Tech Talk for Friday February 12th 2021

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Morning Technical Notes for Friday February 12th

American Express (AXP), a Dow Jones Industrial Average stock moved above $129.54 extending an intermediate uptrend.

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Next Tech Talk report

Next report is scheduled for release on Tuesday February 16th. Monday is Presidents’ Day in the U.S. and a partial holiday in Canada.

Pre-opening Comments for Friday February 12th

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

Disney gained $2.98 to $193.89 after announcing higher than consensus fiscal first quarter results. The company also announced 95 million subscribers to its Disney + service. KeyBanc Capital raised its target price from $182 to $225.

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Newell Brands slipped $0.65 to $25.40 after the company lowered 2021 guidance below consensus.

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PayPal added $8.47 to $293.61 after Susquenhanna raised its target price from $300 to $330.

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Aurora Cannabis dropped $0.92 to US $13.55 after MKM downgraded the stock from Neutral to Sell.

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The Canadian Technician

Greg Schnell says, “Two questions I have are ….” Although U.S. equity markets continue to move higher in the short term, Greg takes a cautious intermediate view. He says, “Stay laser focused here”! Following is the link

Two Questions I Have Are: | The Canadian Technician | StockCharts.com

 

 

Technical Notes for Thursday February 11th

China Large Cap iShares (FXI) moved above $53.14 to an all-time high extending an intermediate uptrend.

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Hong Kong iShares (EWH) moved above $26.54 extending an intermediate uptrend.

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Asia ex Japan iShares (EPP) moved above $50.52 to an all-time high extending an intermediate uptrend.

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Australia iShares (EWA) moved above $25.11 to an all-time high extending an intermediate uptrend.

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KraftHeinz (KHC), a NASDAQ 100 stock moved above $35.41 and $35.53 extending an intermediate uptrend.

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ASML Holding (ASML), a NASDAQ 100 stock moved above $573.80 to an all-time high extending an intermediate uptrend.

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Synopsys (SNPS), a NASDAQ 100 stock moved above $280..11 to an all-time high extending an intermediate uptrend.

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TSX Energy iShares (XEG) moved above $6.68 extending an intermediate uptrend.

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BMO Equal Weight Energy ETF (ZEO) moved above $33.00 extending an intermediate uptrend.

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TSX Financials iShares (XFN) moved above $39.89 extending an intermediate uptrend.

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SunLife (SLF), a TSX 60 stock moved above $62.07 extending an intermediate uptrend.

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Inter Pipeline (IPL), a TSX 60 stock moved above $14.63 after Brookfield Asset Management offered to acquire remaining shares in a stock/cash deal.

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Semi-conductor ETFs (SMH and SOXX) moved above $246.79 $426.25 respectively to all-time highs extending an intermediate uptrend.

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Chip.com (TCOM), a NASDAQ 100 stock moved above $37.45 extending an intermediate uptrend.

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Applied Materials (AMAT), a NASDAQ 100 stock moved above $110.88 to an all-time high extending an intermediate uptrend.

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Cadence Design (CDNS), a NASDAQ 100 stock moved above $142.11 to an all-time high extending an intermediate uptrend.

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Microchip Technology (MCHP), a NASDAQ 100 stock moved above $155.36 to an all-time high extending an intermediate uptrend.

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KLA Tencor (KLAC), a NASDAQ 100 stock moved above $317.60 to an all-time high extending an intermediate uptrend.

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Base Metals ETN: DBB (i/3 copper, zinc, aluminum) moved above $17.98 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 February 11th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for February 11th 2021

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Green: Increase from previous day

Red: Decrease from previous day

 

Sectors

Daily Seasonal/Technical Sector Trends for February 11th 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 intermediate Barometer slipped 2.81 to 71.34 yesterday. It remains overbought.

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The long term Barometer slipped 1.40 to 88.98 yesterday. It remains extremely intermediate overbought.

TSX Momentum Barometer

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The intermediate Barometer dropped 6.12 to 63.49 yesterday. It remains overbought and showing early signs of rolling over.

