Tech Talk for Wednesday August 7th 2019

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Pre-opening Comments for Wednesday August 7th

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

Walt Disney dropped $5.86 to $136.01 after reporting lower than consensus fiscal third quarter earnings.

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Weight Watchers (WW $21.01) is expected to open higher after reporting higher than consensus second quarter earnings. The company also raised guidance.

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CVS Health advanced $2.41 to $56.50 after reporting higher than consensus second quarter earnings. The company also raised guidance.

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Hertz gained $0.86 to $15.80 after reporting higher than consensus second quarter sales and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/06/stock-market-outlook-for-august-7-2019/

Note seasonality charts on the VIX Index and U.S. Job Openings.

StockTwits released yesterday @EquityClock

CGI Group $GIB.A.CA, a TSX 60 stock moved below $99.11 Cdn. completing a double top pattern

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Major Canadian insurance stocks $SLF.CA $MFC.CA, TSX 60 stocks break intermediate support levels.

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Power Corp $POW.CA, a TSX 60 stock moved below $27.13 extending an intermediate downtrend.

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Canadian Pacific $CP.CA, a TSX 60 stock moved below $304.67 completing a double top pattern.

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BMO Equal Weight Global Base Metals ETF $ZMT.CA moved below $40.59 extending an intermediate downtrend.

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Canadian Financials iShares $XFN.CA moved below $40.59 completing a Head & Shoulders pattern.

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BMO Equal Weight Canadian Banks ETF $ZEB.CA moved below $27.49 completing a Head & Shoulders pattern. Individual banks that broke support this morning included $RY.CA and $CM.CA.

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Gildan Activewear $GIL.CA, a TSX 60 stock moved below $49.92 completing a double top pattern.

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BlackBerry $BB.CA, a TSX 60 stock moved below $9.02 extending an intermediate downtrend.

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Fortis $FTS.CA, a TSX 60 stock moved above $52.95 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 6th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer added 7.80 to 34.20 yesterday. It remains intermediate oversold and trending down.

 

TSX Momentum Barometer

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The Barometer plunged 10.10 to 46.12 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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4 Responses to “Tech Talk for Wednesday August 7th 2019”

  1. Jimmy/Timmins Says:

    If the bond market is the smartest person in the room, what is it telling me? TLT / AGG in USA & XBB / XGB in the Great White North are all on a tear. Can’t seem to keep these pesky proxies down. Driving on and holding my main positions but I see a bond market in my rear view mirror.

  2. Larry/ON Says:

    Successfully Retested Monday Low – Lots of uncertainty out there but looking at the chart of SPX it looks like it is trying to form a bottom. Buyers have stepped in to buy some high growth tech stocks. SHOP traded near all-time highs. Strength in GOOGL,ADBE,MSFT. They snap back up after being pushed down. Strength in some semis including TXN. V doing well. It’s at times of uncertainty that you get buying opportunities in good stocks.

  3. Larry/ON Says:

    Bonds – We likely saw a blow-off top on TLT. Yields are reversing back up. Everyone who bought equities cheap today is now being rewarded. I’m quite pleased with MSFT which looks like it’s sticking above the 50dayMA.

  4. Paula Says:

    I am surprised that there is not any mention of gold/gold stock by Don V. above or even much discussion on this board? Maybe too many have been fooled too many times…

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