday September 28th 2018

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Pre-opening Comments for Friday September 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 after release of economic news at 8:30 AM EDT. Consensus for August Personal Income was an increase of 0.4% versus a gain of 0.4% in July. Actual was an increase of 0.3%. Consensus for August Personal Spending was an increase of 0.3% versus a gain of 0.1% in July. Actual was an increase of 0.3%.

The Canadian Dollar was virtually unchanged at 77.01 cents U.S. following release of Canada’s July GDP report at 8:30 AM EDT. Consensus was an increase of 0.1% versus no change in June. Actual was an increase of 0.2%.

Tesla dropped $37.02 to $270.50 after the SEC charged Elon Musk with fraud.

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Boeing (BA $) is expected to open higher after winning a Pentagon contract valued at $9.2 billion to build new trainer jets.

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Blackberry (BB $13.27 Cdn) is expected to open higher after reporting better than consensus fiscal second quarter revenues and earnings.

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Lowe’s gained $1.30 to $115.80 after SunTrust raised its rating to Buy from Hold. Target price was increased to $138 from $110.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/09/27/stock-market-outlook-for-september-28-2018/

Note seasonality charts on the Materials sector, Durable Goods Orders, U.S. Imports, U.S. Exports and FTSE 100 Index.

 

Observations

Gains by the Dow Jones Industrial Average yesterday came entirely from one stock, Apple.

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The Japanese Yen moved below 88.33 to a 10 month low extending an intermediate downtrend.

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StockTwits Released Yesterday @EquityClock

Uranium ETF $URA moved above $13.44 thanks mainly to a 17.3% gain by $CCJ on a favourable tax ruling.

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Technical action by S&P 500 stocks to 10:00: Bearish. Breakout: $FL. Breakdowns: $BBBY $F $CAG $CPB $BBT $BAC $FITB $USB $ZION $D $PCG $SRCL

Editor’s Note: After 10:00 AM EDT, breakouts included HCA, CXO and VAR. Breakdown: SJM.

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Canadian Pacific $CP.CA, a TSX 60 stock moved above $276.59 to an all-time high extending an intermediate uptrend.

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Painted Pony $PONY.TO, a “gassy” stock oved above $3.32 extending an intermediate uptrend.

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Editor’s Note: Painted Pony was one of many Canadian “gassy” stocks that recorded significant gains yesterday in anticipation of an official “go-ahead” decision next week on a Canadian LNG facility.

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Concho Resources $CXO, a “gassy” U.S. stock moved above $51.55 extending an intermediate uptrend.

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Cenovus Energy $CVE.CA, a TSX 60 stock moved above $12.82 completing a reversal pattern.

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US Durable Goods Orders up 16.9% (NSA) in August, better than 11.1% gain that is average for the summer month $MACRO #Economy #Manufacturing

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Strength in durable goods orders remains broad, but rising inventories suggesting supply/demand mismatch. equityclock.com/2018/09/27/… $STUDY $SPX

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US #Trade showing below average increase in exports and above average increase in imports through end of August. $MACRO #Economy

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Trader’s Corner

Daily Seasonal/Technical Equity Trends for September 27th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for September 27th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for September 27th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

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Tired of seeing your seasonal fund remain stagnant when seasonally favoured sectors move higher? Consider switching to the Seasonal Advantage Portfolio http://www.equityclock.com/About/Seasonal-Advantage-Portfolio/ … #SeasonalInvestingDoneRight

S&P 500 Momentum Barometer

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The Barometer slipped another 1.20 to 55.80 yesterday despite gains by the S&P 500 Index and Dow Jones Industrial Average. It remains intermediate neutral and trending down.

 

TSX Momentum Barometer

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The Barometer added 2.51 to 40.17 yesterday. It changed to intermediate neutral from intermediate oversold, but 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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7 Responses to “Tech Talk for Friday September 28th 2018”

  1. tawny Says:

    I have not seen one post on this site for a couple of days which is very unusual – is something wrong at my end or is this reality.

    Sherri, I see Armstrong has a couple of new posts on the close for September and close for the quarter…. hope you share with us.

  2. rocketdave Says:

    I also noticed that there is not much going on, on this site but i really appreciate Mr. Vialoux for his daily commentary. Thank you so much for your time and expertise.

    I have a question about natural gas…is it time to buy yet? I noticed it’s getting a bit over bought right now on the daily chart and also it looks like it needs to get above 3.05. It did get to 3.10 on Thursday(intraday) but closed at 3.05, and than again today it closed even lower.

  3. DARSHAN SIDHU Says:

    Hi Mr. RON/BC
    Need your help to invest my retirement money in mutual funds to generate some income for retirement. Some part in high risk & return. Thanks in advance.

  4. Ron/BC Says:

    Dar Sidhu

    I don’t “invest” in the stock market as a rule and just use it as a trading vehicle using chart patterns and trading from support to resistance and exit. Someone like Bernie that posts here often has some well researched information on Mutual Funds that you should give some thoughts to. He’ll likely see this weekend’s posts and comment. I know he is impressed with Mawer Funds which have a few Funds that target different sectors with various risk levels.

  5. Bernie Says:

    DARSHAN SIDH,

    I did see your comment earlier which you directed to Ron/BC. Its tough to answer your very general question with a specific answer when so little is known of you, your risk tolerance and what you’re seeking. Are you retired now? What are you invested in currently? I’ve been retired for about 7 years and just started to withdraw funds from my investments this year. You mentioned mutual funds. I own 3 Mawer mutual funds but also own ETFs, CEFs and stocks.

  6. Bernie Says:

    Ron/BC & NRG,

    Thanks for taking the time last weekend to give your “story” on how you handled the 2008-09 recession. I thought the members here would appreciate hearing how you two handled the market downturn. Sadly very few responded to your narratives.

  7. DARSHAN SIDHU Says:

    Hi Mr Bernie,
    I am retired person & sold my business.Have been trading stocks for more than 15years.Wanted to keep my retirement money in mutual funds to generate income or invest in dividend stocks.Will welcome your advice.Thanks.

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