Tech Talk for Friday February 14th 2020
U.S. equity index futures were higher this morning. S&P 500 futures were up 6 points in pre-opening trade.
Index futures were virtually unchanged following release of January Retail Sales at 8:30 AM EST. Consensus was an increase of 0.3% versus a gain of 0.3% in December. Actual was a gain of 0.3%. Excluding auto sales, consensus for January Retail Sales was an increase of 0.3% versus a gain of 0.6% in December. Actual was an increase of 0.3%.
NVIDIA jumped $17.48 to $288.26 after reporting higher than consensus fourth quarter revenues and earnings. The company also raised guidance. Oppenheimer and Deutsche Bank raised their target price on the stock.
![clip_image001[7]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/02/clip_image0017.png "clip_image001[7]")
Expedia advanced $12.12 to $122.71 after reporting higher than consensus fourth quarter earnings.
![clip_image002[7]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/02/clip_image0027.png "clip_image002[7]")
Blackrock slipped $0.73 to $567.82 after Deutsche Bank downgraded the stock from Buy to Hold.
Canopy Growth (CGC $19.52) rose sharply in overnight trade after reporting higher than consensus quarterly revenues. Strength in Canopy Growth prompted a surge in marijuana stocks.
![clip_image004[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/02/clip_image0045-2.png "clip_image004[5]")
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2020/02/13/stock-market-outlook-for-february-14-2020/
Note seasonality charts on U.S. Consumer Price Index, Used Car Sales and Initial Jobless Claims
Holidays
U.S. and Canadian equity markets are closed for a holiday on Monday.
StockTwits released yesterday @EquityClock
Medtronic $MDT, an S&P 100 stock moved below $115.00 completing a double top pattern
Power Corp. $POW.CA, a TSX 60 stock moved above $34.72 to an all-time high extending an intermediate uptrend
Josef Schachter's Presentation at the World Outlook Conference
Josef presented three important themes at the conference:
Historically, energy outperforms as the commodity cycle unfolds.
In 2H/20 we see US$75/b for WTI crude oil and by 2024 over US$100/b.
The S&P/TSX Energy Index should triple in the coming 4-5 years and many growth and exploration ideas could be 10 baggers!
More information on Josef's services is available at
Editor's Note: Crude oil has a history of bottoming at this time of year on a real and relative basis for a seasonal trade to the end of June Short term momentum indicators have turned higher.
Crude Oil Futures (CL) Seasonal Chart
FUTURE_CL1 Relative to the S&P 500 |
Trader's Corner
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for February 13th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for February 13th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for February 13th 2020
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
![clip_image001[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/02/clip_image0015-2.png "clip_image001[5]")
The Barometer slipped 1.80 to 68.14 yesterday. It remains intermediate overbought.
TSX Momentum Barometer
![clip_image002[5]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2020/02/clip_image0025-2.png "clip_image002[5]")
The Barometer added 0.46 to 63.89 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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