Tech Talk for Tuesday May 29th 2018

U.S. equity index futures were lower this morning. S&P 500 futures were down 15 points in pre-opening trade. Investors are responding to growing political instability in Italy.

Netflix added $0.04 to $351.33 after MKM Partners raised its target price on the stock to $390 from $320.

Bank of Nova Scotia (BNS $79.94 Cdn) is expected to open higher after reporting higher than consensus fiscal second quarter earnings.

Lululemon (LULU $106.00) is expected to open higher after Oppenheimer and MKM Partners raised their target price for the stock.

Amazon slipped $4.95 to $16505.20 despite a target price increase to $1840 from $1750 by MKM Partners.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2018/05/27/stock-market-outlook-for-may-29-2018/

Note seasonality charts on Manufacturer's New Orders, Freight Shipments, Railroads industry and Dow Jones Transportation Average.

Trader's Corner

Daily Seasonal/Technical Equity Trends for May 28th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Commodities Trends for May 28th 2018

Green: Increase from previous day

Red: Decrease from previous day

Daily Seasonal/Technical Sector Trends for May 28th 2018

Green: Increase from previous day

Red: Decrease from previous day

A Sample of Henry Weingarten's "The Astrologer's Fund" Newsletter

Henry is a regular contributor (as is Tech Talk) to Mark Leibovit's weekly radio show "Wall Street Raw". Henry is known for his use of Astrology when offering investment ideas. However, in Tech Talk's opinion, Henry is better known for his technical analysis services that have consistently outperformed U.S. equity markets for at least the past 20 years. Adding Astrology to his services is a bonus. Following is a timely sample of Henry's services. Contact information is available at the bottom of the letter.

WALL STREET, NEXT WEEK MAY 28, 2018

FINANCIAL ASTROLOGY FOR THE SUCCESSFUL INVESTOR AND TRADER

1. JUNE  MARKETS
2. UP STARS/DOWN STARS

3. GOLDEN OPPORTUNITIES

4. QUOTES
5. ON THE WEB

6. LETTER

1. 1. US MARKETS ARE "EASY" IF YOU REMEMBER TRUMP'S 2018 HOROSCOPE IS STELLAR

Market Translation?  Buy on Dips!

Take/Protect Trading profits ahead of June 13 FED Interest Rate Increase.

US Markets "EASY" Part II
If you remember 3 interest rates increases in 2018, not 4.
ARE WE HERE YET? "Reverse 3.10 US Bond Buy at 2.90 test"

SELL IN MAY AND GO AWAY?  A repeat of last few weeks:

1. I remain unperturbed about current market action.

2. We expect markets short term to remain range bound above 24,000; hence first two trading buys recently at DJIA 23860 & 23960 and added to winners.

3. FYI We don't forecast a POTENTIAL trade wars until at least 4th Qtr. 2018.

Additionally, we do NOT see 4 interest raises in 2018, but number 7 in Winter 2019.

Still, given rising inflation, high geopolitical risk, trade war concerns and overvaluation, markets are likely to favor traders over investors and & range bound with an upward bias short term.

Many "concerns" mostly noise, however, one potential negative issue is November post-election issues.

BOTTOM LINE:

We are not likely to short before DJIA above 25,500-26,000 or short aggressively before 2019!

Proper Valuations:

OIL < $68

BP ~ 1.34

IMHO "Improper" Valuations

US 10 Year Bond < 2.96

BITCOIN > 2500

COPPER < $3.20

GOLD < 1390

SILVER < 18

TIPS > 111

TRADING NOTES

? We are hardly bearish: given the growing strength of the US economy along with sky high US consumer confidence.

? We may sell, short or protect Nasdaq when above 7550 and DJIA 25500+.

? CURRENT POSITIONAL TRADE: Double Long DJIA 23860 & 23960  Added at 24,688 and Long Gold 1290.

HYDE PARK SOAPBOX: Under Pressure From Trump, Saudis Put Brakes on Oil’s Rally

KEY DATES:       JUNE 7,13

DJIA:                    25000 RESISTANCE?

