Tech Talk for Tuesday January 21st 2020

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Pre-opening Comments for Tuesday January 21st

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Index futures responded to fears that a coronavirus in China will spread.

JB Hunt Transport (JBHT $114.68) is expected to open higher after Raymond James raised its rating from Market Perform to Outperform.

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EOG Resources (EOG $85.25) is expected to open higher after Sun Trust RH raised its target price from $80 to $110.

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Microsoft (MSFT $166.67) is expected to open higher after Stifel Nicolaus raised its target price from $160 to $175.

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Halliburton (HAL $23.96) is expected to open higher after reporting higher than consensus fourth quarter revenues and earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/01/18/stock-market-outlook-for-january-21-2020/

Note seasonality charts on U.S. Industrial Production, U.S. Energy Sector and U.S. Railroads

 

StockTwits released yesterday @EquityClock

Canadian National Railway $CNR.CA $CNI, a TSX 60 stock moved above $126.26 Cdn. to an all-time extending an intermediate uptrend.

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Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for January 20th 2019

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Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for January 20th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 20th 2019

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Green: Increase from previous day

Red: Decrease from previous day

 

Technical Scoop

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

Headline reads, “Potential pivot, records fall, greed wins, bears hibernate, gold consolidates”. Following is a link:

http://enrichedinvesting.com/wp-content/uploads/2020/01/Potential-pivot-records-fall-greed-wins-bears-hibernate-gold-consolidates.pdf

 

Observation

Seasonal and technical action by the Chinese equities market during the next few weeks will be watched closely for guidance on the intermediate trend for world equity markets. On a seasonal basis, the Shanghai Composite Index has a history of moving flat –to- lower in January, bottoming on Chinese New Year and moving higher thereafter to at least mid-April. This year, start of Chinese New Year is January 25th. Chinese equity markets are closed early next week for the holiday.

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Chinese leadership traditionally releases plans for the economy just after the start of the New Year, a bullish event for equity prices. This year, the truce in trade negotiations with the U.S. should help equity prices. On the other hand, a recent breakout of a deadly flu virus raises uncertainty.

Current technicals for the Shanghai Composite Index following the gain to 3096 yesterday are mixed, typical during the month of January. Index trend is up, it trades above 20, 50 and 200 day moving averages, but its strength relative to the S&P 500 is neutral and its momentum indicators are trending down from short term overbought levels.

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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 Tuesday January 21st 2020”

  1. Larry/ON Says:

    TSLA – 20% of share float shorted. Up over 5% this morning. Shorts are panicking.

  2. Larry/ON Says:

    SHOP – Another high flyer cleared $600 CAD today. TSLA and SHOP behaving like this defies the idea of an imminent market drop because these two would be subject to huge volatility.

  3. tawny Says:

    Recommend following Chris Ciavacco on Twitter…. especially his week end videos.. this is a part of Friday’s video

    https://www.youtube.com/watch?v=vfPYmDuEhaw&feature=youtu.be&t=1539

  4. still_learning Says:

    Tawny re#3,

    I feel that Chris is using numbers to his advantage. The markets overall trend is up 3,4,5 years after ANY past point so, of course, it’s up 3,4,5 years after his special events?

    regards, Bernie/Lethbridge

  5. Paula Says:

    tawny – re #3,
    Good to hear from you. I think of you every time I listen to Ciovacco’s weekly podcast. I think he provides a long term/big picture perspective that is very different to what I see everywhere else. I recently provided the link here and gave you credit. Sorry I spelt your handle/name incorrectly.I hope you are well and will try to post once in awhile. Are you still living in Mexico? I have forgotten what town/community. My daughter spent 4 months in Oaxaca last year – really enjoyed it.

    still learning #4,
    It seems you agree with Ron/BC re Ciovacco. When I recently asked him if he ever listened, he said “…don’t like that Ciovacco guy as he just doesn’t sound believable. I think he just tries too hard and juggles a lot of financial data to make his points.”

    Paula Says:
    January 5th, 2020 at 9:46 pm

    Here is Ciovacco’s weekly podcast which I like to listen to. This was given to us by Tawni years ago.
    https://www.ccmmarketmodel.com/short-takes

  6. Paula Says:

    Adding to the discussion on SUV’s recently:
    Many years ago, I subscribed to Consumer Reports and they still send me stuff:

    https://www.consumerreports.org/suvs/midsized-suvs-with-standard-safety-systems-that-wont-break-the-bank/?EXTKEY=NC01NRSN3&utm_source=acxiom&utm_medium=email&utm_campaign=20200121_nsltr_cars

  7. Paula Says:

    re #6. Sorry, I din’t get the whole article either…

  8. tawny Says:

    Paula

    I have been following Chris Ciovaco for several years… keeps me from making mistakes, WHEN I pay attention to him.. He – his charts – very credible and I think the doubters have their heads in the sand with closed minds. I think his charts have proven correct, over and over again… not just long term…. keeps one from selling too soon and believing all the noise out there… he is very factual… charts are charts…he brings up past relevant to today and analyses what happened after, historically, and always with the caveat that it doesn’t mean it will happen again. His clients are watching his material to and he can not pull crap on them… they are invested. I cannot update my life at this time, but I really appreciate you’re asking and I will provide information soon as I can. Yes, I am still at Lake Chapala – 5000 ft up in the mountains. I had a tough year – breast cancer.

    I have been wondering what happened to all the people that used to post here… wow at one time we had pages and pages on this site. Where is Ana – day time trader?

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