Tech Talk for Thursday August 22nd 2019

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Pre-opening Comments for Thursday August 22nd

U.S. equity index futures moved higher this morning. S&P 500 futures were up 4 points in pre-opening trade.

Index futures were virtually unchanged following release of the Weekly Initial Jobless Claims report. Consensus was 216,000 versus revised 221,000 last week. Actual was.209,000

Canadian Imperial Bank of Commerce (CM $99.50 Cdn) is expected to open higher after releasing higher than consensus fiscal third quarter earnings. The Bank also raised its dividend.

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Nordstrom jumped $3.00 to $29.54 after reporting higher than consensus second quarter earnings.

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Teck Corp (TECK.B $21.81 Cdn) is expected to open lower after B. Riley FBR lowered its target price to $40 from $44 Cdn.

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Target gained $1.40 to $104.40 after CFRA and Stiffel Nicolaus raised their target price on the stock. Also, Citigroup upgraded the stock to Buy from Neutral.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/08/21/stock-market-outlook-for-august-22-2019/

Note seasonality charts on the Consumer Discretionary sector and U.S. Existing Home Sales.

 

StockTwits released yesterday @EquityClock

Target $TGT moved above $88.83 to an all-time high following release of higher than consensus second quarter sales and earnings.

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Lowe’s Companies $LOW moved above $107.73 setting an intermediate uptrend following release of better than consensus second quarter sales and earnings.

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Canadian Technology iShares $XIT.CA moved above $27.47 to an all-time high extending an intermediate uptrend.

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Home Depot $HD, a Dow Jones Industrial stock moved above $219.30 to an all-time high extending an intermediate uptrend.

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Merck $MRK, a Dow Jones Industrial stock moved above $87.07 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 21st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for August 21st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for August 21st 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 4.20 to 44.60 yesterday. It remains intermediate neutral.

 

TSX Momentum Barometer

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The Barometer slipped 2.16 to 44.83 yesterday It remains intermediate neutral.

 

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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11 Responses to “Tech Talk for Thursday August 22nd 2019”

  1. Paul Says:

    Ron/BC, could post a chart for NFI.to ?

    All, any strong opinions on where to open a new and first TFSA ?

    Any opinions on what to buy in a new TFSA w/$30k ?

    Thank you.

  2. Larry/ON Says:

    IMO odds are the market is presently shaking out weak hands before it goes higher. The bid came into the market just before we hit the Tuesday low. There was some hawkish talk about interest rates at Jackson Hole that could be a reason to go lower but all that did was take a 50bp cut completely off the table.

  3. Larry/ON Says:

    Boeing announcement that it will resume production of 737max in higher than previous numbers in February is very good economic news. The effect of the halt represents estimated 0.25% on US gdp growth. In first half of 2020 that adds at least the same amount back on US growth.

  4. bruce Says:

    Paul
    we have our tfsas at the royal bank……$10 per trade…….i would recommend zwb $17.50 a basket of canadian banks yielding about 5.75%…..the dividend is quite safe although the banks probably wont show much capital appreciation for a while…..seems interest wont be going up for some time so high safe dividends will probably do okay…..

  5. Ron/BC Says:

    Paul
    Here is a chart of NFI.to. I had saved this chart long ago when I saw it commented on this site and perhaps asked for a chart. Since then it has sold off steadily so I deleted it like so many others. But here it is and it has plunged and is presently very oversold. Both RSIs show this and are rebounding with today’s sharp price jump. But see the January low of 27.78 which is now resistance since breaking down below it recently. This price point needs to be cleared for starters and held above. Next resistance would be roughly $31 that needs to be cleared. And of course the major downtrendline at $36 would be a big one to get through. So watch that January low price and if it can clear and hold above it the stock after such a selloff could be worth buying. But until then I wouldn’t touch it as it just recently made new lows and has something to prove to suggest a reversal in price.

    As far as what to do with the TFSA, I bought a limited time offer GIC from Coast Capital Credit Union that pays 4% guaranteed until January 2021 and that was all my TFSA maxed out at the time last year. Can’t touch it until then so it is safe from myself. But Bruce just posted an idea using ZWB.to. Here is a chart of it. I haven’t done anything with my latest TFSA contributions. I guess I’m waiting for a revelation of some sort………..

    https://stockcharts.com/h-sc/ui?s=NFI.TO&p=D&yr=2&mn=0&dy=0&id=p68459646983&a=683936331

    https://stockcharts.com/h-sc/ui?s=ZWB.TO&p=D&yr=2&mn=0&dy=0&id=p78916001206&a=673066236

  6. Ana Says:

    $SPX Futures

    https://invst.ly/buw24

  7. Larry/ON Says:

    NFI – What a large move up today but not on high volume. Significant insider buying in the last week. Motley Fool has been pounding the table on how oversold it is. It’s on the low end of historical P/E. Had a couple of disappointing recent quarters. Can’t find any news today that would make it move higher but something is likely going on for insiders to buy and for it to pop like that.

  8. Ana Says:

    $SPX Futures

    Weekly Chart

    https://invst.ly/buwip

  9. Bernie Says:

    Paul,

    Re: #1 Are you a trader or investor?

    Unless you’re an experienced trader I wouldn’t suggest investing $30K into equities all at once in this volatile inflated market. IMO I’d suggest doing what Ron/BC is doing. Hard to argue with 4% guaranteed interest tax-free until 2021 for your TFSA!

  10. Bernie Says:

    Re: #4 BMO Covered Call Canadian Banks ETF (ZWB)

    ZWB had a total return of -6.55% over the past 1-Yr period. That’s a price return of -11.84% coupled with +5.29% in dividends). I’m not saying the return will be negative going forward but it will likely be volatile. Unless you already own it why chance returns with a large purchase if you don’t need the income right away and can get a guaranteed 4% tax free.

  11. Ron/BC Says:

    Bernie
    That 4% offer from Coast Capital Credit Union expired as they got enough money in to become a Federal Credit Union. I can’t add to it now either. The cash I have now isn’t making much of anything. Less than a year ago the Fed was talking about 3 rate ‘hikes’ and by late fall were talking about rate cuts. So they clearly don’t know what to do. EQ Bank was offering 3% on a 3 month CD but not anymore either. I’m not familiar with dividends etc such as yourself and am just a one trick pony using charts but looking at most of them I can’t help but feel like I’m throwing dice. Too much drama and uncertainty out there. I’m presently just trying to put a condo purchase together with interim financing which ‘appears to be doing ok but have to sell the one I’m in as well. But I’d rather deal with this situation than deal with the stock market to be honest.

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