Pre-opening Comments for Tuesday February 13th
Equity index futures were lower this morning. S&P 500 futures were down 54 points at 8:35 AM EST.
Index futures dropped an additional 32 points following release of the January U.S. Consumer Price Index at 8:30 AM EST. Consensus was an increase 0.2% versus a gain of 0.2% in December. Actual was an increase of 0.3%. On a year-over-year basis consensus was an increase of 3.0% versus a gain of 3.3% in December. Actual was an increase of 3.1%. Excluding food and energy January CPI was expected to increase 0.3% versus a gain of 0.3% in December. Actual was an increase of 0.4%. On a year-over-year basis January Core CPI was expected to increase 3.8% versus a gain of 3.9% in December. Actual was an increase of 3.9%.
JetBlue added $0.83 to $6.90 on news that Carl Icahn purchased a 9.9% interest in the company.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0011-2.png "clip_image001[1]")
Cadence Design Systems dropped $18.60 to $287.98 after the company offered an outlook that was less than consensus.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0021-3.png "clip_image002[1]")
Arista Networks fell $17.88 to $263.00 after reporting less than consensus fourth quarter revenues.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0031-2.png "clip_image003[1]")
Lattice Semiconductor dropped $2.50 to $68.10 after announcing a decline in fourth quarter revenues. The company also offered weak first quarter guidance.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/02/clip_image0041-3.png "clip_image004[1]")
Technical Notes
Purpose Bitcoin $BTCC.TO moved above Cdn$9.38 extending an intermediate uptrend.
Equal Weight S&P 500 ETF $RSP moved above $159.10 to an all-time high extending an intermediate uptrend.
S&P Midcap 400 SPDRs $MDY moved above $518.00 to an all-time high.
US Healthcare Providers $IHF moved above $268.45 extending an intermediate uptrend.
Retail SPDRs $XRT moved above $73.32 extending an intermediate uptrend.
Lowe’s $LOW an S&P 100 stock moved above $225.86 extending an intermediate uptrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.12th 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.12th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.12th 2024
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometers
The intermediate term Barometer added 3.60 to 66.60. It remains Overbought.
The long term Barometer added 1.80 to 72.60. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer added 2.22 to 55.56. It remains Neutral.
The long term Barometer added 3.11 to 60.00. It changed from Neutral to Overbought by moving to 60.00.
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 13th, 2024 at 7:23 pm
CNQ is the largest Nat gas producer. It’s this side of their business that is dragging down its performance. When Coastal link comes on stream it will help.
February 13th, 2024 at 7:55 pm
Dave/AB
Good point. Thanks for that
February 13th, 2024 at 10:52 pm
Is CNQ the biggest or is it TOU? Last time I looked I think nat gas was 26% of CNQ earnings.