SPX:                     2677 PIVOT

NASDAQ:           7550 RESISTANCE? 
GOLD:                 R1 1310 R2 1325 R3 1340  R4 1365

SILVER:              16.50 PIVOT 

OIL:                      SELL/DISTRIBUTE 68-70  

COPPER:             H2 2018-2019 ? 3.50-3.70+

US 10 year         2.90 SUPPORT IT ? 3.20

BITCOIN:             8000 PIVOT  S1 8000 S2 6500 S3 5000 H2 2018 ? 4500 OL

TIPS:                    TIP accumulation H2 2018 ? 1.11-

The Market Marker includes some cautious concern.

2017 CLOSE:          DJIA 24719 SPX  2673 & NASDAQ 6903

2016 CLOSE:          DJIA 19762 SPX  2238 & NASDAQ 5383

2015 CLOSE:          DJIA 17425 SPX  2044 & NASDAQ 5007

AFUND Fair Value: GOLD $1388
THINK TRADITIONAL SWISS AND PRESERVE CAPITAL: HEDGE AND PROTECT AGAINST DOWNSIDE RISK.

6.       2. BUSINESS & BANQUETS

At the next AFUND natural resource luncheon, we will present four companies we recommend watching/buying:

? Cipher Resources

? Phoenix Global Mining

? Trilogy Metals

? Victoria Gold

If into Crypto, our trading views:

1) Sell BTC well before late June when BTC will be hit HARD

2) Buy ADA .08-.10

3) Check out client Blakcoin,

7.       

8.       3.  Some believe Gold Summer rally is beginning earlier than usual.  I don't know about that, but do strongly believe that the precious metal sector is obviously undervalued!

Despite headwinds from US interest rate rising, happily, there will be less competition from MMJ & especially Bitcoin "investors" as time goes on. While modesty bullish, we are not wildly bullish and our FV now $1390 (was 1388).

$1400 is an intermediate target for many precious metal analysts, and we agree.

None-the-less, we advise precious metal investors to pay attention to stock selection as a slowly rising tide does not float all boats equally.

?         Gold remains cheap geopolitical crisis insurance.

?         For investors who cannot or will not buy the $US currency as well as investors who wish to safely and cheaply hedge their US$ exposure, ONLY GOLD IS AS GOOD AS GOLD!

Gold FV $1390 = Commodity FV: 1334 + Currency FV: 1388 + Inflation Metal FV:1388 + Crisis FV: 1450.

Gold/Silver ratio ? 69 Silver FV $20.

INVESTORS: Intermediate Term, we plan to stay LONG in H1 2018 (recommending a precious metal sector hold rating and only occasional hedging, selling or profit taking).

We remain disinclined to short or sell until gold is overvalued e.g. $1400-1450. For silver our first selling numbers are $21+.

4. "To me it's about what they do in 2019. Do they pause and see how thing evolve or do they need a modestly restrictive policy. It is more a discussion of that they do next."

Michael Gapen, chief U.S. economist, Barclays

HW: Sell in May 2019 and go away!

"It looks like what we are seeing today is a resumption of that high market volatility that we have been seeing since February's record breaking spike in the VIX.  We continue to recommend low volatility, non-cyclical, low beta positions to protect portfolios against excessive drawdowns. "

Terrence Brogan, Equity Research, Wellington Shields

HW: And/or Traditional defensive measures such as call writing and appropriate "well timed" market hedged.

The hyperbolic price movements of bitcoin since its early 2009 inception have been very bubblelike in nature. This brings us to a key question: what is the fair value of a bitcoin? In our view, its intrinsic value must be zero."

Stefan Hofrichter, head of global economics and strategy, Allianz Global Investors

HW:  I disagree, I see the "value" of BTC like confederate currency- hence a collectors item worth ATLEAST $100!

5. Should bond-market investors sell in April and go away?

Share buyback boom remains in overdrive after tax revamp

The stock market's 'broken leg' is nearly healed, analyst says

6. THIS INTENTIONALLY LEFT BLANK

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