Tech Talk for Thursday January 2nd 2020

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Pre-opening Comments for Thursday January 2nd

U.S. equity index futures were higher this morning. S&P500 futures were up 19 points in pre-opening trade. Index futures were buoyed by another 1.15% gain by the Shanghai Composite Index to 3,085.20.

Schlumberger added $0.24 to $40.44 after Stifel Nicolaus raised its target price to $47 from $45.

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Halliburton (HAL $24.42) is expected to open higher after Stifel Nicolaus raised its target price to $30 from $24.

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Progressive added $1.33 to $73.72 after Deutsche Bank raised its rating to Buy from Hold.

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Comerica (CMA $71.75) is expected to open higher after SunTrust raised its target price to $75 from $62.

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StockTwits released on Tuesday @EquityClock

Junior Gold ETF $GDXJ moved above $42.92 extending an intermediate uptrend.

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General Dynamics $GD, an S&P 100 stock moved below $175.70 setting an intermediate downtrend.

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Canadian Dollar $CDW moved above U.S. 76.91 cents extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for December 31st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 31st 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for December 31st 2019

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Green: Increase from previous day

Red: Decrease from previous day

S&P 500 Momentum Barometer

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Percent of S&P 500 stocks trading above their 50 day moving average added 0.60 to 79.76 on Tuesday. Percent remains intermediate overbought.

 

TSX Momentum Barometer

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Percent of TSX stocks trading above their 50 day moving average dropped 1.70 to 68.35 on Tuesday. Percent 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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9 Responses to “Tech Talk for Thursday January 2nd 2020”

  1. bruce Says:

    aaii survey for week ending jan.1st shows bulls down 4.7 to 37.2% and the bears up .03 to 21.9%….

  2. Larry/ON Says:

    REITS and BCE Getting Killed – Money is going into growth stocks as XRE and BCE get hammered. BCE is at a four and a half month low and presently oversold. Both XRE and BCE show the same double-top formation. US reits aren’t quite as bad but are taking a major hit today.
    If we get a market correction this month these stocks will hold up better but I wouldn’t expect much out of them. There isn’t much working in Canada these days outside of the resource sector.

  3. Larry/ON Says:

    AAPL $300 coming very soon. MSFT $160 now here. Cramer was right on AAPL and on AMD. Kicking myself for not buying AMD. Went instead with NVDA.
    AMZN – Breakout from the base building since Aug looks for real.

  4. Rol Lew Says:

    The metal…UP today .But the miners…. DOWN.

    https://stockcharts.com/freecharts/candleglance.html?GLD,SLV,SIVR,AGQ,UGLD,PPLT,AEM,GOLD,NEM,NUGT,AUY,SIL|D|0

  5. bruce Says:

    for what it’s worth….Apple is worth $30 billion more to-day than it was yesterday….FOMO is blowing in the wind…..

  6. Ron/BC Says:

    Bruce

    I’d rather see FOGI….(FEAR OF GETTING IN)

    I’ve never seen 97 on the Fear & Greed Index before.

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

  7. rick Says:

    Ron/BC

    The market can stay overbought longer than the short-sellers can remain solvent.
    Short-sellers are buying back their losing positions pushing the market up .
    It will be over when short-sellers will no longer afford to stay short.
    Just look at TESLA .
    Short sellers are punished big time .

  8. Ron/BC Says:

    Rick

    Oh yes, chasing the short sellers into buying their shorted stocks back at higher and higher prices is an art that deep pocketed traders enjoy. But at some point even they exit and create those steep vertical drops lower.

  9. rick Says:

    A correction 5-10 % can happen in any moment . Is normal , is part of price volatility
    A correction over 10 % = be careful , almost every year
    A correction over 20 % = panic start , VIX over 30 , every 2-4 years , possible recession ?

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