Tech Talk for Thursday November 8th 2018

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Pre-opening Comments for Thursday November 8th

U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points in pre-opening trade.

Investors are awaiting interest rate news from the FOMC meeting at 2:00 PM EST. Consensus calls for no change in the Fed Fund rate including indications of a likely increase following the next meeting in December.

Index futures were virtually unchanged following release of the Weekly Jobless Claims report. Consensus was unchanged at 215,000 from last week. Actual was 214,000.

Wynn Resorts plunged $15.81 to $98.18 after the company lowered its guidance. Stifel Nicolaus lowered its target price to $138 from $192.

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Qualcomm dropped $4.20 to $59.01 after Stifel Nicolaus lowered its target price to $58 from $62.

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Cardinal Healthcare gained $2.35 to $56.00 after the company reported higher than consensus fiscal first quarter sales and earnings.

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Bombardier (BBD.B $3.19) is expected to open lower after announcing plans to cut 5,000 employees.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/11/07/stock-market-outlook-for-november-8-2018/

Note seasonality charts on Crude Oil Days of Supply, Gasoline Days of Supply and Crude Oil.

 

StockTwits released yesterday@EquityClock

Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $CVS $DVA $UHS $HUM $JNJ $UNH $ADP $V $PCG. No breakdowns.

Editor’s Note: After 10:00 AM EST, breakouts included AIV, UAL, INTU, JNPR, MMC, MSFT, SNPS, ECL, HCA, AJG and PEP. No breakdowns.

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Breakouts this morning were notable in the Healthcare sector: $CVS $DVA $UHS $HUM $UNH $XLV

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Johnson & Johnson $JNJ, a Dow Jones Industrial stock moved above $43.13 extending an intermediate uptrend.

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Home Capital $HCG.CA moved above $15.41 and $15.95 setting an intermediate uptrend.

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India ETF $PIN moved above $23.07 completing a double bottom pattern.

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Encouraging technical action by Visa $V, a Dow Jones Industrial stock. Seasonal influences are positive to the first week in January.

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Encouraging technical action in $ADP. Seasonal influences are positive to year end.

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Encouraging technical action by Davita $DVA. Seasonal influences are positive to year end.

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Encouraging technical action by UnitedHealth Group $UNH. Seasonal influences are positive until year end.

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Encouraging technical action in Humana $HUM. Seasonal influences are positive until mid-January.

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Selected Technology stocks show positive technical action: $JNPR $INTU.

Editor’s Note: Add MSFT and SNPS to the list.

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‘Tis the season for the Technology sector to move higher to early January!

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Nice breakout by United Continental $UAL above $91.39 extending an intermediate uptrend.

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‘Tis the season for United Continental $UAL to move higher to mid-February!

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‘Tis the season for Airline stocks to move higher to year end $XAL.

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Ecolab $ECL moved above $159.92 to an all-time high extending an intermediate uptrend.

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‘Tis the season for Ecolab $ECL and other Material stocks to move higher to year end.

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Domestic Production of #Oil jumping sharply to new all-time highs, pressuring oil prices lower. $USO $XLE $XOP

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 7th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 7th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for November 7th 2018

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Green: Increase from previous day

Red: Decrease from previous day

 

CSTA Oakville Chapter Monthly Meeting – November

· When: 14 Nov 2018

·   7:30 PM – 9:30 PM

· Location

River Oaks Community Centre – Community Room C 2400 Sixth Line, Oakville

Registration

· Guest Registration (first time visitors: Free. Please email bm@csta.org to register) – $17.70

· Member Registration


Presenter – Don Vialoux

o   Past President of the Canadian Society of Technical Analysts (CSTA).

o   Chartered Market Technician (CMT) designation. Title of the thesis to earn the designation was “Seasonality in Canadian Equity Prices”.

o   Fifty years of experience in the investment industry.

o   Advisor to the Horizons Seasonal  Rotation ETF: 2009-2015

o   Co-author of daily blogs on equity markets available free on the internet. The blogs are accessed at www.timingthemarket.ca and www.equityclock.com

o   Frequent presenter on BNNBloomberg, Michal Campbell’s Money Show and Wall Street Raw.

o   Co-author of comments at www.StockTwits.com@EquityClock with over 46,000 followers. Inter-day technical comments are provided on equity indices, commodities, currencies, ETFs and actively traded U.S. and Canadian equities.

Topic – Timing the Market using Seasonal, Technical and Fundamental Research

**Members unable to attend in person are invited to join us remotely here.  Not a member?  Join here

S&P 500 Momentum Barometer

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The Barometer jumped 13.00 to 49.00 yesterday. It changed to Neutral from Oversold and continues to trend higher.

 

TSX Momentum Barometer

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The Barometer gained 4.15 to 34.85 yesterday. It remains intermediate oversold and continues to trend higher.

 

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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5 Responses to “Tech Talk for Thursday November 8th 2018”

  1. Larry/ON Says:

    For anyone who’s interested below is Monday’s update from Barometer. Copy and paste to your browser. Good technical analysis of the downturn that took place and the recovery that started.

    https://www.barometercapital.ca/insights/videos/david-burrows-market-update-november-5-2018

  2. JP/BC Says:

    For the political junkies on this site, you may find this article interesting: https://www.google.ca/amp/s/www.cbc.ca/amp/1.4895803

    I have expressed similar sentiments in the past on this site.

    If we as voters simply get upset at the populism on “the opposing side” while supporting populism “on our side” we will never change the problems that are at the core of the mainstream parties. We need to pressure all parties to give up their sense of privilege, entitlement and self serving power once they get a majority. If we are unsuccessful, our governments will flip back and forth between the left and the right while the worst of both spectrums take advantage of our country and we become bankrupt both fiscally and morally.

  3. Bernie Says:

    Re: #2

    JP/BC, I agree with your sentiments. A proportional representation government might help overcome some of the flip/flop in our governments. But, that said Pro-Rep would mean even bigger governments and more reps in the house at greater expense to the public. I’m voting to stick with “First Past the Post” in the BC Referendom.

  4. JP/BC Says:

    Re #3

    Bernie, I follow your reasoning on proportional representation. The current system has 87 seats. The maximum number of seats under proportional is 95, so not that many more. I am so disillusioned with FPTP that I might vote MMP. I do wish it was flushed out better before we vote. New Zealand has MMP. Some time after it had been tried the government had a referendum to decide whether they should keep it. It passed with 57%. I would be much happier if BC was going to follow up with a referendum.

    There is a lack of accountability with FPTP. A party gets in with a majority and cherry picks from it’s campaign promises. Some it enacts, some it ignores. Voters have short memories so the politicians get away with it. Most politicians and parties are beholden to special interests at public expence. This won’t go away with FPTP, but it might make it more difficult.

  5. JP/BC Says:

    Re #4.

    The last line should read: This won’t go away with proportional representation, but it might make it more difficult.

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