Pre-opening Comments for Friday February 9th
U.S. equity index futures were higher this morning. S&P 500 futures were up 19 points at 8:35 AM EST.
The Canadian Dollar added 0.10 to US74.45 following release of Canada’s January Employment Report at 8:30 AM EST. Consensus for employment was an increase of 15,000 versus a gain of 100 in November. Actual was 37,300. Consensus for the December Unemployment Rate was unchanged from November at 5.8%. Actual was 5.7%
Affirm dropped $6.22 to $43.00 after offering a third quarter outlook below consensus.
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0015-2.png "clip_image001[5]")
Pinterest dropped $3.87 to $36.85 after reporting lower than consensus fourth quarter revenues.
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0025-3.png "clip_image002[5]")
Expedia dropped $20.84 to $138.63 after reporting less than consensus fourth quarter earnings.
![clip_image003[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0035-2.png "clip_image003[5]")
Cloudflare added $19.17 to $109.58 after reporting higher than consensus fourth quarter revenues.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0045-3.png "clip_image004[5]")
Technical Notes
Walt Disney $DIS a Dow Jones Industrial Average stock moved above $103.57 extending an intermediate uptrend. The company reported higher than consensus fiscal first quarter results.
Natural Gas ETN $UNG moved below $18.00 extending an intermediate downtrend.
Base Metals ETN $DBB moved below $17.01 setting an intermediate downtrend.
Gold Miners ETF $GDX moved below $27.23 setting an intermediate downtrend.
Individual big cap stock setting an intermediate downtrend included Fox on a move below $28.67, Kraft Heinz on a move below $36.38, Gilead on a move below $73.32 and
Altria Group on a move below $35.91.
Equal weight Canadian Bank ETF and related equities completing a double top pattern. Toronto Dominion Bank moved below Cdn$79.30 and Royal Bank moved below Cdn$129.46
Thomson Reuters $TRI.TO a TSX 60 stock moved above Cdn$205.19 to an all-time high extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.8th 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.8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Master Momentum Using Price Swings and Fibonacci: Joe Rabil
Master Momentum Using Price Swings and Fibonacci – YouTube
S&P’s march to 5,000 is ‘quite a marvel’, says Wharton’s Jeremy Siegel
S&P’s march to 5,000 is ‘quite a marvel’, says Wharton’s Jeremy Siegel – YouTube
S&P 500 Closing in on a BIG Number: Tom Bowley
S&P 500 Closing in on a BIG Number – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 0.60 to 64.80. It remains Overbought.
The long term Barometer slipped 0.80 to 70.80. It remains Overbought. Daily trend is down.
TSX Momentum Barometers
The intermediate term Barometer dropped 5.33 to 50.67. It remains Neutral. Daily trend remains down.
The long term Barometer slipped 0.44 to 58.22. 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 9th, 2024 at 10:24 am
FFH – I hold Fairfax. It’s always annoying when a slimy short-seller attacks one of your holdings with nebulous or unfounded accusations. Most of the time these short-sellers are engaging in what is a legal scam. They put on their short position on a mid or small cap stock that is technically stretched and then release some report and investors sell first and ask questions later. It’s guaranteed money for Muddy Waters. So the accusation is that FFH has reported asset values inflated by up to 18% due to “aggressive accounting.” As National Bank stated, even if you took this at face value FFH has earnings that fully justify the stock price and more. Moreover, FFH has assets on the books that if anything may be undervalued according to reports and a lot of what is in Muddy Waters’ report is about holdings from years ago. You need three trading days for weak hands to exit so Monday theoretically should be it. Then you have Q4 earnings being released on Thursday along with a full response to this crap. As long as earnings are good and they should be, interest will come back into the stock though recovery may need a little time. The insurers are outperforming on higher earnings from premiums and Watsa’s investment of assets performs well.
February 11th, 2024 at 4:58 pm
Larry/ON
I know you are a fan of David Burrows and of CNQ. On his last Market Call, one of his picks was CNQ. I wonder if he got stopped out since then. He says he uses stops on all his positions. I believe his head trader is Diane A., so I don’t think he does the actual trading himself. Please let us know, if you learn anything on his weekly call, which I think you said you follow. I have a long-term position in CNQ, with a nice profit but it is testing its 50 week moving average with a possible head and shoulders topping pattern as well as weak momentum. This is one of Rob/BC’s charts, which I have tried to draw the H&S pattern.
https://schrts.co/tduSTQhK
February 12th, 2024 at 2:08 am
Paula
Here is a Daily chart of CNQ.TO. Far as the chart goes there is little to worry about until price breaks below 80 and even then there is the uptrendline support at $78. Not much wrong with the chart so far and Seasonally CNQ.to gets stronger in the future months.
https://stockcharts.com/h-sc/ui?s=CNQ.TO&p=D&yr=2&mn=0&dy=0&id=p43050689130&a=673066382