Tech Talk for Wednesday January 13th 2021

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Morning Technical Notes for Wednesday January 13th

Bausch Health (BHC), a TSX 60 stock moved above Cdn$30.52 extending an intermediate uptrend. Quarterly results beat consensus.

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Couche Tard (ATD.B), a TSX 60 stock moved below Cdn$40.32 on rumors that it has offered to purchase Carrefour.

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Canadian “gassy” stocks continue moving higher. Birchcliffe Energy moved above $2.17 extending an intermediate uptrend.

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Pre-opening Comments for Wednesday January 13th

U.S. equity index futures were lower this morning. S&P 500 futures were down 8 points in pre-opening trade.

Index futures were virtually unchanged following release of the December U.S. Consumer Price Index at 8:30 AM EST. Consensus was an increase of 0.4% versus a gain of 0.2% in November. Actual was an increase of 0.4%. Excluding food and energy, consensus was an increase of 0.1% versus a gain of 0.2% in November. Actual was an increase of 0.1%

KB Homes advanced $1.55 to $35.70 after reported higher than consensus fiscal fourth quarter earnings. Wedbush upgraded the stock from Neutral to Outperform.

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Couche Tard (ATD.B Cdn$41.31) is in discussions to purchase Carrefour, a French based convenience store company. Cost of the purchase is estimated at $15 billion.

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Alcoa slipped $0.32 to $24.76 despite a target price increase by Deutsche Bank from $11 to $22.

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ExxonMobil added $0.28 to $48.16 after JP Morgan upgraded the stock from Neutral to Overweight.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/01/12/stock-market-outlook-for-january-13-2021/

Technical Notes for Tuesday January 12th

AbbVie (ABBV), an S&P 100 stock moved above $67.00 to an all-time high extending a long term uptrend.

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Xcel Energy (XEL), a NASDAQ 100 stock moved below $63.91 completing a modified Head & Shoulders pattern..

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General Motors (GM), an S&P 100 stock moved above $46.71 to an all-time high extending an intermediate uptrend.

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O’Reilly Automotive (ORLY), a NASDAQ 100 stock moved above $487.95 to an all-time high extending an intermediate uptrend.

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Regeneron (REGN), a NASDAQ 100 stock moved above $506.99 completing a double bottom pattern.

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Salesforce.com (CRM), an S&P 100 stock moved below $215.63 extending an intermediate downtrend.

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Thomson Reuters (TRI), a TSX 60 stock moved below $101.32 completing a modified Head & Shoulders pattern.

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OpenText (OTEX), a TSX stock moved below US$43.71 and Cdn$56.21 completing a double top pattern.

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Royal Bank (RY), a TSX 60 stock moved above $108.44 to an all-time high extending an intermediate uptrend.

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Docusign (DOCU), a NASDAQ 100 stock moved above $256.00 extending an intermediate uptrend.

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eBay (EBAY), a NASDAQ 100 stock moved above $54.89 extending an intermediate uptrend.

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Bristol-Myers (BMY), an S&P 100 stock moved above $65.71 extending an intermediate uptrend.

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Kinder Morgan (KMI), an S&P 100 stock moved above $15.12 extending an intermediate uptrend.

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Ford (F), an S&P 100 stock moved above $9.50 extending an intermediate uptrend.

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Canadian “gassy” stocks are responding to higher natural gas prices. Freehold Royalties (FRU) moved above Cdn$5.92 extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 12th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 12th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for January 12th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

S&P 500 Momentum Barometer

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The Barometer slipped 1.80 to 77.96 yesterday. It remains intermediate overbought

 

TSX Momentum Barometer

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The Barometer slipped 1.77 to 69.52 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




10 Responses to “Tech Talk for Wednesday January 13th 2021”

  1. Mary Says:

    Pat/Vic

    Good call on TLRY. Congrats! Whats your price target.

  2. Ron/BC Says:

    It amazes me how this chart doesn’t seem to bother most investors. Perhaps I’m just paranoid. Then again I’ve always believed “Better paranoid than naive.”

    https://stockcharts.com/h-sc/ui?s=%24SPX&p=W&st=1998-06-26&id=p86034484995&a=673066405

  3. Larry/ON Says:

    Ron/BC – Thanks for your charts. I have been dialing it down the last few days.
    On the other hand. GM – Becoming an EV player and has a single digit forward PE.

  4. Pat/Vic Says:

    Mary,
    I wish I could tell you that I knew what I was doing..but that move exceeded my expectations. TLRY appears to be in a pretty good channel, but I will defer to Ron as far as price target.
    Ron, could you please give your thoughts on Tilray when you get a chance.
    Cheers,Pat

  5. Ron/BC Says:

    Larry/On

    I just wish I had bought in on a test of that long term uptrendline or even the 200ema.

  6. Ron/BC Says:

    Pat/Vic

    I was looking at TLRY today after reading the comments but didn’t want to stick my nose into it as I’m sure not everyone wants my 2 cents worth on everything posted here.
    Oddly enough my realtor lady told me she bought this around $40-$60 a share about a year or so ago. It ran up to $300 a share in 2018 but has been selling off ever since until recently. But note the rising 20ema crossing back above the rising 50ema and close to see both starting to cross above the 200ema which would turn them all up. Most important of course is price that is testing $15 resistance. Clearing $15 would be very bullish ahead but suspect with it being so overbought price is more likely to test $10.60 to $11.60 first and take a little time doing it. With the high volume a lot of traders are playing this and those that got in earlier are not likely to let any profits slip through their fingers. To avoid getting chopped up a pullback and then clearing $15 on a close would be convincing of much higher price ahead. That’s what I see fwiw……….

    https://stockcharts.com/h-sc/ui?s=TLRY&p=D&yr=1&mn=6&dy=0&id=p06463990040&a=682439611

    https://stockcharts.com/h-sc/ui?s=TLRY&p=D&yr=1&mn=6&dy=0&id=p06463990040&a=682439611

  7. Mary Says:

    Ron/BC and Pat/Vic

    NTR

    Thanks for that chart Ron. Same thing I saw overbought but by using a simple chart. You are welcome to “poke” your nose, you could save and have saved some of us. For the last few months/years seems like nothing is overbought. So many waiting for “pull-back”. Robinhooders and seniors buying everything maybe.

    Pat, seems like I on the same level as you. Only by “luck” I am saved.

  8. Pat/Vic Says:

    Ron/BC,
    I sure appreciate your take on this.
    With the Dems in charge in the US it is widely thought that whole pot sector will benefit…so that’s “the story”
    Lets see how that pans out.
    Thanks for the great chart.
    Cheers,Pat

  9. Ron/BC Says:

    Mary

    Your comments in #7 to Pat about luck reminds me of a saying I’ve always believed in,

    “The harder I work the luckier I get.”

  10. Bernie Says:

    dave/ab,

    Re: #10 yesterday
    That’s amazing Dave, you have a very thoughtful wife! I hope you got her something nice too!

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