Tech Talk for Wednesday January 15th 2020

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Pre-opening Comments for Wednesday January 15th

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

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for the January Empire State Manufacturing Survey is unchanged from December at 3.5. Actual was 4.8. Consensus for the December Producer Price Index was an increase of 0.2% versus no change in November. Actual was an increase of 0.1%. Excluding food and energy, consensus for the December Producer Price Index was an increase of 0.2% versus a decline of 0.2% in November. Actual was an increase of 0.1%.

Target dropped $9.79 to $115.47 after lowering revenue guidance for its fiscal fourth quarter.

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Goldman Sachs slipped $0.88 to $244.78 despite reporting higher than consensus fourth quarter revenues and earnings.

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Bank of America eased $0.06 to $35.26 despite reporting higher than consensus fourth quarter revenues and earnings.

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UnitedHealth Group dropped $1.24 to $287.00 after reporting lower than consensus fourth quarter revenues.

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EquityClock’s Daily Market Comment

Following is a link:
http://www.equityclock.com/2020/01/14/stock-market-outlook-for-january-15-2020/

Note seasonality chart on the Consumer Price Index.

StockTwits released yesterday @EquityClock

Homebuilders SPDRs $XHB moved above $46.57 to an all-time high extending an intermediate uptrend.

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Bank of Montreal $BMO.CA, a TSX 60 stock moved above $102.70 extending an intermediate uptrend.

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US Consumer Price Index (CPI) was higher by 2.3% in 2019, the strongest pace since 2011. $MACRO $STUDY #CPI #Inflation

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Applied Materials $AMAT, a NASDAQ 100 stock moved above $62.85 to an all-time high extending an intermediate uptrend

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Transportation Average iShares $IYT moved above $200.86 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 14th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for January 14th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 14th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Keith Richards’ Blog

Keith’s talks about “Bumper Bowling”. Following is a link:

https://www.valuetrend.ca/bumper-bowling/

 

S&P 500 Momentum Barometer

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The Barometer added 1.80 to 76.15 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

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The Barometer slipped 1.38 to 66.82 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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10 Responses to “Tech Talk for Wednesday January 15th 2020”

  1. Larry/ON Says:

    Great blog on the present overbought market by Keith Richards at ValueTrend. Techtalk provides the link above.

  2. Larry/ON Says:

    MSFT – My favourite stock is getting some recent attention prior to month end Q4 earnings

    https://www.forbes.com/sites/kramermichael/2020/01/13/microsofts-stock-may-jump-as-much-as-9-following-its-quarterly-results/#c74f81c42e82

  3. bruce Says:

    gary

    does Armstrong have a model turning point this week-end?…..

  4. Ron/BC Says:

    I wonder what comes after the MOON………….seems like we’ve been here before.

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=6&dy=0&id=p28621630375&a=682178007

  5. Ron/BC Says:

    Bruce

    Saw this quote today.

    …..the Armstrong Model’s key turning point coming this weekend…..

  6. bruce Says:

    ron
    tnx i saw that also that’s why i’m asking Gary if he has any details….presumably after the parabolic move up Armstrong must be looking for a turn down………

  7. Larry/ON Says:

    Re 4: RON/BC Space is infinite.

  8. Ron/BC Says:

    Larry/ON

    RE:#7 Yes it is, both ways!!!

  9. Ron/BC Says:

    This can happen to any stock or ETF.

    https://stockcharts.com/h-perf/ui?s=ZPR.TO&compare=CPD.TO,HFP.TO,HPR.TO,PPS.TO,XPF.TO&a=673066388&listNum=1&id=p77121705198

  10. DM/ON Says:

    I was always wary of preferred ETFs, yet appreciated some dividend mutual funds that contained 10 – 15% of preferred. Equity ETFs tend to recover sooner unless we run in another “Great Recession” 2007/08 style (recovery took ~ 5 years + for many).
    Below are the links to the graphs for 5 and 10 yr. performance comparison including dividends between HAC representing equity ETF, XPF and HPR preferred, XBB & CBO bond ETFs and one dividend mutual fund. The best recovering preferred ETF -XPF- performed at the level similar to CBO (~2.9 yr duration 1-5yr. ladder bond ETF) with much greater occasional draw-downs, quite un-pleasent to retired retail-investors

    https://app.quotemedia.com/quotetools/chartcache/66416.png

    https://app.quotemedia.com/quotetools/chartcache/66461.png

    Hopefully links can show the legacy graphs which I often use on tmxmoney.com site

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