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The long term Barometer added 0.76 yesterday. It remains 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




16 Responses to “Tech Talk for Friday February 12th 2021”

  1. still_learning Says:

    Has anyone else noticed that their TA isn’t working quite the same as usual? It seems like you have to get on anything that pops right away, because it’s ‘guaranteed’ to run up at least in the a short while?
    Being part Scottish, I usually look for a pullback, try to grab a ‘bargin’. Not working lately. Seems like if a ‘horse’ is out front, you have to get on it, no matter that it’s already gone up for 2-3 days?

  2. Pat/Vic Says:

    still_learning
    I have noticed that as well….I find that a system works until it doesn’t..lol
    Then you are left with..do I climb on the rocket (or catch the falling knife)
    I guess the best thing is to realize something isn’t working quickly.That is one I am still working on!
    Cheers,Pat/Vic

  3. Ron/BC Says:

    Still_Learning

    I”ve noticed the chart patterns are erratic as well. Prices breakout and then instead of pulling back to a breakout point they drop right through that level that tends to serve as new support and continue dropping. Then price runs up and down through that price point showing no respect for it. I can live with price staying overbought for long periods of time but price is king and needs to hold at various support levels or else the stocks are being manipulated to extremes. That type of market tends to end badly. And the most important thing isn’t making money now and again. It’s keeping what you already have. Only the trading junkies “need” to trade and they win even if they lose money doing it.

    Bernie was saying you should be out here in Victoria so we could have some golf club grips redone with your expertise. Up until a couple of days ago we were still golfing. We had a little snow on the weekend but it will be gone Monday or Tuesday.

  4. Paula Says:

    Still_learning
    That happens to me all the time. I don’t think it is a case of TA not working. Currently the market is a momentum market with FOMO running high, not to mention, GREED. This is where “Buy on stop, with a limit” works. Pick your spot and put in an order. If you get a fill, don’t forget to put in a sell stop. If you normally look at a daily chart, look at an hourly chart for an entry if there is a pullback to the 20ema. This might not be visible on a daily chart – depends on the stock/etf.

    I recently did this with CNR.TO. I had owned this in the summer of 2020 and sold it too soon. I was waiting for a new opportunity to buy it. When they reported earnings in late October, there was an opportunity but I was still waiting for a better price, so missed it. Recently, in late January, there was another opportunity and this time I was not as fussy waiting for a better price. I realize this is not the kind of high momentum stock that most people are looking at but I wanted something in the transportation sector and it is part of a duopoly.

  5. still_learning Says:

    Thanks Pat, Ron, Paula for your responses and advice. I realize this is not a ‘normal’ market right now. I just can’t believe how many new? retail traders are supposedly piling-in and shaking things up right now.

    Ron, I’d love to be in Victoria regripping your clubs about now. We just came through an abnormal? -30C spell ….grrr and brrr. Good thing I grew up in Manitoba so I can hack it, but why?

    Bernie/Lethbridge

  6. Ron/BC Says:

    Still_Learning

    Well Victoria and most of the Island along with Vancouver got a big snow fall (if you call a few inches big) A few months ago I sold my 2011 Ford Escape and bought a 2015 Escape. Didn’t like the car so traded it in for a 2010 Ford Escape with some cash back. Big difference is my 2010 Escape has AWD plus I bought TOYO All Weather tires and now I can go anywhere in the average snow fall here. The temperature dropped down to minus 5 to minus 8 and that was considered a big deal. I grew up in S.Saskatchewan so also know what a cold winter feels like. This stuff is a piece of cake. I was even thinking of golfing with a little snow on the course and using yellow golf balls. Was golfing just before the snow but it was soggy on some of the fairways. You said you could hack it “But Why”. That’s the conclusion my parents came to when I was in my early teens and moved out here. Sure glad they did……………..So move out here and open up a Golf store making and re-gripping golf clubs. You’d do great!!!!

