Tech Talk for Thursday January 9th 2020

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Pre-opening Comments for Thursday January 9th

U.S. equity index futures were higher this morning. S&P 500 futures were up 11 points in pre-opening trade.

Index futures were virtually unchanged following release of Weekly Initial Jobless Claims at 8:30 AM EST. Consensus was unchanged from the previous week at 223,000. Actual was 214,000.

Kohl’s dropped $2.88 to $46.50 after the company lowered fourth quarter sales and earnings guidance.

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Bed Bath & Beyond dropped $1.33 to $15.32 after reporting lower than consensus quarterly sales and earnings.

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Microsoft gained $1.48 to $161.57 after Wedbush raised its target price to $195 from $185.

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Chipotle (CMG $856.73) is expected to open higher after Wedbush raised its rating from Perform to Outperform.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/01/08/stock-market-outlook-for-january-9-2020/

Note seasonality charts on Gold Futures, Crude Oil, Crude Oil Days of Supply, Gasoline Days of Supply and Non-farm Payrolls.

 

StockTwits released yesterday @EquityClock

CVS Health $CVS, an S&P 100 stock moved below $72.64 completing a double top pattern.

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Bank of New York $BK, an S&P 100 stock moved above $51.40 extending an intermediate uptrend.

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Vertex Pharmaceutical $VRTX, a NASDAQ 100 stock moved above $225.66 to an all-time high extending an intermediate uptrend.

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Take Two Interactive $TTWO, a NASDAQ 100 stock moved above $126.35 and $135.70 re-establishing an intermediate uptrend.

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Thomson Reuters $TRI.CA, a TSX 60 stock moved above $96.34 to an all-time high extending an intermediate uptrend.

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Sun Life $SLF.CA, a TSX 60 stock moved above $61.36 to an all-time high extending an intermediate uptrend.

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Metals & Mining SPDRs $XME moved below $28.39 completing a double top pattern.

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Regeneron Pharma $REGN, a NASDAQ 100 stock moved above $382.25 extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 8th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Observation

Healthcare SPDRs moved to an all-time high yesterday, typical at this time of year. The sector has a history of moving higher prior to the JP Morgan Healthcare conference scheduled this year between January 13th and January 16th. The conference is best known for updates on new drug launches and related research. The sector also has a history of moving lower after the conference is over.

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S&P 500 Momentum Barometer

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The Barometer gained 2.00 to 72.34 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer dropped 5.42 to 64.35 yesterday. It remains intermediate overbought and has started to trend lower.

 

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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8 Responses to “Tech Talk for Thursday January 9th 2020”

  1. bruce Says:

    aaii survey for the week ended jan.8….pessimism is at a 6 week high…up 8 to 29.9% and the bulls were down 4.1 to 33.1%….

  2. Ron/BC Says:

    Bernie

    Speak of the devil and he’s (she’s) sure to appear.

    https://stockcharts.com/h-sc/ui?s=PPL.TO&p=D&yr=2&mn=0&dy=0&id=p88898009645&a=712023444

  3. Bernie Says:

    Ron/BC,

    Re: PPL
    That is crazy. It appears all the dividend investors are liking the same stocks this TFSA season. Either that or I should keep my mouth shut, every stock I’ve favoured and discussed on these forums has taken off lol. Anyway PPL is too expensive for my liking now. I want to add two new full positions and only have about $8,100 to spend on them.

    Three others high on my watchlist are KEY.TO, EIF.TO and AD.TO. If and when you have time could you please give me your technical view on them. There’s no rush, I’m not about to chase anything.

  4. Larry/ON Says:

    FOMOTINA
    Cramer: “The desperation to get into this market is extraordinary.” Cash is burning a hole in the pockets of investors on the sidelines. To quote Randy Bachman “You Ain’t Seen Nothing Yet.”
    https://www.cnbc.com/2020/01/09/cramer-wall-street-catch-up-on-stock-rally-a-very-bullish-moment.html

  5. Bernie Says:

    I think we’re getting very close to the “be fearful when others are greedy” stage especially this January. We haven’t even had the lull this month that we typically get. The “pigs at the trough” are getting ripe for a slaughter. I dunno, I’m not stressing over it.

  6. tony Says:

    Hi Jimmy,

    read your post,
    making 6% vs the 12% of the SnP is not a big deal most etfs make on average 5-8% on a long period of time.
    I don’t know how your portfolio is set up but diversification is the key.

    a few years ago i was talking with a cousin and he was bragging about social media (socl),
    yes at the time it ws all the hype from march 2016 up until march 2018 you doubled your money from but following three months you etf lost 50% of its value.

    I on the other hand being more diversified in tech got the upper hand.

    Here is my advice for investing

    1 First and foremost learn to understand how your indicators work.

    2 Write your strategy down to whether or not you can invest money in a company or etf.

    3 Chose 10 to 15 good company names in different sectors or etf these should be names you would feel confortable trading in 5-10 years out.

    4 Follow the strategy to the letter and don’t try to out guess the market( you will always lose either make a lot less or lose a lot more)

    5 The only time you can discard a name out of your list is if after a year you have never invested because there was never a positive opportunity to invest in a name.

    p.s if you think you must change all the names in your list then you are either concentrated in one sector or you are trying to chase performance.

  7. Larry/ON Says:

    Re 6 – These are important issues. Unless you spend a lot of time on research the best thing you can do is simply buy an ETF and I would stick to SPY and QQQ. Canada is an investment backwater and the real economy is the US economy. That’s what you want to invest in. Europe is sclerotic and emerging economies are more of a gamble. I spent all of 2019 walking a tightrope between protecting myself from drops and taking advantage of rallies and trying to move my money around a number of stocks without as much in-depth knowledge as I would like in some. My lesson is to stick to my knitting and stick to what I know well. I could have just bought SPY on Dec 31/18 and leveraged it my normal full amount and not trade and achieved the same result. IMO if you are going to trade individual stocks have maybe five or six and research all you can about them and keep the rest in ETFs. I have for over a year and today continue to pound the table on MSFT as one of the best long-term investments you can make.

  8. Bernie Says:

    Hello Jimmy,
    Re: Your comment on Wednesday
    Sorry, I didn’t reply because I felt you were just making a comment rather than asking for our views. I see others have replied with some sage advice so I felt I should, at least, touch base with you. You appear to be rather disappointed in your annualized return. Depending on what type of investor or trader you are and on what your goals and risk tolerance is the 6.75% performance could be a very good, average or mediocre return. It certainly isn’t a poor one. I’d venture to say you did better than most active traders. Did you have a disciplined strategy you followed through the entire 5 year stretch? If you did and weren’t comfortable with it you might try another one or decide to go with indexed ETFs quality mutual funds like the Mawers or even one of the Robos. Feel free to ask questions here if you’d like some guidance. We’re a friendly bunch who are happy to answer your questions if we’re able.

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