by Don Vialoux, EquityClock.com
Pre-opening Comments for Wednesday November 5th 2014
U.S. equity index were higher this morning. S&P 500 futures were up 13 points in pre-opening trade in response to a change in control of the Senate to the Republicans.
Index futures were virtually unchanged following release of the October ADP private employment report. Consensus was an increase to 222,000 from 213,000 in September. Actual was 230,000. The ADP report is considered as a leading indicator of the monthly employment report to be released on Friday.
Third quarter earnings reports continue to pour in. Companies that reported after the close yesterday included Time Warner, Covidien, Chesapeake Energy, Duke Energy and Magna International.
Este Lauder (EL $72.00) is expected to open lower after Wells Fargo downgraded the stock from Outperform to Market Perform.
Intel fell $0.23 to $34.08 after Bernstein downgraded the stock from Market Perform to Underperform. Target is $30.
Alibaba added $1.08 to $107.15 after Citigroup raised its target price to $120.90 from $118.
EquityClock.com’s Daily Market Comment
Following is a link:
http://www.equityclock.com/2014/11/04/stock-market-outlook-for-november-5-2014/
Interesting Charts
Falling crude oil prices are having an impact. Canadian energy stocks and related ETFs led Canadian equity markets on the downside by breaking to 15 month lows.
Lower crude oil prices prompted the Dow Jones Transportation Average to reach another all-time high.
Lower crude oil prices also prompted the Canadian Dollar to break to a five year low.
‘Tis the season for weakness in the Canadian Dollar relative to the U.S. Dollar!
StockTwits released yesterday
$MSFT breaks resistance at $47.57 to reach all-time high. ‘Tis the season for strength!
Action by S&P stocks to 10:45: Bullish. 8 stocks broke resistance:$BDX, $ZTS, $DAL,$EXPD, $LUV, $FLIR, $MSFT, $IP. 3 broke support: $DISCA, $DNR, $RIG.
Nice breakout by $COW.CA above $30.24 to an all-time high. ‘Tis the season for Ag stocks!
Monitored List of Technical/Seasonal Ideas
Green: Increased score
Red: Decreased score
A score of 1.5 or higher is needed to maintain a position
CSTA Event on Saturday November 8th
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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 November 4th 2014
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