Pre-opening Comments for Thursday March 14th
Equity index futures were higher this morning. S&P 500 futures were up 10 points at 8:35 AM EDT.
S&P 500 futures dropped 7 points following release of economic news at 8:30 AM EDT.
February U.S. Producer Price Index was expected to increase 0.3% versus a 0.3% increase in January. Actual was an increase of 0.6%. On a year-over-year basis, February PPI was expected to increase 1.1% versus a gain of 0.9% in January. Actual was an increase of 1.6%. Excluding food and energy, February PPI was expected to increase 0.2% versus a gain of 0.5% in January. Actual was an increase of 0.3%. February U.S. Retail Sales were expected to increase 0.8% versus a 0.8% decline January. Actual was an increase of 0.6%.
Robin Hood added $1.30 to $18.46 after announcing a 16% month-over-month increase in assets under custody.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0011-5.png "clip_image001[1]")
Lennar dropped $2.50 to $163.00 after reporting less than consensus fiscal first quarter results.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0021-4.png "clip_image002[1]")
Fisker dropped $0.14 to $0.18 after the company confirmed exploration of a bankruptcy filing.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/03/clip_image0031-5.png "clip_image003[1]")
Technical Notes
Base Metals ETN $DBB moved above intermediate resistance at $17.93. (1/3 weight in each: copper, zinc, aluminum). Responding to higher copper prices!
United States Copper ETN $CPER moved $24.58 and $24.89 to a 23 month high extending an intermediate uptrend.
Global X Copper Miners ETF $COPX moved above $38.64 resuming an intermediate uptrend.
Global Base Metals iShares $XBM.TO moved above Cdn$19.28 resuming an intermediate uptrend.
Gasoline ETN $UGA moved above $68.99 extending an intermediate uptrend.
Frontier iShares $FM moved above $27.85 extending an intermediate uptrend.
Dollar Tree $DLTR a NASDAQ 100 stock moved below support at $128.77. The company reported less than consensus fiscal fourth quarter results.
US Steel $X dropped on news that President Biden will raise serious concerns about its takeover by Nippon, a Japanese company.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for March 13th 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 March 13th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for March 13th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
What Loss?! NVIDIA and ORACLE Rip Higher: David Keller
What Loss?! NVIDIA and ORACLE Rip Higher – YouTube
Why a strong economy could impact Fed rate cuts and stocks: Yahoo Finance
Why a strong economy could impact Fed rate cuts and stocks – YouTube
Should Investors Brace for More Stock Market Volatility? Guy Adami and Dan Nathan
(Another warning about volatility on quadruple witching day this Friday plus a gold recommendation)
Should Investors Brace for More Stock Market Volatility? – YouTube
Should You BUY Markets That are GOING UP? Your daily five
Should You BUY Markets That are GOING UP? – YouTube
Why drone attacks in Russia could drive U.S. gas prices higher
S&P 500 Momentum Barometer
The intermediate term Barometer added 1.40 to 79.00. It remains Overbought.
The long term Barometer slipped 0.40 to 80.60. It remains Overbought.
TSX Momentum Barometer
The intermediate term Barometer dropped 2.22 to 64.89. It remains Overbought.
The long term Barometer added 2.22 to 68.00. It remains Overbought.
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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March 14th, 2024 at 1:44 pm
BCE has fallen on hard times. Today may be ex-dividend date but the knife is falling faster than the dividend can cover the capital loss.
March 14th, 2024 at 2:06 pm
Ron/BC,
Thanks for the updated CNQ.TO chart and your comments. I am still holding on to this one.
Sorry to hear that you aren’t feeling your usual self. I hope you feel better soon.
March 14th, 2024 at 2:07 pm
Larry, sounds like your trip to Cuba did not do you any good. Hope you feel better soon.
March 14th, 2024 at 2:15 pm
Dave/AB,
Yes, today is ex-dividend for BCE but an 8% yield is small consolation when the stock is down ~ 20% from its high ~ $55 early this year. Let alone from its ATH ~ $65 early 2022. So much for divergences, again! I heard an analyst (Patrick Horan of Agilith Capital) talk about shorting BCE until it goes into the 30’s. That is an expensive short since he would have to pay the dividend but it maybe worth it if his forecast comes to pass.
Interesting, CNQ is also ex-dividend today but that is not hurting it; probably would have been up even more. But its earnings more than covering its dividend, unlike BCE.
March 14th, 2024 at 2:35 pm
Paula it’s no big deal. I’m getting better. I was on a real exercise routine and it brought me to a frustrating halt. The funny thing is that a family friend went to Cuba the same week with her adult daughter and the daughter picked up the same virus with the same symptoms but worse than me. I hope RON/BC gets better.
FAIRFAX – I will continue my tirade about slimy short-sellers. After Muddy Waters’ attempt to force the stock down with a smear campaign failed miserably in about four trading days, the Pomerantz law firm announced that they would “investigate” Fairfax and invited investors to contact them. I contacted them and asked who initiated this “investigation” and specifically whether it was Muddy Waters. Of course I got no response. I click on the news list for FFH on my trading platform and the same released announcement about an “investigation” by Pomerantz is repeated every four of five days through sketchy newswire for hire companies. The share price continues to rise.
March 15th, 2024 at 1:17 am
Larry/ON
N.T.R.
I’m much improved as I’m not taking the meds for Prostate health or Iron pills. It seems that whenever I listen to a doctor something bad happens. I”ll just keep taking my vitamins in the morning with breakfast and forget the fancy stuff. Plus high iron foods for diner. But thanks for asking. Good luck with your issues as well.