Forest product stocks and related ETFs are moving higher. Global Timber iShares (WOOD) moved above $88.48 to an all-time high extending an intermediate uptrend.
Interfor (IFP.TO) moved above Cdn$30.81 to an all-time high extending an intermediate uptrend.
Canfor (CFP.TO) moved above $29.00 extending an intermediate uptrend.
Pre-opening Comments for Wednesday April 7th
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points in pre-opening trade.
The Canadian Dollar was virtually unchanged at US79.24 cents following release of Canada's February trade report at 8:30 AM EDT. Consensus was a surplus of $1.0 billion versus a surplus of $1.4 billion in January. Actual was a surplus of $1.04 billion
Applied Materials added $0.20 to $139.74 after Mizuho and KeyBanc Capital raised their target price for the stock.
Bausch Health (BHC Cdn$39.29) is expected to open higher after announcing plans to reduce debt by $100 million.
ViacomCBS added $0.90 to $45.25 after Wolfe Research raised its rating from Peer Perform to Outperform.
Waste Management (WM $131.60) is expected to open higher after Goldman Sachs initiated coverage with a Buy rating.
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2021/04/06/stock-market-outlook-for-april-7-2021/
Technical Notes for Tuesday April 6th
Gold Bug Index (HUI) moved above 284.17 completing a double bottom pattern.
Gold equity ETF (GDX) moved above US$34.48 completing a double bottom pattern.
Wheaton Precious Metals (WPM), a TSX 60 stock moved above US$40.37 completing a reverse Head & Shoulders pattern.
Kinross Gold (KGC), a TSX 60 stock moved above US$7.14 completing a double bottom pattern.
Agnico-Eagle (AEM), a TSX 60 stock moved above Cdn$76.50 completing a double bottom pattern.
General Motors (GM), an S&P 100 stock moved above $62.24 to an all-time high extending an intermediate uptrend.
Medtronic (MDT), an S&P 100 stock moved above $119.92 to an all-time high extending an intermediate uptrend.
Fastenal (FAST), a NASDAQ 100 stock moved above $51.58 to an all-time high extending an intermediate uptrend.
Micron (MU), a NASDAQ 100 stock moved above $95.75 to an all-time high extending an intermediate uptrend.
Global Timber iShares (WOOD) moved above $88.48 to an all-time high extending an intermediate uptrend.
Gildan Activewear (GIL), a TSX 60 stock moved above $40.54 extending an intermediate uptrend.
Natural gas ETN (UNG) moved below $9.06 setting an intermediate downtrend.
Uranium ETF (URA) moved above $20.71 to a six year high extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for April 6th 2021
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for April 6th 2021
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for April 6th 2021
Green: Increase from previous day
Red: Decrease from previous day
All seasonality ratings are based on performance relative to the S&P 500 Index
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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