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Tech Talk for Friday November 10th 2017

 

Observation

Grain prices remain under pressure. Corn ETN moved below $17.08 to an all-time low extending an intermediate downtrend. Not good for Ag stocks: MOO COW.TO !

 

StockTwits Released Yesterday @EquityClock

e-Bay $EBAY moved below $36.19 extending an intermediate downtrend.

Natural gas at $3.203 per MBtu $UNG completing a double bottom pattern. Good for “gassy” stocks!

Editor’s Note: ‘Tis the season for strength in Natural Gas prices to mid-December!

Base Metals ETN $DBB moved below $18.44 completing a double top pattern.

Editor’s Note: Aluminum was notably weak among base metals. The Aluminum ETN broke $18.19 completing a double top pattern.

Alcoa responded accordingly.

Metals & Mining SPDRs $XME moved below $31.38 completing a double top pattern.

More strength in gold stocks: Kinross Gold $K.CA $KGC moved above Cdn $5.62 on positive guidance.

iShares Europe $IEV moved below $46.45 completing a double top pattern.

France iShares $EWQ moved below support at $30.94.

Uranium stocks and related ETF soar on Cameco shutdown news: $URA $CCJ $CCO.CA $DNN

 

North America’s Weather Prediction by NOAA

The following advisory was released yesterday by NOAA at:

http://www.cpc.ncep.noaa.gov/products/analysis_monitoring/enso_advisory/ensodisc.shtml

 

Following is an excerpt:

La Niña is likely to affect temperature and precipitation across the United States during the upcoming months (the 3-month seasonal temperature and precipitation outlooks will be updated on Thursday November 16th). The outlooks generally favor above-average temperatures and below-median precipitation across the southern tier of the United States, and below-average temperatures and above-median precipitation across the northern tier of the United States.

Following is a link to the current forecast that will be updated:

http://www.cpc.ncep.noaa.gov/products/predictions/long_range/seasonal.php?lead=3

Natural gas storage inventories released yesterday showed that current inventories prior to the forthcoming period of cooler, wetter winter in the U.S. Northeast and eastern Canada are slightly below their five year average.

Note: The shaded area indicates the range between the historical minimum and maximum values for the weekly series from 2012 through 2016. The dashed vertical lines indicate current and year-ago weekly periods.

Conclusion: The stage is set for higher natural gas prices during the next three months. Bullish for natural gas stocks and related ETFs: FCG XEG.TO!

Trader’s Corner

Daily Seasonal/Technical Equity Trends for November 9th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

Daily Seasonal/Technical Commodities Trends for November 9th 2017

Green: Increase from previous day

Red: Decrease from previous day

* Excludes adjustment from rollover of futures contracts

Daily Seasonal/Technical Sector Trends for November 9th 2017

Green: Increase from previous day

Red: Decrease from previous day

 

Josef Schachter on BNN’s Market Call Yesterday

http://www.bnn.ca/video/josef-schachter-s-top-picks~1254827 Top Picks

http://www.bnn.ca/video/josef-schachter-s-past-picks~1254787 Past Picks

http://www.bnn.ca/video/full-episode-market-call-for-thursday-november-9-2017~1248036 Opening Comments

 

S&P 500 Momentum Barometer

More technical evidence that U.S. equity indices have lost momentum! The Barometer slipped another 0.60 to 64.80 yesterday. It remains intermediate overbought and trending down.

Weakest U.S. equity index has been the Dow Jones Transportation Average. It already is down 5.6% from its peak on October 13th

 

TSX Momentum Barometer

The Barometer was unchanged at 68.33 yesterday. It remains intermediate overbought and trending down.

 

Disclaimer: Seasonality and technical ratings offered in this report and 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