Tech Talk for Tuesday December 24th 2019

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Pre-opening Comments for Tuesday December 24th

U.S. equity index futures were higher this morning. S&P 500 futures were up 2 points in pre-opening trade.

Volumes on U.S. and Canadian equity markets are expected to be well below average today prior to the Christmas Holiday tomorrow. U.S. and Canadian equity markets close at 1:00 PM EST.

Advanced Micro Devices added $0.68 to $46.04 after RBC Capital raised its target price from $50 to $53.

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Boeing gained $9.55 to $337.55 after the company chose its chairman David Calhoun to become its Chief Executive Officer and President.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2019/12/23/stock-market-outlook-for-december-24-2019/

Note seasonality chart on Durable Goods Orders.

Equity Market Holiday Schedule

North American equity market close today at 1:00 PM EST and are closed tomorrow. Canadian equity markets are closed on Thursday. Next Tech Talk report is released on Thursday.

 

Observations

The energy sector continues to strengthen on a real and relative basis. Nice breakout by the Oil Services ETF above $78.93 completing a double bottom pattern.

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Silver and its related ETN are “getting into gear” for their seasonal trade lasting until at least the end of February.

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StockTwits released yesterday

MMM $MMM, a Dow Jones Industrial stock moved above $175.19 completing a reverse Head & Shoulders pattern

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Intel $INTC, a Dow Jones Industrial stock moved above $59.13 to an all-time high extending an intermediate uptrend.

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Caterpillar $CAT, a Dow Jones Industrial stock moved above $148.47 extending an intermediate uptrend.

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Raytheon $RTN, an S&P 100 stock moved above $220.03 extending an intermediate uptrend

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Husky Energy $HSE.CA, a TSX 60 stock moved above $10.43 extending an intermediate uptrend.

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U.S. OIl and Gas Exploration SPDRs $XOP moved above $23.51 completing a double bottom pattern.

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eBay $EBAY, a NASDAQ 100 stock moved above $36.39 completing a double bottom pattern.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for December 23rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for December 23th 2019

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for December 23rd 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Keith Richards’ Blog

Following is a link:

https://www.valuetrend.ca/on-the-subject-of-risk/

 

Hap Sneddon on BNNBloomberg’s Market Call Yesterday

Market Comment

https://www.bnnbloomberg.ca/video/hap-sneddon-s-market-outlook~1861265

 

Top Picks

https://www.bnnbloomberg.ca/video/hap-sneddon-s-top-picks~1861285

 

Technical Scoop

Thank you to David Chapman and www.EnrichedInvesting.com for this weekly comment.

Highlight comment reads, Golden optimism, lingering concerns, new highs, DJI divergence, frothy indicators, low anniversary”.

Following is a link:

http://enrichedinvesting.com/wp-content/uploads/2019/12/Golden-optimism-lingering-concerns-new-highs-DJI-divergence-frothy-indicators-low-anniversary.pdf

 

S&P 500 Momentum Barometer

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The Barometer added 0.20 to 80.96 yesterday. It remains intermediate overbought, but has yet to show signs of a peak.

 

TSX Momentum Barometer

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The Barometer added 3.24 to 70.83 yesterday. It remains intermediate overbought, but has yet to show signs of a peak.

 

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 Tuesday December 24th 2019”

  1. Rol Lew Says:

    Wishing A Happy Xmas

    To Don & Jon & All At Tech Talk,
    And To All The Contributors Here in 2019.

    Happy Trading In 2020

    https://www.youtube.com/watch?v=Rq_eYIXSLgQ

  2. Ron/BC Says:

    Rol Lew

    Re:#1: Couldn’t have said it better myself…………………

  3. Ron/BC Says:

    This is what I was referring to with precious metal stocks. When they breakout it’s hard to catch them.

    https://stockcharts.com/h-sc/ui?s=GFI&p=D&yr=1&mn=0&dy=0&id=p70927242475&a=706657004

    https://stockcharts.com/h-sc/ui?s=HL&p=D&yr=1&mn=6&dy=0&id=p85357609257&a=707386187

    And a tough one to catch is PAAS.to

    https://stockcharts.com/h-sc/ui?s=PAAS.TO&p=D&yr=1&mn=0&dy=0&id=p70320789373&a=678395067

  4. Bernie Says:

    Merry christmas and happy holidays everyone!

    Ron/BC I trust you’ve recovered well from your spill and bout with pneumonia.

    Ana get well and heal soon!

  5. Ron/BC Says:

    Here is a Gold stock that hasn’t broken out yet and is in a 5 month channel between $4.20 and $5.00. Technicals are good for a stock that has been trading sideways for 5 months. The Fib moving averages are all above each other in a nice group and price is bumping up against resistance where profit takers and short sellers are selling. All it needs is to clear & hold the $5 mark and that should change the momentum.

    https://stockcharts.com/h-sc/ui?s=YRI.TO&p=D&yr=1&mn=0&dy=0&id=p51998288439&a=678233712

    https://stockcharts.com/h-sc/ui?s=YRI.TO&p=D&yr=5&mn=0&dy=0&id=p67436703230&a=708981251

  6. Rol Lew Says:

    things that make you go uummmhhhh……

    yesterday gdx was the top volume trader, ~~ 71ML shares

    today gdx traded the 3rd highest volume so far

    https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=0&dy=0&id=p85142733072

    https://stockcharts.com/h-sc/ui?s=GOLD&p=D&yr=1&mn=0&dy=0&id=p69387394747

    … wish I “knew” where this is going……….

  7. Ron/BC Says:

    Bernie

    Yes I guess I just outdid myself working like a dog and running around like a chicken with its head off. But I have recovered physically from pneumonia. Don’t have to sleep sitting up in a chair anymore and am back to sleeping well all night in bed. And the bash on the head might have knocked some sense into me about slowing down some and being more careful what I’m doing. I guess being self employed most of my life just kept me raising the bar for productivity. I guess it’s time to start lowering the bar. I don’t know what the hurry is anyway.

    So I hope everyone has a nice Christmas Holiday and enjoys what they have………..

  8. NRG Says:

    Merry Christmas everyone

  9. Mary Says:

    Merry Christmas and a Happy, Healthy and Joyous New year to everyone.

  10. Bernie Says:

    Ron/BC,

    Good to hear you didn’t do serious damage to yourself and have decided to lower your productivity bar to be more inline with retirement specs. There really isn’t any need to be in a hurry in our “golden” years! About a year ago a senior, here in Nelson, passed away after he slipped on an ice patch and struck his head on the sidewalk. That really made me think about slowing down and paying closer attention to my surroundings.

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