Tech Talk for Tuesday February 12th 2019

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Pre-opening Comments for Tuesday February 12th

U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points in pre-opening trade. Index futures are responding to a tentative agreement by the U.S. Congress that will avoid a government shutdown by the end of the week.

Gilead (GILD $67.62) is expected to open lower after its drug trial on chronic liver disease failed to reach expectations.

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Molson Coors (TAP $66.36) is expected to open lower after the company issued negative guidance related to accounting issues.

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Under Armour (UA $19.15) is expected to open higher after reporting higher than consensus fourth quarter sales and earnings.

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Shopify dropped $8.07 to $165.10 after reporting a fourth quarter loss.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/02/11/stock-market-outlook-for-february-12-2019/

 

StockTwits Released Yesterday @EquityClock

Restaurant Brands Int’l $QSR $QSR.CA, a TSX 60 stock moved above $64.11U.S. on Q4 results extending an intermediate uptrend

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Technical action by S&P 500 stocks to 10:00: Bullish. Intermediate breakouts: $ROST $HSY $NSC. No breakdowns

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Editor’s Note: After 10:00 AM EST, intermediate breakouts included REG and NKTR. No breakdowns.

Major equity benchmarks struggling at 50-week moving averages as signs of indecision become apparent. equityclock.com/2019/02/09/… $SPX $SPY

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CI Financial $CIF.CA moved above $18.58 completing a base building pattern

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U.S. Dollar Index ETF $UUP moved above $25.84 extending an intermediate uptrend

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Trader’s Corner.

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 11th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 11th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 11th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

A link to David Chapman’s weekly report compliments of www.enrichedinvesting.com

http://enrichedinvesting.com/wp-content/uploads/2019/02/Seasonal-script-January-barometer-background-spark-commodity-bull-junk-sign-golden-dig.pdf

 

Updates on Previous Seasonal Trading Ideas

Since January 4th, sixty seasonal trading ideas have been offered through Stocktwits@EquityClock and our daily Tech Talk reports. The ideas were identified when price charts recorded upside breakouts and were supported by favourable seasonal charts. Most of the ideas currently are profitable. Now, technicals for North American equity markets indicate short term signs of weakness. Accordingly, trading ideas showing short term technical weakness (including declining Stochastics, RSI, MACD and a drop below their 20 day moving average) no longer are favoured. They include:

 

Martinrea recommended on January 14th

Cdn. Energy iShares on January 14th

Bank of America on January 17th

Tyson Foods on January 18th

Kansas City Southern on January 18th

Canfor on January 24th

Magna International on January 25th

Crude Oil futures and ETN on January 30th

Anadarko Petroleum on February 5th

All currently are trading at a slight profit or loss. The remaining 50 ideas will be monitored. Stay tuned for updates.

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

 

Equity Opportunities outside of North America

The Shanghai Composite Index traditionally starts moving higher following the Chinese New Year for a move to at least the middle of April.

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The Index has started to follow its traditional pattern.

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S&P 500 Momentum Barometer

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The Barometer added 0.80 to 81.80 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

TSX Momentum Barometer

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The Barometer added 1.28 to 82.55 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

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 February 12th 2019”

  1. rocketdave Says:

    So is the spx gone bull now??

  2. rocketdave Says:

    Trump did say that unless he got what he asked it would be a no deal. Dems only gave 1.5 billion dollars and not the 5.7 billion dollars he was asking for…

  3. kam Says:

    Hi Folks,

    Any one buying SNC Lavarocks here? I could’t resist so bought 200 shares(that is it with my limited portfolio now)and sold 1 $34 call for 60 cents expiring this Friday and holding other so far. I saw some cabinet minster’s blood on the streets. Lets see

  4. kam Says:

    Rocketdave,

    EW thinks if we decisively break thru 2770 and don’t fall below 2750 again then we could finish B towards 2900-2940 to ATH. If we break below 2724 them we new another tour thru 2600 area atleast to go up.

    Look likes sentiments are getting bullish again. FOMO might kick in. Everyone who have missed the rally can look inside themselves. Most are frustrated and ready to buy now and we know what that mean usually. 🙂
    When we wee around lows I believe I posted regarding this thing going back towards 2800ish before they pull the plug again. But the way its straight up, I don’t know if we make another low below 2350. But one thing at a time. I am not buying anything big like futures anymore with my conviction of small account. I have done one more Kaa..Ching few days ago. Later

  5. rocketdave Says:

    Yeah if spx500 goes up again tomorrow I think we will see more people jumping in again. It is looking very nice.
    Looks like almost every other dump we’ve had (2011, 2008,2001).

  6. Ron/BC Says:

    NTR
    Had to laugh today. Saw a truck, 4×4 on the side and big knobby snow tires with Alberta plates spinning around going nowhere in a shopping center outside parking area and unable to move much on flat and a slight incline. They love to say we in Victoria can’t drive in the snow but the stuff we get here isn’t show but ice,snow & greased slush. The guy must be shaking his head & wondering whats going on. I had a tough time getting around yesterday so bought chains. Couldn’t even get up my parade drive way with them on. Guess that’s why the bus service is so good here.

  7. JP/BC Says:

    Re #6. Come-on Ron. You know you should be biking on days like this. There was a bike to work day last week. The forecast was for snow that day. The organizer being interviewed on the radio said people should bike regardless.

  8. Ron/BC Says:

    JP/BC
    NTR

    Well those XXXXXXX (doggone) hippie,save the world, municipal do gooders want to turn all the roads into bike lanes. Has anyone worked with someone who bikes to work? They get very ripe by mid day and are tired by the time they arrive for work as well. And what’s ironic is Victoria is well known for rainy days all year round so most can’t bike consistently anyways. Dream world b.s. like so many other ultra left wing philosophies. And lets not forget to bring our carry bags to shop as some municipalities have banned plastic bags now. Doesn’t matter that stores have rows of plastic bags of all sizes for sale that are snapped up by shoppers and used. And all the recycling of plastics and cans etc apparently are shipped to the Philippines and 79% are dumped into land fills there and 12% burned and 9% recycled. The ultra left will ultimately be the destruction of us.

  9. kam Says:

    Ron/BC,
    re-8,

    And when most of them get to work they have a vertical mud line on their rearend all the way up to the helmet with that rain in Vancity.I guess Mayor might have forced some companies to provide shower at work for those or if not possible then free deodorant at-least.

  10. Ron/BC Says:

    Kam
    Re: 9. Yes, shower facilities, deodorant,towels, and special chairs so when they fall asleep they don’t bump their heads. And special lights that don’t bother their eyes either. And of course a long list of benefits and perks. I think I missed the good life………..And in Victoria areas that reduced the speed limit from 50km to 40km they are now talking about lowering them to 30km. I guess that would match a bikes speed and they want to be fair to both drivers and bikers. There are a bunch of naked bikers here too that ride around on their bikes in groups and stop and chat with tourist along the Dallas Road waterfront. I guess that’s legal now. Wonder what’s next………………

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