Tech Talk for Friday December 6th 2019

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Pre-opening Comments for Friday December 6th

U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.

Index futures moved higher following release of the November Employment Reports at 8:30 AM EDT. Consensus for November Non-farm Payrolls was an increase of 183,000 versus an upwardly revised gain of 156,000 in October. Actual was a gain of 266,000. November Unemployment Rate was expected to be unchanged from October at 3.6%. Actual was a drop to 3.5%. Consensus for November Hourly Earnings was an increase of 0.3% versus a gain of 0.2% in October. Actual was a gain of 0.2%

The Canadian Dollar dropped 0.27 to U.S. 75.62 cents following release of Canada’s November Employment Reports released at 8:30 AM EST. Consensus for November Employment was an increase of 10,000 versus a decline of 1,800 in October. Actual was a drop of 71,200. Consensus for the November Unemployment Rate was an increase to 5.6% from 5.5% in October. Actual was an increase to 5.9%.

Tesla gained $6.74 to $337.11 after Morgan Stanley raised its target price to $500 from $450.

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Bristol-Myers Squibb (BMY $) is expected to open higher after the company raised its quarterly dividend.

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Big Lots jumped $4.04 to $23.24 after reporting higher than consensus third quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/12/05/stock-market-outlook-for-december-6-2019/

Note seasonality chart on Non-farm Payrolls.

 

StockTwits released yesterday @EquityClock

F5 Network $FFIV, a NASDAQ 100 stock moved below $140.58 setting an intermediate downtrend.

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Silver Miners ETF $SIL moved above $30.69 resuming an intermediate uptrend.

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Canadian "gassy" stocks are responding to recent strength in Canadian natural gas prices. Advantage Oil and Gas $AAV.CA moved above $2.54 and $2.57 extending an intermediate uptrend.

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Dollarama $DOL.CA, a TSX 60 stock moved below $43.89 setting an intermediate downtrend after the company reported lower than consensus quarterly results

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Bristol Myers Squibb $BMY, an S&P 100 stock moved above $59.17 extending an intermediate uptrend.

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Telus $T.CA, a TSX 60 stock moved above $50.65 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for December 5th 2019

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Red: Decrease from previous day

Green: Increase from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for December 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for December 5th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Thank You!

Thank you to the many Tech Talk subscribers who “Paid it Forward” by making a charitable donation to Wellspring’s Light Up event following our comments on the organization last week. The event was a great success. A record amount for the annual event was raised, over $83,000. Funds are used to support Wellspring’s operations that offer free service to people diagnosed with cancer.

But if you are thinking you have missed out on this opportunity; It’s still not too late to donate!   Following is a link:

https://41742.thankyou4caring.org/pages/lightup-bg

 

S&P 500 Momentum Barometer

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The Barometer was unchanged yesterday at 67.33 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 1.39 to 62.03 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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3 Responses to “Tech Talk for Friday December 6th 2019”

  1. FishFat Says:

    Precision Drilling (PD.to) has broken-out above its 3-month basing pattern and penetrated a downtrend that has been in place for seven months. On a relative basis, the stock is also starting to outperform the TSX. There are other bullish indicators on the charts, but this may not be a good entry point. The current price is well above the 34-day EMA and you would be paying a premium to enter here.
    The first half of December often sees tax loss selling on beaten down stocks. Precision Drilling is down 30% YTD and 57% since the peak in April. I think there is a reasonable chance that the price will pull back to the trading range breakout price of $1.58 or even further to $1.41 (the breakout price of the recent downtrend). Either of those price levels represents better entry point opportunities.
    https://stockcharts.com/h-sc/ui?s=PD.TO&p=D&st=2018-12-06&en=2019-12-06&id=p09602923660&listNum=85&a=705111333

  2. Larry/ON Says:

    Congratulations FishFat you called it on PD.

  3. FishFat Says:

    Larry/ON
    Thanks, but PD has been very chewed-up by the market. Lots of people are underwater on this one and will want to sell on the way up as soon as they can breakeven. I won’t count my chickens just yet.

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