Tech Talk for Thursday December 5th 2019

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Pre-opening Comments for Thursday December 5th

U.S. equity index futures were higher this morning. S&P 500 futures were up 10 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Initial Jobless Claims was an increase to 221,000 from 213,000 last week. Actual was 203,000. Consensus for the October U.S. Trade Deficit was $51.5 billion versus $52.5 billion in September. Actual was a deficit of $47.2 billion

The Canadian Dollar was virtually unchanged at U.S.75.96 cents following release of Canada’s October Trade Report. Consensus was a deficit of $1.45 billion versus a deficit of $980 million in September. Actual was a deficit of $1.08 billion

Crude oil added $0.33 to $58.76 on speculation that OPEC will reduce quotas at its semi-annual meeting in Vienna.

Toronto Dominion Bank (TD $75.67) is expected to open lower after reporting lower than consensus fiscal fourth quarter earnings.

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Canadian Imperial Bank of Commerce (CM $114.83) is expected to open lower after reporting lower than consensus fiscal fourth quarter earnings.

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Nike gained $1.98 to $95.70 after Goldman Sachs upgraded the stock to Buy from Neutral.

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Tiffany dropped $1.71 to $132.01 after reporting lower than consensus third quarter revenues and earnings.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2019/12/04/stock-market-outlook-for-december-5-2019/

Note seasonality chart on the Canadian Dollar

 

Jon Vialoux on BNNBloomberg’s Market Call Tonight

 

Following are links to the show released last night:

 

Market Outlook

https://www.bnnbloomberg.ca/video/jon-vialoux-s-market-outlook~1846850

Past Picks

https://www.bnnbloomberg.ca/video/jon-vialoux-s-past-picks~1846869

Top Picks

https://www.bnnbloomberg.ca/video/jon-vialoux-s-top-picks~1846908

StockTwits released yesterday @EquityClock

Electronic Arts $EA, a NASDAQ 100 stock moved above $101.70 resuming an intermediate uptrend.

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Danaher $DHR, an S&P 100 stock moved above $147.16 to an all-time high extending an intermediate uptrend.

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Metals & Mining SPDRs $XME moved above $28.11 setting an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for December 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 4th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 4th 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 4.61 to 67.33 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 0.63 to 63.43 yesterday. 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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7 Responses to “Tech Talk for Thursday December 5th 2019”

  1. Larry/ON Says:

    Cdn Banks – Except for NA they are headed for the doghouse based on lower earnings. If you don’t hold them now is the time to pay attention to them to see if they eventually drop far enough to create some real bargains.

    CM -I like CM for the yield even though it is usually a cap gain bank underperformer. When the yield gets above 5.5% that is the time to buy which would be below 104.50 but it could go closer to $100.

  2. dutchcanuck Says:

    #1 Larry did it ever occur to you that Canada could be in a recession, hence the less than wonderful bank results. Expect to see further mass layoffs. Greater loan loss reserves etc.
    The reason NA did well is that they are mainly located in Quebec and since the rest of the country continues to support them they will continue to do well by comparison. FWIW it’s the only bank I own.
    It’s unfortunate that the federal election was not held 6 months later so that even the hoi polloi could recognize that the folks that are steering the ship haven’t got a clue, but then we’ll get another chance to vote them out when their fully indexed for inflation pensions kick in by Oct/1921.
    It seems that David Rosenberg was correct when he called for a deep correction by 2019, so
    David Rosenberg 1 Larry/Ont 0

  3. Larry/ON Says:

    Re 2 Rosenberg has said we are less than a year away from a recession for the last 4 years. He has become a joke. He left Gluskin Sheff to start his own firm so no one else has to put their name next to his opinions. I have been following the banks for years. There is no recession right now in Canada unless you live in AB possibly and that is why the BOC has not been cutting interest rates. For the banks every time a bit of negative news comes out the sky is falling and then miraculously they come back every time.
    I don’t hold any Cdn stocks. All US but I will look at the Cdn banks again when the market pushes them down too far.

  4. dutchcanuck Says:

    #3 If you hold US banks then pls note that the US Financial Index is within 3.5% of it’s alltime high set in 2007. Yes, that’s before the 2007 financial crises. This is the 3rd time it has gone to about 30+. Many of the index components have allready made individual new highs.

  5. Ron/BC Says:

    Dutchcanuck
    LB a paying 3.30% on savings accounts!!!! I dont trust Quebec with anything or I’d send them some serious cash. What do you think about their offer????

  6. dutchcanuck Says:

    #5 Ron I looked at them several times during the last few years and came away holding my nose.
    They had a severe mortgage crises (scandal) similar to Home Capital and when the company tried to clean house the employees organized as a union. National Bank is eating their lunch and they have limited access to capital, so they would like to get their hands on yours. Check out the government guarantee if you decide to go ahead with this. They do pay a nice stock div tho.

    I should thank you for your excellent bondcharts as they helped me to get into bonds in Oct2018 and out in Oct2019. Cheque is in the mail.

  7. Ron/BC Says:

    Dutchcanuck

    I’ve got $100K at EQ Bank making 2.30% and I believe it is owned by Home Capital. Would you be worried? I believe both EQ and LB have CDIC Insurance up to $100K. Doesn’t mean you wont get caught in a problem that takes years to sort out though I guess. But as you suggested anything in Quebec will get all the support from the Federal Government that they need or wish for without question so shouldn’t have to worry. They are the chosen ones. But if they’re paying 3.30% on cash it doesn’t look good for them. Glad you could make a buck with my Bond charts.

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