Tech Talk for Thursday January 14th 2021

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Morning Technical Notes for Thursday January 14th

China large cap iShares (FXI) moved above $48.71 extending an intermediate uptrend after China’s December trade data beat consensus.

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Cintas (CTAS), a NASDAQ 100 stock moved below $334.13 setting an intermediate downtrend.

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Pre-opening Comments for Thursday January 14th

U.S. equity index futures were higher this morning. S&P 500 futures were up 4 points in pre-opening trade.

Delta Airlines added $0.39 to $40.84 after reporting higher than consensus fourth quarter revenues.

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Aphria gained $0.71 to US$12.70 after the company reported higher than consensus fiscal second quarter revenues and earnings.

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Target improved $0.03 to $196.85 after Deutsche Bank raised its target price from $194 to $211.

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Nordstrom dropped $1.08 to $36.50 after announcing a 22% year-over-year drop in sales. Telsey downgraded the stock from Outperform to Market Perform.

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EquityClock’s Daily Comment

Following is a link:

http://www.equityclock.com/2021/01/13/stock-market-outlook-for-january-14-2021/

Note seasonality chart on U.S. Consumer Price Index.

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 a French based convenient store company, Carrefour for $15 billion. Note the volume.

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Canadian “gassy” stocks continue moving higher. Birchcliffe Energy moved above $2.17 extending an intermediate uptrend. ARC Resources moved above $7.13 extending an intermediate uptrend.

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Enbridge (ENB), a TSX 60 stock moved above $43.63 and $43.65 resuming an intermediate uptrend.

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Peleton (PTON), a NASDAQ 100 stock moved above $167.37 to an all-time high extending an intermediate uptrend.

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Cerner (CERN), a NASDAQ 100 stock moved above $80.02 to an all-time high extending an intermediate uptrend.

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PayPal (PYPL), a NASDAQ 100 stock moved above $244.25 to an all-time high extending an intermediate uptrend.

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Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 13th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 13th 2021

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Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 13th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

The Canadian Technician

Greg Schnell notes, “Another continent soars”! Following is a link:

Another Continent Soars | The Canadian Technician | StockCharts.com

 

S&P 500 Momentum Barometers

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The 50 day Barometer added 1.40 to 79.36 yesterday. It remains intermediate overbought, but has yet to show significant signs of a short term downturn.

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The 200 day Barometer was unchanged at 90.18 yesterday. It remains extremely intermediate overbought above 80.00, but has yet to show significant signs of a short term downturn.

 

TSX Momentum Barometers

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The 50 day Barometer dropped 3.81 to 65.71 yesterday. It remains intermediate overbought and has started a short term downtrend.

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The 200 day Barometer dropped 0.95 to 79.05 yesterday. It changed from extremely intermediate overbought to intermediate overbought on a move below 80.00 and has started a short term downtrend.

 

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




9 Responses to “Tech Talk for Thursday January 14th 2021”

  1. Larry/ON Says:

    Semis On Fire – TSM

  2. Larry/ON Says:

    NIO and TSLA – Not much love today but with TSLA never count them out. The love is for GM. Volkswagen is another entrant into EV with EV sales increasing over 200% in 2020. Not a bad chart on the ADR – VWAGY.

  3. Larry/ON Says:

    Covid Office Spread – My wife thankfully tested negative. However, four staff are infected and one introduced it to the extended household very likely infecting two more. I feel like we dodged a bullet. I just want to go into hiding.

  4. still_learning Says:

    Larry/ON,

    I’m glad your wife’s test came back NEG. I’d still be careful, unfortunately there can be false negatives. Don’t mean to rain on your parade, this is tough on all of us.

  5. Paula Says:

    Larry,
    Good news that your wife tested negative. I was wondering…
    Another worry is the ability of the virus to infect some people without producing symptoms so those people go on to infect others without realizing that they are carriers. That is where a test is helpful, but not perfect: it is only a moment in time and the virus load might not be big enough to cause a positive result – this might be reason for false negative.
    Best to stay vigilant…

  6. Paula Says:

    Ron/BC

    Yesterday I saw that you said: “I just wish I had bought in on a test of that long term uptrendline or even the 200ema.” I had to read that a couple of times to be sure it was you. I thought you were immune to FOMO, unlike the rest of us. LOL

    I wonder where ANA is. Hope she is ok.

  7. Paula Says:

    Here is a chart I am looking at for the possibility that the lows are in on the 40 year bull market in bonds. If rates go up, it would be good to short the bond market and this is one way. TBF is risky but not as risky as TBT, which is 2X leveraged. The expense ratio is high at 0.92%. Any comments are welcome.

    https://schrts.co/pzTHZHCj

    https://schrts.co/gdyZNCUR

    https://etfdb.com/etf/TBF/#etf-ticker-profile

  8. Ron/BC Says:

    Paula

    Re:#6. I just meant I wish I had bought that long term uptrendline or the 200ema at some point of testing,perhaps recrossing them up again. But price sliced right through them so I didn’t even though I felt it was a good place to get long. But price can crash and burn so one must have rules. Had price stabilized at that uptrendline or 200ema. I would have gone long the $SPX but it didn’t. So I wasn’t fearful of missing out but wasn’t interested in throwing caution to the wind and going long. Right now with price 1200 points above the long term uptrendline and 900 points above its 200ema I wouldn’t buy here with someone else’s money,lol. I don’t doubt there is ‘something’ out there that is going to shock the $SPX back to reality and plunge. But it wont cost me anything to be wrong. And that suits me just fine. A person doesn’t have to be in the market all the time unless they are a trading junky. I got over that decades ago.

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

  9. Larry/ON Says:

    False Negatives With Covid – In this cluster it looks like that happened. There was a negative and now that person got sick and is being tested again as well as her child who is sick. False negatives can happen when not enough time has elapsed between infection and the date of the test. Apparently five days after infection it should show up on the test.

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