  7. still_learning Says:

    re: #6
    NTR

    Ron, I had a golfing friend move out to Campbell River several years ago and when I went to visit him he showed me his gum rubber boots with spikes on the bottom of them. I couldn’t believe it! You’d know why.

    Good people come from MB and SK. Last one out turn out the lights.

    When I was married (many years ago), I used to have a home-based business regripping clubs. Great hobby/business, regripping friends of my ex’s with Lady Chamois grips that I got from GolfSmith (now defeunct). What drove me crazy was the bookkeeping to report to CRA and then I also realized I was not charging enough to make a real profit.

    It would probably take a woman to make me move out to Van. Island …smile. I’m 72 and finding a compatible partner seems next to impossible. I know you’ve also had some experience with this. Pickins are pretty slim here in Lethbridge, AB.

  8. Kam Says:

    Happy Valentine’s day all the Ladies here at TTM. Hopefully you have safe and wonderful day.

  9. still_learning Says:

    Ron, NTR, a golf grip tip.

    Here is a recipe that I use to rejuvenate my dirty grips.

    Create a solution of 1/3 Fantastic (commercial cleaning product, slightly corrosive), 2/3 water, with enough dishwashing detergent (eg. new Dawn) added to give it a foaming lather. Spray the dirty grip over a laundry sink with the solution. Scrub the grip with a nail brush or stiff pot scrubber brush, then let sit for a min. or so. Rinse with hot water and watch the dirt/sweat come off. For a really dirty grip, you may have to repeat the process, or start with 100% Fantastic for the first treatment.

    You’ll never draw the ball with slick, dirty grips, you’ll grip the club too hard and lock up your wrists.
    Bernie/Lethbridge

  10. Ron/BC Says:

    Still_Learning

    I went on a dating site for a long time and met a variety of women which is the best way to meet a lot of them. But I felt they weren’t that serious about a commitment. Things aren’t the way they used to be. I’m 74 and sensed they really don’t need us anymore. That was my impression. I did meet one I still spend a lot of time with but we don’t live together. Put in your resume online with an Island address and you may find a reason to move out here,lol……………………..

  11. Paula Says:

    Does anyone else watch the weekly Ciovacco video? I find them very good for a long term perspective.

    https://www.ccmmarketmodel.com/short-takes/investor-mistakes

  12. Dave/ab Says:

    I was thinking to myself how erratic T/A on daily charts have been. The shorter and weekly time frames seems about the same.

  13. Dave Says:

    So what has Biden accomplished so far in his life as a president? I mean Trump was well on his way on making U.S.A. great again. He seemed like he worked 24 hours a day and he got things done. What a difference…

    I think all he’s done is trying to undo what Trump has accomplished and no more.

  14. dutchcanuck Says:

    Looks like we are in for a great open in the A.M.
    Futures are way up: DOW +253 S&P +27 NAS +89 Russell +26.
    Gold is up, silver is up, oil is up. Deep freeze in Texas as never experienced before and it’s impacting oil and gas production.

    Ron/BC could you pls run a chart with SPX vs TSX comparison. This should clearly show where your money should be invested, altho could be about to change unless the Yankee buck strengthens.

  15. Bernie Says:

    still_learning,

    Re: #9
    Thanks for the golf grip rejuvenation tip! I recall cleaning my golf grips in a similar fashion many years ago but used a milder detergent and cold water. I like your suggestion! I’m going to pick up some Fantastic and test drive this myself.

    Hope you move out here to Victoria. There are a few other TTM members living here so you won’t be alone and besides Ron & I could use another golf partner. Sorry I bogarted the “Bernie” moniker before you came on board here. Perhaps you could change yours to Bernie/AB, Bernie/Lethbridge or Bernie/BC after your move lol. All the best!

  16. Ron/BC Says:

    DutchCanuck

    Looks like the $SPX wins hands down over the last 10 years.

    https://stockcharts.com/h-sc/ui?s=%24SPX%3A%24TSX&p=D&yr=10&mn=0&dy=0&id=p72775817216&a=901111728

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