Vialoux's Tech Talk: June 25, 2014

Interesting Charts

Early technical signs that North American equity markets have reached at least a short term peak:

· The Dow Jones Industrial Average fell below its 20 day moving average and its short term momentum indicators are rolling over from overbought levels

· Ditto for the Dow Jones Transportation Average!

· Short term momentum indicators for the TSX 60 also are rolling over from overbought levels

· The VIX Index spiked. ‘Tis the season!

· Energy stocks on both sides of the border led the decline in North American equity markets.

· Weakness in North American equity markets was triggered by weakness in European equity markets.

· Failure by North American equity markets to respond to encouraging economic news released before the opening yesterday (i.e. higher than expected U.S. May new home sales and higher than expected June Consumer Confidence) is a technical warning sign for the bulls!

Technical Action Yesterday in Individual Equities

Technical action by S&P 500 stocks was mixed yesterday with seven stocks breaking resistance in early trading (F, WYN, WY, VRTX, GOOG, DOW, SHW, PHM) and six stock breaking support in later trading (FMC, RTN, TJX, BA, TXT, MA). Vertex Pharmaceutical (VRTX) rose strongly following news of successful trials for its Cystic Fibrosis drug. Strength in VRTX prompted strength in the biotech sector.

Among TSX 60 stocks, Husky Energy broke support.

Special Free Services available through www.equityclock.com

Equityclock.com is offering free access to a data base showing seasonal studies on individual stocks and sectors. The data base holds seasonality studies on over 1000 big and moderate cap securities and indices. To login, simply go to http://www.equityclock.com/charts/

Following is an example:

Disclaimer: Comments, charts and opinions offered in this report by www.timingthemarket.ca 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. Don and Jon Vialoux are Research Analysts with Horizons ETFs Management (Canada) Inc. All of the views expressed herein are the personal views of the authors and are not necessarily the views of Horizons ETFs Management (Canada) Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by Horizons ETFs Management (Canada) Inc.

Individual equities mentioned in StockTwits are not held personally or in HAC.

Horizons Seasonal Rotation ETF HAC June 24^th 2014