Tech Talk for Wednesday October 23rd 2019

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Pre-opening Comments for Wednesday October 23rd

U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.

Texas Instruments dropped $11.32 to $112.25 after reporting lower than consensus third quarter revenues and earnings. The company also lowered guidance.

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Caterpillar slipped $0.03 to $133.66 after reporting lower than consensus third quarter revenues and earnings. The company also lowered guidance.

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Whirlpool lost $8.08 to $152.54 after reporting lower than consensus third quarter revenues.

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Canadian National Railway (CNR.CA $117.38 Cdn) is expected to open lower after reporting lower than consensus third quarter revenues and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/10/22/stock-market-outlook-for-october-23-2019/

Note seasonality charts on U.S. Existing Home Sales and Canadian Retail Trade.

StockTwits released yesterday @EquityClock

Biogen $BIIB, a NASDAQ 100 stock surged above $242.71 on encouraging news on its Alzheimer drug application. Strength in Biogen triggered breakouts above short term resistance by $XLV, $BBH and $IBB

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McDonalds $MCD, a Dow Jones Industrial stock moved below $205.59 extending an intermediate downtrend. The company reported lower than consensus third quarter sales and earnings.

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Mondelez $MDLZ, an S&P 100 stock moved below $205.59 completing a double top pattern

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Mylan $MYL, a NASDAQ 100 stock moved below $16.10 setting an intermediate downtrend

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Vertex Pharmaceutical $VRTX, a NASDAQ 100 stock moved above $188.44 resuming an intermediate uptrend

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Raytheon $RTN, an S&P 100 stock moved above $204.28 extending an intermediate uptrend

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United Technologies $UTX, a Dow Jones Industrial stock moved above $139.40 extending an intermediate uptrend. The company reported higher than consensus third quarter sales and earnings

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Seagate Technology $STX, a NASDAQ 100 stock moved above $56.52 extending an intermediate uptrend.

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Emerging Markets iShares $EEM moved above $42.35 setting an intermediate uptrend. ‘Tis the season for strength until early January!

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Canadian lumber stocks continue to surge. West Fraser Timber $WFT.CA moved above $55.96 setting an intermediate uptrend.

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Encana $ECA.CA, a TSX 60 stock moved below $5.23 to a three year low extending an intermediate downtrend.

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Morgan Stanley $MS, an S&P 100 stock moved above $45.45 setting an intermediate uptrend

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S&P Major Bank SPDRs $KBE moved above $44.54 to set an intermediate uptrend. Responded to the breakout by $MS

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S&P Regional Bank SPDRs $KRE moved above $54.69 setting an intermediate uptrend.

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Financial SPDRS $XLF moved above $28.57 extending an intermediate uptrend.

Caterpillar $CAT, a Dow Jones Industrial stock moved above $132.95 setting an intermediate uptrend.

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TSX Technology iShares $XIT.CA moved below $25.60 completing a Head & Shoulders pattern.

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Intuit $INTU, a NASDAQ 100 stock moved below $254.89 completing a Head & Shoulders pattern.

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Medtronic $MDT, an S&P 100 stock moved below $105.00 completing a Head & Shoulders pattern

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for October 22nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 22nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for October 22nd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richard’s Blog

Keith asks, “Emerging markets: Opportunity or Bust”? Following is a link:

https://www.valuetrend.ca/emerging-markets-opportunity-or-bust/

 

S&P 500 Momentum Barometer

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The Barometer slipped 3.21 to 64.73 yesterday. It remains intermediate overbought

 

TSX Momentum Barometer

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The Barometer added 0.45 to 47.32 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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5 Responses to “Tech Talk for Wednesday October 23rd 2019”

  1. Ron/BC Says:

    Bernie
    I think the first thing the West has to do asap is create our own military. The present system with the power of everything in Ontario and Quebec will never ever give anymore than crumbs to the West. And I think it’s shameful to even ask for anything like a beggar. A Western military wouldn’t ask for anything they’d tell the present government what must to occur in a particular time frame. No excuses would be tolerated or we’d just put up a check point at the Manitoba/Ontario border. Duties could be placed on goods being shipped from the East across the border to the West. I’ve found in life if someone or some major corporation or government has complete power they will only pay lip service to you and never change anything seriously. With their arrogance so cast in stone the West would then declare independence. Western Canada would still be a huge diverse country and able to do whatever we decide.

  2. Bernie Says:

    Ron/BC,

    My preference is for a unified Canada with equal representation from each province, eg; via a triple E senate. While I am extremely disappointed with the re-election of a corrupt and manipulative government I think the Liberals were embarrassed with losing the popular vote so I would really like to hear their response to the fair requests from SK & AB. Whatever the case I believe in fair play and peaceful means to resolve issues. For wexit plans to take off running it would require a vote across the regions. As PO’ed as most are in western Canada I don’t think the vote to exit would pass, at least right now. Its funny I was asked this morning to join a wexit facebook group that I didn’t know even existed. I decided to not join after reading some of the nasty comments. I can’t condone that kind of language or false information. Hopefully cooler heads will prevail.

  3. Ron/BC Says:

    Bernie
    I don’t think Central Canada will ever have much respect for what Western Canada wants. They never have and likely never will. Reminds me of some bosses attitudes towards their employees. They need to be told what the consequences will be unless some timely changes are made. And a Triple E Senate would be needed promptly or a separation vote would take place. I’d vote for separation regardless as I have no faith in the present political system. Would be nice to start a new plan with Western Canada as a fresh balanced country. With the present constitution it would be impossible to change much of anything.

  4. Ron/BC Says:

    Bernie
    I’ve never had a facebook page and never will.

  5. Bernie Says:

    Ron/BC,

    Unless you want to keep in touch with family and friends or have a special interest I wouldn’t recommend you do. There’s way too much misinformation and garbage on there.

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