Vialoux's Technicals Talk: April 25, 2014

(Editor’s Note: Pre-opening Comment will return
Monday, April 28th)

Mark Leibovit Tutorial

A comment on JJC (ie. the Copper ETN)
Following is a link:

http://youtu.be/dDW-H1BDX0E

Yesterday’s Tweet

Nice breakout by copper ($JJC) above $3.07. Gold also is
stronger. TSX Metals & Mining Index reaches 2 month high.
Seasonals are positive.

Concerns about escalating events in Ukraine are having an
impact on Russian equities and their related ETFs.

Concerns about Ukraine are having an opposite impact on
precious metal prices.

Technical Action by Individual Equities
Yesterday

Technical action by S&P 500 stocks remained bullish.
Sixteen S&P 500 stocks broke resistance and two broke
support (Flowserve and Raytheon). Much of the action was
related to release of quarterly results (e.g. Zimmer,
AmeriSource Bergen, Freeport McMoran Copper & Gold,
SouthWest Air).

Among TSX 60 stocks, CGI Group broke above resistance on
higher volume.

Following are examples:

Weekly Technical Review of Select Sector
SPDRs

Technology

· Intermediate trend remains neutral (Score: 0.5)

· Units moved above their 20 day moving average (Score:1.0)

· Strength relative to the S&P 500 Index remains neutral
(Score: 0.5)

· Technical score improved to 2.0 from 1.0 out of 3.0

· Short term momentum indicators are trending up.

Materials

· Intermediate trend remains neutral

· Units remain above their 20 day moving average

· Strength relative to the S&P 500 Index changed from
positive to neutral

· Technical score slipped to 2.0 from 2.5 out of 3.0.

· Short term momentum indicators are trending up.

Industrials

· Intermediate trend remains neutral

· Units remain above their 20 day moving average

· Strength relative to the S&P 500 Index remains positive

· Technical score remained at 2.5 out of 3.0

· Short term momentum indicators are trending up.

Consumer Discretionary

· Intermediate trend remains up.

· Units moved above their 20 day moving average

· Strength relative to the S&P 500 Index remains
negative.

· Technical score improved to 2.0 from 1.0 out of 3.0.

· Short term momentum indicators are trending up.

Energy

· Intermediate trend remains up.

· Units remain above their 20 day moving average.

· Strength relative to the S&P 500 Index remains positive

· Technical score remains at 3.0 out of 3.0

· Short term momentum indicators are overbought, but have yet
to show signs of rolling over.

Financials

· Trend remains neutral

· Units moved above their 20 day moving average

· Strength relative to the S&P 500 Index remains negative

· Technical score improved to 1.5 from 0.5 out of 3.0.

· Short term momentum indicators are trending up.

Consumer Staples

· Intermediate trend remains up

· Units remain above their 20 day moving average

· Strength relative to the S&P 500 Index changed from
positive to neutral.

· Technical score slipped to 2.5 from 3.0 out of 3.0.

· Short term momentum indicators are overbought.

Health Care

· Intermediate trend remains down.

· Units moved above their 20 day moving average

· Strength relative to the S&P 500 Index improved from
negative to neutral.

· Technical score improved to 1.5 from 0.0 out of 3.0.

· Short term momentum indicators are trending up.

Utilities

· Intermediate trend remains up

· Units remain above their 20 day moving average

· Strength relative to the S&P 500 Index remain positive

· Technical score remains at 3.0 out of 3.0

· Short term momentum indicators are overbought and showing
early signs of rolling over.

Following is a summary:

Summary of Weekly Seasonal/Technical Parameters
for SPDRs

Key:

Seasonal: Positive, Negative or Neutral on a relative
basis applying EquityClock.com charts

Trend: Up, Down or Neutral

Strength relative to the S&P 500 Index: Positive,
Negative or Neutral

Momentum based on an average of Stochastics, RSI and
MACD: Up, Down or Mixed

Twenty Day Moving Average: Above, Below

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 Investment 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 Investment Management (Canada)
Inc.

Twitter comments (Tweets) are not offered on
individual equity securities held personally or in the
Horizons Seasonal Rotation Fund.

Horizons Seasonal Rotation ETF HAC April
24^th 2014