Tech Talk for Wednesday January 9th 2019

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Pre-opening Comments for Wednesday January 9th

U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.

The Canadian Dollar gained 0.19 to 75.53 cents U.S. prior to the Bank of Canada’s statement on monetary policy at 10:00 AM EST. No change in the overnight lending rate to major banks is anticipated.

Restaurants International (QSR $54.54 U.S.) is expected to open higher after Sun Trust initiated coverage with a Buy rating. Target is $70 U.S.

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Wendy’s (WEN $16.31) is expected to open lower after Wedbush lowered its target price to $17.50 from $20.00.

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ExxonMobil (XOM $72.04) is expected to open lower after JP Morgan lowered its target price to $87 from $93.

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Dollar General (DG $113.48) is expected to open higher after JP Morgan raised its target price to $123 from $117.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/01/08/stock-market-outlook-for-january-9-2019/

Note seasonality charts on Non-Farm Payrolls, Canadian Exports and Canadian Imports.

 

StockTwits Released Yesterday @EquityClock

Enbridge $ENB.CA, a TSX 60 stock moved above $44.80 extending an intermediate uptrend.

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Editor’s Note: Seasonal influences turn positive this week for a seasonal move to the end of May.

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Technical action by S&P 500 stocks to 10:00: Quiet. Intermediate breakout: $INCY. Breakdown: $PCG

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Editor’s Note: Seasonal influences for INCY are positive until the end of February.

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Editor’s Note: After 10:00 AM EST, breakout: ATVI. No breakdowns

Couche-Tard $ATD.B.CA, a TSX 60 stock moved above $70.16 to an all-time high extending an intermediate uptrend.

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Hecla Mining $HL moved above $2.70 completing a bottoming pattern.

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Editor’s Note: Seasonal influences are positive until the end of February

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

David Chapman on BNNBloomberg Yesterday

Following is a link:

https://www.bnnbloomberg.ca/video/we-re-in-a-bear-rally-strategist~1581639

Editor’s Note: David currently suggests that North American equity markets are in a bear market rally. Tech Talk shares that opinion, but also calls for continuation of a tradable rally into the first quarter.

S&P 500 Momentum Barometer

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The Barometer jumped 9.20 to 26.20 yesterday. It continues to recover from a deeply oversold level.

 

TSX Momentum Barometer

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The Barometer gained another 4.79 to 41.15 yesterday. It continues to recover from an oversold level.

 

2019 World Outlook Financial Conference

Tickets Still Available
Feb 1st & 2nd in Vancouver

CLICK to ORDER

 

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http://www.equityclock.com/about/seasonal-advantage-portfolio/

 

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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2 Responses to “Tech Talk for Wednesday January 9th 2019”

  1. Larry/ON Says:

    Cdn Banks – Building momentum. Plus you get a strong $CAD that has broken through resistance at 75.50. Short Canada trade is reversing.

  2. Rol Lew Says:

    https://stockcharts.com/h-sc/ui?s=XIU.TO&p=D&yr=1&mn=0&dy=0&id=p8997058889c

    where to by next month? still a ways from the 200.

    – early bird gets the worm.
    – first one through the wall gets the shot.

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