Pre-opening Comments for Thursday February 8th
U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points at 8:30 AM EST.
Walt Disney advanced $4.85 to $104.00 after reporting higher than consensus fiscal first quarter earnings.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0015-1.png "clip_image001[5]")
ARM Holdings jumped $22.19 to $99.20 after reporting higher than consensus fiscal third quarter results.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0025-2.png "clip_image002[5]")
Wynn Resorts added $2.17 to $102.00 after reporting higher than consensus fourth quarter revenues and earnings.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0035-1.png "clip_image003[5]")
PayPal dropped $4.46 to $58.78 after announcing a slowdown in active accounts.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0045-2.png "clip_image004[5]")
Technical Notes
Water Resources ETF $PHO moved above $61.32 to an all-time high extending an intermediate uptrend.
Palladium ETN $PALL moved below $83.30 extending an intermediate downtrend.
Gasoline ETN $GASO moved above $2.35 and $238 extending an intermediate uptrend.
Emerson Electric $EMR an S&P 100 stock moved above $98.09, $100.12 and $100.61 to an all-time high extending an intermediate uptrend.
Verisk Analytics $VRSK a NASDAQ 100 stock moved above $249.92 to an all-time high extending an intermediate uptrend.
Sun Life Financial $SLF.TO a TSX 60 stock moved above Cdn$70.82 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.7th 2024
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 Feb.7th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.7th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Three Things I WISH I’d Known About Trading: David Keller
Three Things I WISH I’d Known About Trading – YouTube
Stocks vs. Bonds: Monthly Trends Revealed!
Stocks vs. Bonds: Monthly Trends Revealed! – YouTube
Canadian banks’ profit growth could be somewhat anemic: CIO
Canadian banks’ profit growth could be somewhat anemic: CIO – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.60 to 64.20. It remains Overbought.
The long term Barometer added 0.20 to 71.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer dropped 0.44 to 56.00. It remains Neutral.
The long term Barometer dropped 0.89 to 58.67. 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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February 8th, 2024 at 9:35 am
Here is some information about why Starbucks is closing some locations:
https://www.reuters.com/business/starbucks-closed-23-us-stores-deter-unionizing-agency-claims-2023-12-14/
February 8th, 2024 at 11:16 am
Paula
Re:#1
True enough but there are other large companies also closing and I’m sure there are reasons for it. Tim Hortons is closing stores as they claim they want to focus on just drive threw and take out stores without seating etc. Then again there are always stories about why companies do what do. They are not always accurate. The key thing for companies is profit and that is the main reason companies close. But with an election not that far away Federally and the Federal Government way behind in the polls I would think the economy should boom away to help with re-election. But perhaps I’m expecting too much of those idiots.
February 8th, 2024 at 11:56 am
re#1, thanks Paula.
I think things are a lot less rosy out there than the indexes show. A few giant companies are distorting the indexes.
We are probably in for a rough March in the market, as long term averages suggest.
Bernie
February 8th, 2024 at 1:03 pm
The $SPX continues to climb inspite of a loss of momentum. Negative divergences on most oscillators at each new high.
And as Still_Learning suggested a few big companies are moving the Indexes.
https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=2&mn=4&dy=0&id=p59408682528&a=1039537764