Pre-opening Comments for Tuesday November 22nd
U.S. equity index futures were higher this morning. S&P 500 futures were up 13 points in pre-opening trade.
The Canadian Dollar was virtually unchanged at US74.60 cents following release of Canada’s September Retail Sales report at 8:30 AM EST. Consensus was an decrease of 0.5% versus a gain of 0.7% in September. Actual was a decrease of 0.5%.
Dell Computer $DELL advanced $1.83 to $42.90 after reporting higher than consensus third quarter earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0011-9.png "clip_image001[1]")
Zoom $ZM dropped $2.83 to $77.43 after lowering fiscal third quarter guidance.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0021-9.png "clip_image002[1]")
Agilent Technologies $A added $5.86 to $151.00 after reporting higher than consensus fiscal fourth quarter results. The company also offered positive guidance.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0031-7.png "clip_image003[1]")
Best Buy $BBY advanced $5.16 to $75.99 after reporting higher than consensus fiscal third quarter results.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2022/11/clip_image0041-9.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “The risk to the overwhelming positive bias for stocks suggested of pre-election years remains the onset of an economic recession”.
http://www.equityclock.com/2022/11/19/stock-market-outlook-for-november-21-2022/
Technical Notes for Yesterday
Pepsico $PEP an S&P 100 stock moved above $183.58 to an all-time high extending an intermediate uptrend.
Monster Beverage $MNST a NASDAQ 100 stock moved above $100.47 to an all-time high extending an intermediate uptrend.
Travelers $TRV a Dow Jones Industrial Average stock moved above $185.93 to an all-time high extending an intermediate uptrend.
Seagen $SGEN a NASDAQ 100 stock moved below $124.57 extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 21st 2022
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for November 21st 2022
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 21st 2021
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.60 to 83.60. It remains Overbought. Trend remains up.
The long term Barometer added 0.20 to 56.40. It remains Neutral. Trend remains up.
TSX Momentum Barometers
The intermediate term Barometer added 1.27 to 72.46. It remains Overbought.
The long term Barometer added 1.27 to 44.92. It remains Neutral.
Disclaimer: Seasonality ratings 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
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November 22nd, 2022 at 9:57 am
SPX continues to consolidate at levels above the break through resistance at 3900 creating a pennant formation. At the same time we are entering one of the most seasonally positive periods around US Thanksgiving Day. The CNN market sentiment indicator reads 63 at “Greed” though not extreme. What is quite positive right now is rising breadth across the market on higher prices. Put to call ratio has dropped over the course of the month. Place your bets.
November 22nd, 2022 at 10:51 am
WCS Discount – Excellent explanation provided by BMO’s Randy Ollenberger on BNN that the SPR contains mainly sour oil. The huge SPR release has gone to US refiners that process heavy oil that would normally come from Cdn producers creating a glut and suppressing WCS prices. Now that SPR releases are coming to an end Ollenberger sees that WCS gap close by around 50% over the next six months.
November 22nd, 2022 at 1:13 pm
Just an observation:
You can always tell just who is very,very “LONG” a particular market by their comments…………
A strata member where I live was bragging at how he was going to buy himself a new Tesla in the spring of next year just with the dividends he was making. Said he may even be able to buy his wife one too. He doesn’t talk to me anymore about stocks. Some things never change…………
November 22nd, 2022 at 1:31 pm
Some people by cars and other people buy overseas condos.
November 22nd, 2022 at 1:34 pm
Oh yeah. I started with the car. My 2020 Mustang GT loaded. Next year I took it to Ford Performance and had a Roush supercharger installed, back end modified, wheels shipped from Cal and performance tires put on.
November 22nd, 2022 at 2:17 pm
#4 % #5
You missed the point. The point is the guy is just full of B.S with his grandiose success stories and everyone knows it. Hard to believe anyone with any common sense and experience would think any of it is true…………….most wouldn’t and don’t want to listen to it.
November 22nd, 2022 at 3:59 pm
Re 6: I can’t stand people puffing themselves up with BS. I am usually quite long with leverage which I will dial down and put on. My bets are always highly concentrated in a few big cap names with some smaller side bets.