Tech Talk for Thursday August 6th 2020

Bristol-Myers (BMY) an S&P 100 stock moved above $60.68 resuming an intermediate uptrend. The stock responded to a favourable ruling on a patent for its blood thinner drug.

UnitedHealth Group (UNH), a Dow Jones Industrial Average stock moved above $314.69 to an all-time high extending an intermediate uptrend.

Western Digital (WDC), a NASDAQ 100 stock moved below $40.47 and $37.65 setting an intermediate downtrend. The company reported lower than consensus second quarter earnings.

Bausch Health (BHC), a TSX 60 stock moved above $27.66 extending an intermediate uptrend.

The company announced plans to spin off its eye care division.

Pre-opening Comments for Thursday August 6th

U.S. equity index futures were lower this morning. S&P 500 futures were down 6 points in pre-opening trade.

Index futures were virtually unchanged following release of Weekly Initial Jobless Claims Report at 8:30 AM EDT. Consensus was 1.415 million versus 1.434 million lasts week. Actual was 1.186 million

Amazon dropped $12.03 to $3193.00 after Jeff Bezos announced sale of shares valued more than $3 billion.

Canadian Tire (CTC.A $128.57) is expected to open higher after reporting higher than consensus second quarter earnings.

Bristol Myers added $1.70 to $61.39 and Pfizer gained $0.20 to $38.65 after winning a patent ruling on its blood thinner Elequis joint venture.

MetLife dropped $1.88 to $36.40 after reporting lower than consensus second quarter earnings.

EquityClock's Daily Market Comment

Following is a link:

http://www.equityclock.com/2020/08/05/stock-market-outlook-for-august-6-2020/

Note seasonality charts on Crude Oil Days of Supply and Canadian Imports and Exports.

Technical Notes for August 5th

Copper Miners ETF (COPX) moved above $20.71 extending an intermediate uptrend.

Dow Jones Transportation Average iShares (IYT) moved above $179.39 extending an intermediate uptrend.

Barrick Gold (ABX), a TSX 60 stock moved above Cdn$40.04 to an all-time high extending an intermediate uptrend.

Disney (DIS), a Dow Jones Industrial stock moved above $127.82 following release of fiscal third quarter results extending an intermediate uptrend.

Berkshire Hathaway, an S&P 100 stock moved above $203.33 extending an intermediate uptrend.

Global X Fertilizer/Potash ETF (SOIL) moved above $7.98 extending an intermediate uptrend.

Canadian Tire (CTC.A), a TSX 60 stock moved above $127.39 extending an intermediate uptrend.

Trader's Corner

Equity Indices and related ETFs

Daily Seasonal/Technical Equity Trends for August 5th 2020

Green: Increase from previous day

Red: Decrease from previous day

Commodities

Seasonal/Technical Commodities Trends for August 5th 2020

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for August 5th 2020

Green: Increase from previous day

Red: Decrease from previous day

Greg Schnell's "Market Buzz"

Greg discusses, "Digital Strategy Success in Decimated Retail Sector". Following is a link:

https://www.youtube.com/watch?v=a-nUuCeP71k&feature=youtu.be

S&P Momentum Barometer

The Barometer added 3.81 to 69.94 yesterday. It remains intermediate overbought.

TSX Momentum Barometer

The Barometer added 3.97 to 77.88 yesterday. It remains intermediate overbought.

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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