Tech Talk for Friday October 18th 2019

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Pre-opening Comments for Friday October 18th

U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points in pre-opening trade.

American Express added $1.83 to $120.93 after reporting higher than consensus third quarter earnings.

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Coca Cola gained $0.52 to $54.31 after reporting higher than consensus third quarter revenues.

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Schlumberger advanced $0.48 to $32.37 after reporting higher than consensus adjusted third quarter earnings and revenues.

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Gildan Activewear plunged $10.63 to U.S.$24.75 after lowering guidance.

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EquityClock’s Daily Market Comment

Following is a link:
http://www.equityclock.com/2019/10/17/stock-market-outlook-for-october-18-2019/

Note seasonality charts on the German DAX Index, French CAC Index and Industrial Production.

 

European and Emerging Markets move higher

Short term breakouts by the Eurozone ETF and the Emerging Markets ETF! Weakness in the U.S. Dollar contributed to their strength

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StockTwits released yesterday @EquityClock

India ETN $PIN moved above $24.49 extending an intermediate uptrend.

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Blackrock $BLK, an S&P 100 stock moved above $449.97 extending an intermediate uptrend

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Norbord $OSB.CA moved above $33.31 extending an intermediate uptrend

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Strength in Healthcare stocks today was led by strength in the Hospital Providers ETF $IHF (i.e. hospital stocks). They would benefit from introduction of universal healthcare proposed by several of Democratic party presidential candidates.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for October 17th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for October 17th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 17th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richard’s Blog

Keith asks, “Gold versus the U.S. Dollar: Who will blink first”? Following is a link:

https://www.valuetrend.ca/gold-vs-usd-who-will-blink-first/

Peter Shiff gives his answer in the following recent video entitled, “The Dollar is going to get killed”. Following is a link:

https://www.youtube.com/watch?v=g5DiB6gyl3E&feature=youtu.be&inf_contact_key=78bb5f566f8fc03743bf7c3b9d15af981b0a3f0fd3ee5d9b43fb34c6613498d7

 

Yesterday, the U.S. Dollar tested 97.56 to form a double top pattern and the U.S. Dollar ETN broke support at 26.67. Bullish for all commodities (including Gold)!

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Conversely, the Euro moved above 111.5 and the Canadian Dollar moved above 76.13

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S&P 500 Momentum Barometer

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The Barometer slipped 1.60 to 63.53 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer eased 0.66 to 48.44 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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One Response to “Tech Talk for Friday October 18th 2019”

  1. Ron/BC Says:

    MARKET EMERGENCY!!!!!!!

    I see everyone and their kids and grandmother and dog are on the Global Warming bandwagon. Opps,I forgot, we’ve done the Global Warming thing so now its Climate change. After all the climate has always been changing dramatically since the beginning of time. Just ask the dinosaurs. And the ice age. But what about all the stocks that have crashed and burned over the years including recent years. This must be a MARKET EMERGENCY and we should all be blocking roads and bridges as the end of the financial world is upon us. Demand that the governments do something NOW!!!
    Amazing how society is always looking for a hot button issue to jump up and down about. Well I think a MARKET EMERGENCY is one we could all jump and down about and block roads and bridges and demand governments pay attention. Just look at the chaos it causes with broken marriages and suicides and the homeless and working poor that can’t even pay rent let alone buy a home. All because of MARKET CHANGE!. And we wouldn’t even need teeny boppers to tell us how to deal with Stocks/Bonds and other investments in this MARKET EMERGENCY. Reminds me of the lemmings all running over the cliff just because the others did.

    https://www.youtube.com/watch?v=AOOs8MaR1YM

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