Tech Talk for Thursday November 21st 2019

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Pre-opening Comments for Thursday November 21st

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

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was a drop to 215,000 from upwardly revised 227,000 last week. Actual was 227,000. Consensus for the November Philly Fed Index was an increase to 7.0 from 5.6 in October. Actual was an increase to 10.4.

Tiffany gained $4.40 to $127.73 after LVMH raised its proposal to buy the company to $130 from $120

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PayPal slipped $1.59 to $102.50 after announcing purchase of Honey for approximately $4 billion.

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Charles Schwab (SCHW $44.75) and TDAmeritrade (AMTD $41.38) are in merger talks.

Target gained $1.02 to $127.45 after Raymond James and Deutsche Bank raised their target price on the stock.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/11/20/stock-market-outlook-for-november-21-2019/

Note seasonality chart on Canada’s Consumer Price Index

 

StockTwits released yesterday @EquityClock

Target $TGT, an S&P 100 stock moved above $114.15 to an all-time high extending an intermediate uptrend.

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Oil & Gas Exploration iShares $XOP moved below $20.37 extending an intermediate downtrend.

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Home Depot $HD, a Dow Jones Industrial stock moved below $222.12 completing a double top pattern.

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Coal ETF $KOL moved below $10.55 extending an intermediate downtrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for November 20th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for November 20th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for November 20th 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 slipped 0.20 to 69.14 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer was unchanged yesterday at 63.35. It remains intermediate overbought.

 

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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10 Responses to “Tech Talk for Thursday November 21st 2019”

  1. KC Says:

    Good Morning Ron/BC,

    If you have a few minutes, I’d love to have your TA on CAE.TO please. Have you ever owned it?

    Thanks,
    KC

  2. Larry/ON Says:

    Market Strength – A lot of traders were wondering if the market was going to roll over yesterday from overbought to make some kind of minor correction. Looking at pre-market today the buyers are back in charge and it probably is on the headline this morning that China invited US negotiators for another round of talks.

  3. Ron/BC Says:

    KC

    CAE.to has been in a nice uptrend for many years with the 50ema above the 200ema consistently. Presently price is at a double top and very overbought. A pullback to the 200ema would be a better entry point than where it is now. I wouldn’t buy a breakout here either. The overall market looks vulnerable for bad news with far too much confidence in being all in. Too many eager beavers in the market……………….
    And no, I’ve never owned it.

    https://stockcharts.com/h-sc/ui?s=CAE.TO&p=D&yr=5&mn=0&dy=0&id=p52158651793&a=701679687

  4. FishFat Says:

    Precision Drilling (PD.to)
    A double bottom may be forming. Several indicators have positive divergence.
    https://stockcharts.com/h-sc/ui?s=PD.TO&p=D&st=2018-11-05&en=2019-11-21&id=p25484546944&listNum=85&a=701479576

  5. Larry/ON Says:

    Fish Fat – PD and if you look at XOP, which Tech Talk states has extended an intermediate downtrend. both have descending triangle chart formations. On top of it I would not touch any energy stock this close to tax loss selling season. I would wait at least for a confirmed break of the downtrend line before buying any energy stock. IMO don’t buy an energy stock until after Christmas.

  6. FishFat Says:

    Larry/ON
    You make some valid points. This is a risky counter-trend trade.
    PD has dropped nearly 42% since the beginning of the year – so it is likely to take a few hits during the tax loss selling season. On the other hand, PD has been at or near these levels for two months now. Many of the weaker hands will have caved by now. Also, the risk-on seasonal for small-cap stocks starts mid-December – as does seasonal strength for Precision Drilling.
    The price is near solid support, and as such a valid entry point considering the positive divergence of several indicators. However, waiting for a breakout above the downtrend before entering the trade (or trend change relative to the $TSX) would also be legitimate strategies.

  7. Larry/ON Says:

    Who thinks the Leafs will win against Arizona? If they blow-out Arizona on their first game with Sheldon Keefe it will be a major statement about how bad the situation was with Babcock. I think they will be fired up to prove something.

  8. Bernie Says:

    Grey Cup this weekend!!!

    Who will end their long drought? Winnipeg last won in 1990, Hamilton in 1999.

  9. still_learning Says:

    Go Bombers Go! …takes me back to the days of Kenny Ploen and Angela Mosca.

  10. Bernie Says:

    Still,

    Me too. My first experience with the CFL was watching the 1962 Grey Cup on TV. It took 2 days to complete due to the fog postponement. I was hooked and a big fan since then. I had Edmonton Eskimo season tickts for 30 years, rarely miss a game on TV and have attended 20 Grey Cups.

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