Tech Talk for Thursday February 13th 2020

Daily Reports Add comments

Pre-opening Comments for Thursday February 13th

U.S. equity index futures were lower this morning. S&P 500 futures were down 19 points in pre-opening trade. Index futures responded to news of a spike in reported coronavirus cases in China. The Shanghai Composite Index dropped 20.83 to 2905.07 in overnight trade.

Index futures were virtually unchanged following release of economic news at 8:30 AM EST. Consensus for Weekly Jobless Claims was an increase to 212,000 from 203,000 last week. Actual was 205,000. Consensus for the January Consumer Price Index was an increase of 0.2% versus a gain of 0.2% in December. Actual was an increase of 0.1%. Excluding food and energy, consensus for the January Consumer Price Index was an increase of 0.2% versus a gain of 0.1% in December. Actual was an increase of 0.2%

Cisco Systems slipped $2.13 to $47.80 after lowering guidance for its fiscal third quarter.

clip_image001[5]

Trip Advisors gained $1.62 to $30.45 after reporting higher than consensus fourth quarter earnings.

clip_image002[5]

NetApp dropped $6.97 to $60.82 after reporting lower than consensus fiscal third quarter revenues and earnings.

clip_image003[5]

Applied Materials added $0.33 to $65.70 after reporting higher than consensus fourth quarter earnings.

clip_image004[5]

 

EquityClock’s Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/02/12/stock-market-outlook-for-february-13-2020/

Note seasonality chart on U.S. Vehicle Sales

 

Observation

The Euro moved below 108.85 to a 20 month low extending an intermediate downtrend in response to continuing strength in the U.S. Dollar

clip_image001

 

StockTwits released yesterday @EquityClock

Lowes $LOW, an S&P 100 stock moved above $123.14 to an all-time high extending an intermediate uptrend.

clip_image002

Industrial SPDRs $XLI moved above $84.81 to an all-time high extending an intermediate uptrend.

clip_image003

U.S. Healthcare Providers $IHF moved above $207.57 to an all-time high extending an intermediate uptrend.

clip_image004

S&P 500 Equal Weight ETF $RSP moved above $118.47 to an all-time high extending an intermediate uptrend.

clip_image005

Micron $MU, a NASDAQ 100 stock moved above $60.56 extending an intermediate uptrend

clip_image006

Canadian forest product stocks are surging this morning. Nice breakouts by $WFT.CA and $CFP.CA completing base building patterns. ‘Tis the season for Canadian forest product stocks to move higher to April!

clip_image007

Chinese based JD.com $JD moved above $42.00 extending an intermediate uptrend.

clip_image008

UnitedHealth Group $UNH, a Dow Jones Industrial stock moved above $302.54 to an all-time high extending an intermediate uptrend.

clip_image009

Apple $AAPL, a Dow Jones Industrial stock moved above $327.07 to an all-time high extending an intermediate uptrend.

clip_image010

 

Greg Schnell’s “Market Buzz”

Released yesterday. Greg asks, “Cannabis stocks – Any signs of hope?” Following is a link:

https://www.youtube.com/watch?v=ieKarMKeqMg&feature=youtu.be

 

Trader’s Corner

 

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for February 12th 2020

clip_image012

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Daily Seasonal/Technical Commodities Trends for February 12th 2020

clip_image014

Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 12th 2020

clip_image016

Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

clip_image017

The Barometer added 3.01 to 69.94 yesterday. It remains intermediate overbought.

 

TSX Momentum Barometer

clip_image018

The Barometer was unchanged yesterday at 63.43. 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

Sponsored By...



6 Responses to “Tech Talk for Thursday February 13th 2020”

  1. dave/ab Says:

    Hi Bernie

    Thank you very much for the info on Bristol Gate ETF. I’m thinking of possibly getting into some ETF. Wanting to trade less and spend more time golfing. Summers coming so the itch is getting stronger.

  2. Bruce Says:

    The aaii survey shows the bulls up another 7.5% to 41.3 and the bears down 8.8% to 26.4 …..hmmm….getting a little frothy….

  3. Larry/ON Says:

    $CAD reversing trend to up and WTI bottoming from oversold which are both signs of health for the overall equity market.
    Coronavirus – The surge in new cases and deaths in China put a damper at the market open but the market does not want to sell-off on anything. Even the China ETF FXI is only down 1.4% today.

  4. Larry/ON Says:

    Why The Market Doesn’t Drop – I highly recommend a viewing of David Burrows analysis. Key point is that in 2019 $400 billion went into bond funds and another $400 billion into money market funds and is waiting to get into the equity market. I would add to what Burrows has said that there is discussion that there is a lot of money that has parked itself into the MAGA stocks that simply won’t trade them while you have those companies doing share buy backs at the same time which means a buyers’ shortage.

    https://www.bnnbloomberg.ca/market-call-tonight/david-burrows-market-outlook~1899014

  5. Bernie Says:

    Ron/BC,

    I had a closer look at your comments, attached charts and observation/comment on the importance of the 50ema and mutual funds. I think I grasp most of what you say, just not certain of your charting comment “It would work well with anything that tracks the $SPX closely”. Would your settings not work with low beta stocks and ETFs which do not track the S&P500? I’m sticking with the free version. It is more limited but does (mostly) work with your settings. One feature that doesn’t is the modified 50,200,20 or 50. I get a meaningless black line instead of the nice MACD signal you show. Anyway, my mind has turned to mush, so no more TA learning today. Nap time.

  6. Larry/ON Says:

    NVDA – Blow out earnings and great guidance – up around 7% in aftermarket. I’ve held NVDA and traded it over the last couple of years. Burrows whose market outlook I posted made this one of his top picks on BNN. Glad I picked up some extra shares today before earnings.

Entries RSS Comments RSS Log in