Tech Talk for Thursday December 10th 2020

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Pre-opening Comments for Thursday December 10th

U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points in pre-opening trade.

Index futures moved slightly lower following release of U.S. economic news at 8:30 AM EST. Consensus for the November Consumer Price Index was an increase of 0.1% versus a gain of 0.2% in October. Actual was an increase of 0.2%. Excluding food and energy, consensus for the November Consumer Price Index was an increase of 0.1% versus a gain of 0.2% in October. Actual was an increase of 0.2%. Consensus for Weekly Initial Jobless Claims was 725,000 versus revised 716,000 last week. Actual was 853,000.

The European Central Bank announced an expansion of its bond buying program.

Starbucks advanced $3.60 to $104.00 after the company predicted long term annual earnings gains between 10% and 12%.

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Adobe added $0.26 to $484.00 after reporting higher than consensus fiscal fourth quarter revenues and earnings.

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Darden Restaurants (DRI $114.00) is expected to open higher after Raymond James raised its target price from $120 to $130.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2020/12/09/stock-market-outlook-for-december-10-2020/

Note seasonality charts on Crude Oil Days of Supply and U.S. Job Openings.

 

Technical Notes for Wednesday December 9th

Fastenal (FAST), a NASDAQ 100 stock moved above $49.18 to an all-time high extending an intermediate uptrend.

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TSX Energy iShares (XEG) moved above $6.10 resuming an intermediate uptrend. Price on U.S. and Canadian energy stocks retreated after the U.S. reported a surprising increase in weekly crude oil inventories

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Healthcare Providers iShares (IHF) moved above $235.25 to an all-time high extending an intermediate uptrend.

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Baidu (BIDU), a NASDAQ 100 stock moved above $151.18 extending an intermediate uptrend.

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Expedia (EXPE), a NASDAQ 100 stock moved above $130.57 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for December 9th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for December 9th 2020

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for December 9th 2020

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Green: Increase from previous day

Red: Decrease from previous day

Market Buzz

Greg Schnell discusses “The Legalization Trade”. He discusses the cannabis stocks. Following is a link:

https://www.youtube.com/watch?v=xKxBSEBLGH8&feature=youtu.be&ab_channel=StockCharts

 

S&P 500 Momentum Barometer

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The Barometer slipped 1.60 to 79.76 yesterday. It moved from extremely intermediate overbought to intermediate overbought on a move below 80.00.

 

TSX Momentum Barometer

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The Barometer dropped 3.74 to 70.09 yesterday. It remains intermediate overbought and showing early signs of rolling over.

 

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




One Response to “Tech Talk for Thursday December 10th 2020”

  1. dutchcanuck Says:

    According to Barclay’s research the Canadian banks are awash in cash. No buybacks or dividend increases are the cause of this. The 2 top banks are TD and CM. TD’s excess cash is $10B.
    This puts it in an ideal position to buy assets and buy back stock and increase div’s probably allowed by mid2021. In the meantime it pays a 4.4% div.
    Yes, I do own TD!

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