Tech Talk for Wednesday February 5th 2020

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Pre-opening Comments for Wednesday February 5th

U.S. equity index futures were higher this morning. S&P 500 futures were up 28 points in pre-opening trade.

Index futures were virtually unchanged following release of economic news. Consensus for January ADP employment was 158,000 versus 202,000 in December. Actual was 291,000. Consensus for December U.S. Trade Deficit was $48.00 billion versus $43.10 billion in November. Actual was $48.9 billion.

The Canadian Dollar was virtually unchanged at US 75.28 cents following release of the December Canadian Trade Deficit. Consensus was $1.15 billion versus $1.09 billion in November. Actual was $370 million.

Merck slipped $0.98 to $87.38 after reporting lower than consensus fourth quarter revenues.

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Ford dropped $0.68 to $9.18 after reporting lower than consensus fourth quarter earnings. Target price was dropped by Deutsche Bank and JP Morgan

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Walt Disney added $0.67 to $145.35 after reporting higher than consensus fiscal first quarter revenues and earnings. Target price was raised from $160 to $170 by JP Morgan

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Chipotle gained $17.18 to $902.00 after reporting higher than consensus fourth quarter earnings.

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EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/02/04/stock-market-outlook-for-february-5-2020/

Note seasonality charts on Health Care and Durable Goods Orders. Also, note study on performance of S&P 500 Index following State of the Union address during U.S. Presidential Election years.

 

StockTwits released yesterday

Colgate $CL, an S&P 100 stock moved above $75.47 to an all-time high extending an intermediate uptrend.

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Lululemon $LULU, a NASDAQ 100 stock moved above $247.51 to an all-time high extending an intermediate uptrend.

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Auto ETF $CARZ moved above $34.50 and $35.25 extending an intermediate uptrend.

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Lithium ETN $LIT moved above $31.09 extending an intermediate uptrend.

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Constellation Software $CSU.CA, a TSX 60 stock moved above $1,439.37 to an all-time high extending an intermediate uptrend.

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Accenture $ACN, an S&P 100 stock moved above $212.43 to an all-time high extending an intermediate uptrend.

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MercadoLibre $MELI, a NASDAQ 100 stock moved above $698.98 to an all-time high extending an intermediate uptrend.

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U.S. Oil ETN $USO moved below $10.49 setting an intermediate downtrend.

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eBay $EBAY, a NASDAQ 100 stock moved above $36.52 completing a base building pattern.

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Trader’s Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 4th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 4th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 4th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Don Vialoux on Michael Campbell’s Money Talks

Recorded on Saturday. Following is a link:

https://mikesmoneytalks.ca/complete-show-feb-1st/?mc_cid=1715165acb&mc_eid=592546b4b5

 

S&P 500 Momentum Barometer

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The Barometer added 9.22 to 58.92 yesterday. It remains intermediate neutral.

 

TSX Momentum Barometer

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The Barometer added 3.69 to 58.53 yesterday. It remains intermediate neutral.

 

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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3 Responses to “Tech Talk for Wednesday February 5th 2020”

  1. Bernie Says:

    7 Ways To Beat The Market: Size Update For 2020
    For those unaware, “Ploutos” has authored many interesting articles on Seeking Alpha. He generally focuses on portfolio strategies which have outperformed the U.S. market long term. The articles aren’t market timing related but nonetheless many find his analytical work and presentation quite fascinating. Here is a link to his latest article if anyone is interested:
    https://seekingalpha.com/article/4321564-7-ways-to-beat-market-size-update-for-2020

  2. Ron/BC Says:

    Bernie
    I was thinking about you when in California. I rented an Intermediate sized car and chose a Chev Cruse. They gave me a Toyota Corola instead. I couldn’t open the doors next to a curb as the door grabs the sidewalk and jams and you can’t get out or close the door again. Same thing with the front grabbing the curb in a parking lot.
    And the front bumper along the fenders scraps the curb often so has no paint on it. I made it worse but they said the car is very bad for scraped fenders and lots of complaints on how low it sits. And it’s so low you can’t see well driving. I’m just glad we lived to tell about it,lol. When we got back and picked up my Ford Escape I had a new love of the car and can’t get over how well it drives. The Victoria snow problem I had according to the tire experts was explained by them saying you need snow/ice radials in Victoria otherwise don’t complain. We don’t drive in just snow here as it starts to melt and then freezes at night and even new snow on top of that isn’t just snow. Keep that in mind if you come to Victoria in the winter and it snows off and on for a week or two. For the amount of snow we get I’m not going to rush out and buy another new set of tires again right away. This is the 3rd new set I’ve put on it and the next set will be snow/ice tires. And the next SUV will likely be a Ford Escape all wheel drive as well. The 4 cyl 6 speed automatic has very low gears to start out which makes it vulnerable to spin on most surfaces. In the good old days one always started out in 2nd gear to get traction.

    I also looked at the Mawer Funds and their returns were respectable. But I guess they are all much the same with a bunch of Funds based on the so called risk factor increasing or decreasing the risk with Fixed Income. I do think Mawer is more restrictive on getting out of a Fund than Questrade but will have to call them I guess to get a complete picture on the difference between them. Would be nice to see charts of all of them side by side to analyze much like Stockcharts. Barcharts has some charts that are ok for investment charts as one doesn’t have to be that timely with them if looking at the longer term. I’ve found with the charts I could come up with that the 50ema is very good at providing price support which tells one to buy or add there when above it.

  3. Ron/BC Says:

    Here are a couple of Barchart Charts of Mawer Funds # 108 and #104.

    https://web.tmxmoney.com/legacy-charting.php?qm_page=51392&qm_symbol=MAW108#top

    https://www.barchart.com/etfs-funds/quotes/MAW104.CF/technical-chart?plot=LINE&volume=0&data=DO&density=X&pricesOn=1&asPctChange=0&logscale=0&indicators=EXPMA(50)&sym=MAW104.CF

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