Tech Talk for Friday December 20th 2019
U.S. equity index futures were slightly higher this morning. S&P 500 futures were up 2 points in pre-opening trade.
Today is "Triple Witching Day": last trade day for December equity and index futures and options. Volumes are expected to be higher than average.
Index futures were virtually unchanged following release of the next estimate of third quarter GDP at 8:30 AM EST. Consensus was growth at a 2.1% annualized rate versus the previous estimate at 2.0%. Actual was growth at a 2.1% rate.
The Canadian Dollar dropped 0.18 to 75.90 at after release of Canadian October Retail Sales at 8:30 AM EST. Consensus was a gain of 0.5% versus a decline of 0.1% in September. Actual was a decline of 1.2%. Excluding auto sales, consensus was an increase of 0.1% versus a gain of 0.2% in September. Actual was.
Biogen gained $2.92 to $300.50 after announcing a $5 billion share buyback program
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/12/clip_image0011-6.png "clip_image001[1]")
Nike slipped $1.24 to $99.33 despite reporting higher than consensus quarterly sales and earnings. Raymond James also raised its target price from $100 to $110.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/12/clip_image0021-5.png "clip_image002[1]")
Advanced Micro Devices added $0.39 to $51.50 after Wedbush raised its target price from $39 to $51.50.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/12/clip_image0031-5.png "clip_image003[1]")
Healthcare Provider stocks are expected to open higher after JP Morgan upgraded the sector from cautious to Bullish.
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/12/clip_image0041-3.png "clip_image004[1]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2019/12/19/stock-market-outlook-for-december-20-2019/
Note seasonality chart on Existing Home Sales
StockTwits released yesterday @EquityClock
Loblaw Companies $L.CA, a TSX 60 stock moved below $68.19 setting an intermediate downtrend.
India ETF $PIN moved above $25.42 extending an intermediate uptrend.
Canadian Technology iShares $XIT.CA moved above $28.57 to an all-time high extending an intermediate uptrend.
Italy iShares $EWI moved above $29.52 extending an intermediate uptrend.
Santa Claus Rally?
Following is a link to a study published yesterday at www.MarketWatch.com
https://www.marketwatch.com/story/the-real-santa-claus-rally-is-yet-to-come-2019-12-19?mod=home-page
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for December 19th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for December 19th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 19th 2019
Green: Increase from previous day
Red: Decrease from previous day
Schachter Energy Report
Josef just released his monthly report last night. Highlight comments include:
Tax Loss Selling Buys: Load up on Favourite Ideas
Outlook 2020: Finally, the Takeoff Year: Our Fearless Forecasts.
The report is available by paid subscription at:
https://schachterenergyreport.ca
S&P 500 Momentum Barometer
The Barometer added 2.61 to 78.36 yesterday. It remains intermediate overbought, but has yet to show signs of peaking.
TSX Momentum Barometer
The Barometer slipped 0.17 to 68.06 yesterday. It remains intermediate overbought, but has yet to show signs of peaking
Disclaimer: Seasonality 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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