Pre-opening Comments for Friday August 9th
U.S. equity index futures were lower this morning. S&P 500 futures were down 24 points at 8:35 AM EDT.
The Canadian Dollar was unchanged at 72.75 following release of Canada’s July Employment Report at 8:30 AM EDT.
Expedia advanced $10.53 to $128.70 after reporting higher than consensus second quarter revenues.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0011-4.png "clip_image001[1]")
Yelp added $0.49 to $34.00 after reporting higher than consensus second quarter revenues.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0021-4.png "clip_image002[1]")
Pitney Bowes added $1.52 to $7.20 after reporting a narrower second quarter loss.
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2024/08/clip_image0031-4.png "clip_image003[1]")
Akamai Technologies advanced $5.93 to $97.50 after the company raised its outlook.
EquityClock’s Stock Market Outlook for August 9th
The seasonal, technical, and fundamental framework suggests gaining exposure to Natural Gas. See:
https://equityclock.com/2024/08/08/stock-market-outlook-for-august-9-2024/
Technical Notes
Warner Brothers Discovery $WBD a NASDAQ 100 stock moved below $6.94 extending an intermediate downtrend.
Monster Beverages $MNST a NASDAQ 100 stock moved below $47.63 and $47.13 extending an intermediate downtrend.
Canadian Tire $CTC.A.TO a TSX 60 stock moved above $145.21 completing a reverse Head & Shoulders pattern.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for August 8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Source for all positive seasonality ratings: www.EquityClock.com
Commodities
Daily Seasonal/Technical Commodities Trends for August 8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for August 8th 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
Key moves in dramatic rotation: David Keller
Dramatic Market Rotation: Key Stock Moves & Trends – YouTube
CAUTION! Growth Stocks say "Don’t Trust This Rebound!" Tom Bowley
Editor’s Note: See U.S. stock market history on U.S. Presidential Election Year since 1950
CAUTION! Growth Stocks say "Don’t Trust This Rebound!" – YouTube
BTFD Is Back In Markets! Guy Adami and Dan Nathan
BTFD Is Back In Markets! – YouTube
Expect BoC to cut in September and October: Citi’s Clark
Expect BoC to cut in September and October: Citi’s Clark – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer jumped 8.00 to 54.80. It remains Neutral.
The long term Barometer added 6.40 to 69.00. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer jumped 9.29 to 51.77. It remains Neutral.
The long term Barometer added 5.31 to 70.35. It remains Overbought.
Disclaimer: Seasonality ratings 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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August 9th, 2024 at 9:50 am
“Mid-Cycle Slowdown” – That’s recent buzz phrase taking over instead of talk of a possible recession ending the present cycle.
CNBC – Bell has CNBC World streaming this morning instead of CNBC. I called Bell and someone apparently made a network error in programming. They are receiving a lot of calls about it. Maybe they have a summer student at the controls while a technical staff member is on vacation. Instead of Cramer and Faber et al on my screen I saw a prerecorded show with Kevin O’Leary sampling $50,000 whiskey.
August 9th, 2024 at 10:05 am
Trump says he “made a lot of money” giving him better “instincts” than even the Fed chairman on interest rate policy so he should have a say in it. No more data points. It’s all instinct. Meanwhile in Mexico their central bank cut interest rates in response to higher inflation. That is not a typo. Hopefully Trump is not looking at Mexico as a model for future Fed policy.
https://www.cnbc.com/2024/08/08/trump-says-he-should-get-a-say-on-federal-reserve-interest-rate-decisions.html
August 9th, 2024 at 12:00 pm
Morning Larry
Scary times if Trump gets his way. Calm seas today so far, but expect there is another wave of volatility on the horizon. While we are oversold near term, a couple days/weeks like today should get us back to neutral before the next leg down starts. Gardner expects CAD financials have 10% more downside before fair value, that kind of corresponds with a retest of the 200 mda USA/CAD. Energy looks to be on the same track if oil political premium fades so a bunch of balls in the air being juggled at this time.
August 9th, 2024 at 1:41 pm
The $SPX pulled back to the Fibonacci 38% retracement level and bounced back. Not a lot wrong with the chart yet but I can’t help feeling like there is another shoe to drop…….
https://schrts.co/PyzKQURf