Tech Talk for Wednesday October 30th 2019

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Pre-opening Comments for Wednesday October 30th

U.S. equity indices were higher this morning. S&P 500 futures were up 2 point in pre-opening trade. Investors are waiting for news from the Federal Reserve on the Fed Fund rate to be released at 2:00 PM EDT. Consensus is that the Federal Reserve will lower the Fed Fund rate by another 0.25%.

Index futures were virtually unchanged following release of economic news prior to opening. Consensus for the October ADP Employment Report released at 8:15 AM EDT was 120,000 versus 135,000 in September. Actual was 125,000. Consensus for first estimate of real GDP released at 8:30 AM EDT was growth at an annualized rate of 1.6% versus 2.0% in the second quarter. Actual was growth at a 1.9% rate.

Bank of Canada is scheduled to release a monetary update statement at 10:00 AM EDT. Consensus is that the Overnight Lending Rate is unchanged.

Johnson & Johnson gained $3.38 to $132.50 following tests of its Baby Powder solution disproving the presence of asbestos fibres.

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Mattel (MAT $10.56) is expected to open higher after reporting higher than consensus third quarter earnings.

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Biogen gained $6.47 to $303.97 after receiving FDA approval an a Multiple Scleroses treatment.

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General Electric gained $0.38 to $9.46 after reporting higher than consensus third quarter earnings. The company also raised guidance.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/10/29/stock-market-outlook-for-october-30-2019/

Note seasonality chart on the U.S. Dollar Index

 

StockTwits released yesterday @EquityClock

Pfizer $PFE, a Dow Jones Industrial stock moved above $37.76 completing a double bottom pattern. Responding to higher than consensus third quarter earnings.

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US Bancorp $USB, an S&P 100 stock moved above $57.37 extending an intermediate uptrend.

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Waste Connections $WCN.CA, a TSX 60 stock moved below $116.01 extending an intermediate downtrend.

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Pembina Pipeline $PPL.CA, a TSX 60 stock moved below $46.14 setting an intermediate downtrend.

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Healthcare SPDRs $XLV moved above $94.03 extending an intermediate uptrend. Testing its all-time high at $94.47

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Vertex Pharma $VRTX, a NASDAQ 100 stock moved above $195.81 to an all-time high extending an intermediate uptrend.

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American International Group $AIG, an S&P 100 stock moved below $51.36 completing a double top pattern.

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Bausch Health $BHC.CA, a TSX 60 stock moved above $31.87 setting an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for October 29th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for October 29th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for October 29th 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 3.21 to 68.74 yesterday. It remains intermediate overbought, but has yet to show short term signs of weakening.

 

TSX Momentum Barometer

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The Barometer added 0.64 to 41.82 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 Wednesday October 30th 2019”

  1. Larry/ON Says:

    KC – Re. BCE – The drop was in sympathy with the drop in RCI/B – Rogers had great growth in a low cost data plan. The problem was it was so low cost they took in less money. There has been a bounce back in BCE as money was waiting for an opportunity drop. Earnings to be released before market open tomorrow. It’s a market darling but I don’t see growth there unless I am proved wrong tomorrow. They almost pay out everything they earn to cover the div. Look at CM. Div is now higher than BCE but the payout ratio is 50%. Which company is more likely to give you div hikes?

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