Tech Talk for Wednesday November 13th 2019
U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade. Investors are waiting for testimony by Federal Reserve Chairman Jerome Powell before the Congressional Joint Economic Committee at 11:00 AM EST.
Index futures were virtually unchanged following release of the October Consumer Price Index at 8:30 AM EST. Consensus was an increase of 0.3% versus a gain of 0.1% in September. Actual was an increase of 0.4%. Excluding food and energy, consensus for the October Consumer Price Index was an increase of 0.2% versus a gain of 0.1% in September. Actual was an increase of 0.2%..
Loblaw Companies (L $) is expected to open higher after reporting higher than consensus third quarter earnings.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/11/clip_image0011-3.png "clip_image001[1]")
Canada Goose gained $2.46 to $41.50 U.S. after reporting higher than consensus fiscal second quarter sales and earnings.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/11/clip_image0021-4.png "clip_image002[1]")
Mosaic dropped $0.49 to $20.44 after reporting lower than consensus third quarter revenues and a third quarter loss. The company also lowered guidance for the fourth quarter.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2019/11/clip_image0031-3.png "clip_image003[1]")
U.S. equity markets continue to climb "a wall of worry"
Following is a link to a recent survey by UBS showing that investors with more than one million dollars in financial assets are predicting a "significant drop" in U.S. equity benchmarks before the end of 2020. Accordingly, they, on average, hold about 25% of their investment portfolio in cash.
Following is a link to another report that prompts investors to protect their investments from the pending bear market:
StockTwits released yesterday @EquityClock
Allstate $ALL, an S&P 100 stock moved above $109.55 to an all-time high extending an intermediate uptrend.
NASDAQ Biotech iShares $IBB moved above $110.85 extending an intermediate uptrend
Automatic Data Processing $ADP, a NASDAQ 100 stock moved above $165.20 resetting an intermediate uptrend.
Aerospace & Defense ETF $PPA moved above $69.38 to an all-time high extending an intermediate uptrend.
The back up by long term bond yields is having an impact on U.S. REIT prices and related ETFs. U.S. Real Estate iShares $IYR moved below $90.70 setting an intermediate downtrend.
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for November 12th 2019
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for November 12th 2019
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 12th 2019
Green: Increase from previous day
Red: Decrease from previous day
Money Talks with Michael Campbell
Don Vialoux is scheduled to be the guest analyst on Michael's weekly radio show this Saturday The broadcast on CKNW in Vancouver starts at 8:30 AM Pacific Standard Time (11:30 AM Eastern Standard Time) and is available through the net at https://globalnews.ca/radio/cknw/?gref=cknw
S&P 500 Momentum Barometer
The Barometer slipped 0.40 to 65.73 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
The Barometer dropped 3.43 to 59.01 yesterday. It returned to intermediate neutral from intermediate overbought on a move below 60.00.
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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