Pre-opening Comments for Friday April 14th
U.S. equity index futures were lower this morning. S&P 500 futures were down 7 points at 8:35 AM EDT.
Index futures moved lower following release of March Retail Sales report at 8:30 AM EDT Consensus was a drop of 0.5 % versus a drop of 0.4% in February. Actual was a drop of 1.0%. Excluding auto sales, consensus was a drop of 0.4% versus a drop of 0.1% in February. Actual was a drop of 0.8%.
Spirit Airlines dropped $2.20 to $33.40 and Boeing fell $6.89 to $207.00 after Spirit found non-conforming parts on some of its Boeing aircraft. Boeing plans to inspect recently manufactured aircraft. In addition, deliveries of new 737 Max aircraft is expected to slow.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/04/clip_image0011-6.png "clip_image001[1]")
Lucid dropped $0.33 to $7.92 after reporting less than consensus first quarter sales
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/04/clip_image0021-6.png "clip_image002[1]")
JP Morgan Chase added $7.41 to $136.40 after reporting higher than consensus first quarter earnings.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/04/clip_image0031-6.png "clip_image003[1]")
Citigroup advanced $1.59 to $48.89 after reporting higher than consensus first quarter earnings.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/04/clip_image0041-3.png "clip_image004[1]")
EquityClock’s Daily Comment
Headline reads “The market is finding relief in the alleviation of producer inflationary pressures, however, the weakness in prices is consistent with past manufacturing recessions”.
http://www.equityclock.com/2023/04/13/stock-market-outlook-for-april-14-2023/
Technical Notes
Gold equity prices have responded to higher gold bullion prices. Agnico-Eagle $AEM moved above US$57.57 and Wheaton Precious Metals $WPM moved above US$51.09.
Southern Copper $SCCO one of the largest copper producers moved above $78.65 to an all-time high extending an intermediate uptrend. In Canada, Lundin Mining $LUN.TO moved above Cdn$10.61 extending an intermediate uptrend.
Eli Lilly $LLY an S&P 100 stock moved above $374.04 to an all-time high extending an intermediate uptrend. (Ignore the phantom data point in mid-January)
Merck $MRK a Dow Jones Industrial Average stock moved above $114.69 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 13th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 13th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 13th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for positive seasonal ratings: www.equityclock.com
Links offered by Valued Providers
March CPI Report Results in Mostly Bearish Action | Tom Bowley | Trading Places (04.13.23)
March CPI Report Results in Mostly Bearish Action | Tom Bowley | Trading Places (04.13.23) – YouTube
Canaccord Genuity’s Tony Dwyer on earnings season, recession calls, and money supply problems
Finding Opportunities in Health Care, Energy | David Keller, CMT | The Final Bar (04.12.23)
Seasonality Chart of the Day
Seasonal influences on the Canadian Dollar relative to the US Dollar are notably favourable from late March to mid-June.
On the charts, the Canadian Dollar continues to follow closely its seasonal pattern.
S&P 500 Momentum Barometers
The intermediate term Barometer added 5.20 to 55.00. It remains Neutral. Daily trend has turned up.
The long term Barometer added 2.60 to 62.40. It changed from Neutral to Overbought on a move above 60.00. Daily trend has turned up.
TSX Momentum Barometers
The intermediate term Barometer added 3.26 to 60.34. It changed from Neutral to Overbought on a move above 60.00. Daily trend is up.
The long term Barometer added 1.15 to 68.10. It remains Overbought. Daily trend is up.
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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April 14th, 2023 at 10:26 am
CNQ – New high. XEG however is not performing nearly as well and XLE is still a distance away from its’ Nov high. Still they are clearly outperforming the commodity. $WTIC is up against the 200dayMA but seems to have broken it’s downtrend. Are we going to get a gap fill before going higher? Best oil stock chart I can see is BP. The chart is a fantastic bull run since late 2020.
April 16th, 2023 at 11:55 am
Excellent article on TD Bank in the Globe explaining what is going on. Shorts are piling on it but it is at quite a cheap valuation historically. The immediate negative factor is it’s large stake in Charles Schwab which declined 39% due to the SVB failure.
“According to Gabriel Dechaine, an analyst at National Bank Financial, every 10-per-cent decline in the share price of Charles Schwab hits TD’s share price by about 1.5 per cent, which explains a large part of TD’s recent underperformance.”
The other factor is the overhang of the bid to purchase First Horizon Corp. If the deal goes through TD’s share price will drop. Once that is out of the way TD looks good longer term.
https://www.theglobeandmail.com/investing/markets/inside-the-market/article-td-bank-stock-opportunity/