Tech Talk for Friday December 27th 2019

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Pre-opening Comments for Friday December 27th

U.S. equity index futures were higher this morning. S&P 500 futures were up 8 points in pre-opening trade.

The TSX 60 Index is expected to open at an all-time high this morning. Previous all-time high was 1,024.47

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Observations

The CRB Index and its related ETN broke above 16.26 to a new high yesterday.

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Strength in the CRB Index yesterday is attributed mainly to strength in precious metal prices. Related precious metal equity prices responded. Nice breakout by the Gold Bug Index above 237.34 extending an intermediate uptrend!

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StockTwits released yesterday @EquityClock

Gasoline ETN $UGA moved above $33.24 extending an intermediate uptrend.

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Teck Resources $TECK, a TSX 60 stock moved above $17.46 U.S. completing a double bottom pattern.

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Amazon $AMZN, an S&P 100 stock moved above $1824.69 and 1853.66 extending an intermediate uptrend.

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Editor’s note: The stock responded to higher than consensus sales during the Christmas season.

Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for December 26th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 26th 2019

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Green: Increase from previous day

Red: Decrease from previous day


Sectors

Daily Seasonal/Technical Sector Trends for December 26th 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 0.60 to 81.16 yesterday. It remains intermediate overbought, but has yet to show signs of peaking.

 

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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14 Responses to “Tech Talk for Friday December 27th 2019”

  1. bruce Says:

    he AAII survey this week shows the bulls dropped 2.2 to 41.9%….the historical average is 38%…..the bears rose 1.1 to 21.5%….average is 32.5….

  2. Ron/BC Says:

    Bruce

    And the Fear & Greed Indicator at 92 is at oink,oink levels. Wonder if it ever reaches 100%. I recall several first week of the year extremes in the market over the last few decades. I guess there are strategies that kept sellers from selling in December and they dump stocks quickly in the new year and reposition themselves.

    https://money.cnn.com/data/fear-and-greed/

  3. bruce Says:

    what i do know is the 14 day rsi for the spy is 79 and for Apple its 80…..hmmm….

  4. Larry/ON Says:

    Market sentiment is extreme. CNBC put out another indicator by Ned Davis Research that is at I think the highest level since Jan 18. Some semis were rolling over today (MU) Perfect time for a profit taking which I did not neglect to do.

    The flip side of tax loss selling is tax gain selling. Investors wanted to take losses before year end but many will wait until after year end to trim gainers to put forward the tax liability to the next year. As of Monday all trades settle in the New Year. Don’t know how much this affects large gainers but it is an interesting idea you can link to drops that tend to happen in the second week of January.

  5. bruce Says:

    the spy and apple made all time highs to-day and then closed pretty much at their lows….nearly one day reversals….amazon also hit a multi month high to-day and closed near its low….

  6. Larry/ON Says:

    Bruce – I cashed out of most of my AAPL today and kept a market weight position. I had a lot. It’s not a key day reversal. It closed down 11 cents. It needs to close below the previous day’s low to be a key day reversal. A strong bid came in in the last minute of trade pushing it close to even. It will probably still trade higher but a correction needs to happen. I’m guessing the overall market needs some pull-back but it will not be more than 5%.

  7. bruce Says:

    larry

    a 5% pullback would look healthy…..a smart guy once said “when its the right time to buy, you wont want to”….the news is always bad at market bottoms…..

  8. Ron/BC Says:

    Bruce

    Here is the Daily chart of $SPX and once again price is well above the 200ema. Might be time for price to test this moving average again like it always has. January tends to be a very volatile month as well. I’m sure the financial media can come up with shocking news stories that will be blamed for a selloff. The on again off again China trade deal is always a good one to replay.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=6&dy=0&id=p03764187126&a=682178007

  9. still_learning Says:

    Ron, re#8

    Hey Ron, when did you get so cynical in your ‘old’ age?
    I hear yah …Happy New Year.

    Bernie/Lethbridge

  10. Bernie Says:

    Ron/BC,

    Not sure if you saw it but I commented on your #7 with my #10 in Tuesday’s posts. I didn’t put my comment there until Thursday. I’m doing the time warp lol

  11. Ron/BC Says:

    Still_Learning

    Being cynical comes easy when you see the chaos in the financial and political world. As an Albertan you must understand that,lol. But I try to just focus on the charts as they don’t b.s. Also I’m still looking for a cheap putter to bend into a 90 degree angle to try. I’m sure that will work well.
    Happy New Year to you as well…………………………………..

  12. Ron/BC Says:

    Bernie
    I just read your #10 post and agree. I know of a few retired men that did much the same here. Not much ice but lots of wet and mildew surfaces to slip on. One split second and that’s all it takes. I have no excuse for my fall as I was carrying a new microwave down a steep set of outside steps I wasn’t familiar with. I’ve since bought a pull cart for anything heavy or cumbersome and there are easier ways to come and go as well. Cost me $25. Hard to believe it took a fall to buy one. But this reno has been trying as it needed some major cosmetic renovating. That helped me get a great price for it. Still lots to do but I’m not going to worry about it for awhile. Going to California later in January for a couple of weeks. So are you still moving to La La Land Victoria? I was just viewing the MLS listings for townhouses and there are 53 for sale up to $700K. I see there are a couple in a new area of Metchosin that are 3 bedroom, 3 bathroom and 1500 sq.ft that were built this year. It is in the Western Communities but that entire area is new. That would work well with your dog but there are lots of people with dogs in condos too if they allow it. My condo I bought there are no pets allowed, no rentals & no kids under 19 so it’s nice and quiet here which is important to me and others in the building. I feel like Jack Nickolson in the movie The Shining here sometimes,lol.

  13. Ron/BC Says:

    Bernie
    I should have told you the price of the new ones in Metchosin in that new area called Royal Bay or close to it. The price on the 2 presently listed were $524K and $534K and built this year and 3 bed,3 bath and 1500sq.ft. The 53 townhouses I mentioned are not in this area but in the Eastern areas of the lower part of the Island. My partner lives out that way in View Royal and I go there and back almost daily. But it is the fastest growing area on the Island as the prices are less than right in Victoria to Sidney along the Eastern part of the lower Island. So there are far more townhouses out that way as well and getting a real estate company to send you all the listings that come up in areas you would consider living with your needed parameters will give you all the info you’d need. Nice to have them and drive by a bunch and go to the open houses or even call a bunch of listing agents to view is very informative and gives you a good idea of value.

  14. Bernie Says:

    Ron/BC,

    Yep we still plan on moving to Victoria if we can afford the move without the need to dip into our investments, ie; we seek to fund the entire move on what we can get net on your house sale and possibly a little extra out of our savings. Based on what our realtor here thinks we can get I estimate we’d be looking at listings in the $450K range. We have a Victoria realtor sending us listings as they come up to get a feel of what were up against. We’ve actually pleasantly surprised on what we see so far but, you never know, things may change come spring when we list here. At this time our preferred locale is in the Langford area as we have family there. Nice to see you’re getting away for a while in California next month. Hopefully you can get in some golf while there. The temp should be decent, not too hot or cold. I’m not going anywhere this winter but my wife is going for a 2 week missions trip to Kenya in late March. We’ll list after she comes back. In the meantime I gotta go out and shovel some snow. argh…lol

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