Pre-opening Comments for Friday December 1st 2023
U.S equity index futures were lower this morning. S&P 500 futures were down 8 points at 8:35 AM EST.
Canadian Dollar added 0.05 to US78.88 cents following release of Canada’s November Employment Report. Consensus was an increase in employment of 14,000 versus a gain of 17,500 in October. Actual was an increase of 24,900. Consensus was an increase in the Unemployment Rate to 5.8% from 5.7% in October. Actual was an increase to 5.8%.
Tesla dropped $4.43 to $235.65 after launching its Cybertruck at a higher than expected price.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0015.png "clip_image001[5]")
Dell fell $3.27 to $72.60 after reporting less than consensus third quarter revenues. The company also guided to lower fourth quarter revenues.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0025.png "clip_image002[5]")
Ulta Beauty advanced $52.64 to $478.25 after reporting higher than consensus third quarter earnings. The company also offered positive fourth quarter guidance.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0035.png "clip_image003[5]")
Raymond James added $0.41 to 4105.56 after raising its dividend. The company also extended its $1.5 billion share buyback program.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2023/12/clip_image0045.png "clip_image004[5]")
EquityClock’s Daily Comment
Headline reads “December continues the positivity in the equity market with the S&P 500 Index averaging a gain of 0.9% with 70% of periods closing higher”.
https://equityclock.com/2023/11/30/stock-market-outlook-for-december-1-2023/
Technical Notes
Dow Jones Industrial Average moved above 35,679.13 extending an intermediate uptrend. Dow Jones Industrial Average SPDRs $DIA moved above $356.07 to an all-time high extending an intermediate uptrend.
NASDAQ Biotech iShares $IBB moved above $120.88 completing a double bottom pattern. First Trust Biotech ETF $FBT moved above $141.47 also completing a double bottom pattern.
Salesforce.com $CRM a Dow Jones Industrial Average stock moved above $238.22 extending an intermediate uptrend.
Dollar Tree $DLTR a NASDAQ 100 stock moved above $122.19 extending an intermediate uptrend.
Commerce Bank $CM.TO a TSX 60 stock moved above intermediate resistance at $54.44 and $54.98.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Nov.30th 2023
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for Nov.30th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 30th 2023
Green: Increase from previous day
Red: Decrease from previous day
Seasonality Chart of the Day
Technicals for biotech ETFs are turning positive just before start of a period of seasonal strength.
According to www.EquityClock.com, seasonal influences are optimal from December 13th to April 6th. ETF Choices include FBT, IBB and BBH.
Links offered by valued providers
Sprott Digest: Uranium Outlook 2024, Fed Action & Options for Precious Metals
Uranium Market Outlook 2024 (sprott.com)
This is Why You Must Monitor Topping Candles | Trading Places (11.30.23)
Note comment on Gold.
This is Why You Must Monitor Topping Candles | Trading Places (11.30.23) – YouTube
The 5 MOST Important Candlesticks to Watch | Stock Talk (11.30.23)
The 5 MOST Important Candlesticks to Watch | Stock Talk (11.30.23) – YouTube
How the SMART MONEY Finds Value Against The Crowd | Your Daily Five (11.30.23)
How the SMART MONEY Finds Value Against The Crowd | Your Daily Five (11.30.23) – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 3.60 to 80.20. It remains Overbought. Daily trend remains up.
The long term Barometer added 1.40 to 61.00. It changed from Neutral to Overbought on a moved above 60.00. Daily trend remains up.
TSX Momentum Barometers
The intermediate term Barometer added 0.88 to 65.64. It remains Overbought. Daily trend remains up.
The long term Barometer slipped 1.32 to 45.37. 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
|
|
December 1st, 2023 at 5:51 pm
For the sake of opening up some discussion on this board, I am disclosing that I bought some PHYS a couple of weeks ago. Awhile back we talked about how GDX was underperforming gold on the recent rally. I decided to abandon GDX, for now and just concentrate on gold and PHYS seemed like as good a vehicle as any. Of course, now gold is underperforming the gold stocks but I don’t really care, as long as I participate in the gold rally. There seem to be so many issues plaguing gold stocks that I can’t be bothered with them.
https://schrts.co/VYYdtwnC
December 1st, 2023 at 5:57 pm
And for something completely different, I also bought into XBI, a more volatile ETF than the ones chosen by Don above:
https://schrts.co/NWIUrVJz
December 1st, 2023 at 8:51 pm
Paula
It looks like XBI has strong long term support at $65. Lots of potential there! Ron
December 3rd, 2023 at 6:17 pm
Paula
Here is XBIT with your XBI overlaid. The XBI is more volatile and far more expensive. The XBIT looks like it could be a buy around $3 or a break above $4.75.
https://stockcharts.com/h-sc/ui?s=XBIT&p=D&yr=2&mn=0&dy=0&id=p82421260117&a=1548949175