U.S. equity index futures were higher this morning. S&P 500 futures were up 20 points in pre-opening trade.
The cannabis ETF (HMMJ $20.53 Cdn) is expected to open higher after Michigan voted to approve recreational use of cannabis and several states voted to legalize use of cannabis for medical use.
Michael Kors dropped $6.58 to $50.87 after reporting less than consensus third quarter revenues.
Wendy's dropped $1.08 to $16.00 after reporting less than consensus third quarter sales. The company also lowered guidance.
Bausch Health gained $1.15 to $26.72 after JP Morgan raised its target price to $21 from $18.
EquityClock's Daily Market Comment
Following is a link:
http://www.equityclock.com/2018/11/06/stock-market-outlook-for-november-7-2018/
Note seasonality chart on U.S. job openings.
StockTwits Released Yesterday @EquityClock
Technical action by S&P 500 stocks to 10:30: Bullish. Intermediate breakouts: $TRIP $CSCO $AES $JEC. Breakdown: $BR
Editor's Note: After 10:30 AM EST, intermediate breakouts included SYMC, ULTA, HRB, AET and MNK. No breakdowns.
Cameco $CCJ $CCO.CA moved above $16.00 Cdn and $12.38 U.S. extending an intermediate uptrend.
Mosaic $MOS moved above $34.01 on better than consensus Q3 results and positive guidance extending an intermediate uptrend
'Tis the season for strength in Mosaic $MOS to early January!
Job Openings down 4.6% (NSA) in September, much weaker than the 2.1% decline that is average for the month. $MACRO #Economy #JOLTS
Trader's Corner
Note the increase in technical scores for U.S. equity indices after they moved above their 20 day moving average.
Equity Indices and related ETFs
Daily Seasonal/Technical Equity Trends for November 6th 2018
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for November 6th 2018
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 6th 2018
Green: Increase from previous day
Red: Decrease from previous day
S&P 500 Momentum Barometer
The Barometer gained another7.20 to 36.00 yesterday. It remains intermediate oversold and trending up.
TSX Momentum Barometer
The Barometer gained another 7.38 to 28.22 yesterday. It remains intermediate oversold and trending up.
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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