Pre-opening Comments for Wednesday February 1^st

U.S. equity index futures were lower this morning. S&P 500 futures were down 10 points in pre-opening trade.

Focus today is on the FOMC meeting announcement at 2:00 PM EST. Consensus calls for a 0.25% increase in the Fed Fund Rate to 4.50%-4.75%.

Snap dropped $1.59 to $9.56 after issuing negative revenue guidance.

Electronic Arts dropped $8.38 to $120.30 after issuing negative earnings guidance.

Match fell $4.01 to $50.01 after reporting lower than consensus fourth quarter revenues and earnings.

Stryker gained $9.19 to $263.00 after reporting higher than consensus fourth quarter revenues and earnings.

 

EquityClock’s Daily Comment

Headline reads “Some of the cheapest stocks in the market with fundamental tailwinds behind them are moving above significant horizontal support”.

http://www.equityclock.com/2023/01/31/stock-market-outlook-for-february-1-2023/

 

Technical Notes

Financial SPDRs $XLF moved above $36.26 extending an intermediate uptrend.

Midcap 400 SPDRs $MDY moved above $479.30 extending an intermediate uptrend.

Russell 2000 iShares $IWM moved above $188.69 extending an intermediate uptrend.

U.S. Insurance iShares $IAK moved above $94.62 to an all-time high extending an intermediate uptrend.

Okta $OKTA a NASDAQ 100 stock moved above $74.18 extending an intermediate uptrend

Lundin Mining $LUN.TO moved above Cdn$9.95 extending an intermediate uptrend.

 

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 31^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Commodities

Daily Seasonal/Technical Commodities Trends for January 31^st 2023

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 31^st 2023

Green: Increase from previous day

Red: Decrease from previous day

 

Links offered by valued providers

Comments from Wall Street’s biggest “bear”

https://www.marketwatch.com/story/bear-market-unlike-anything-ive-seen-since-starting-on-the-street-in-1980-says-short-selling-legend-jim-chanos-11675161730?itm_source=parsely-api&mod=mw_pushly&send_date=20230131

 

Tom Bowley asks “Has the S&P 500 topped”?

https://www.youtube.com/watch?v=pCl152odcCc

 

A Note from Michael Campbell

February 2020 – at the World Outlook Financial Conference we said get ready for the new bull market in commodities driven by demand for resources needed for renewable energy and EVs. (Martin Armstrong said to be bullish on stocks starting March 23^rd…turned out to be THE bottom in the pandemic panic.)

February 2021 – at the WOFC we said lock in your borrowing rates and sell your bonds. 
We added oil, gas and uranium to the long term commodity bull market portfolio because the 5,000 year low in interest rates was in and the era of cheap energy was over.

February 2022 – at the WOFC we warned interest rates about to explode and said to buy short ETFs on stocks for a strong downturn in response to rising rates and the end of the era of easy money

 

February 2023 – ????
Hi ,
This is what Jon Hamm’s character on the hit tv show Mad Men called a teaser. But I can’t do that to you. Instead, I’ll tell you what I think is happening.

• We’re in the early innings of a monetary crisis.
• The first leg of the commodity bull market is over with many more legs to come with the energy provided by oil, natural gas, uranium and coal.
• Food will continue higher and combined and rising energy costs will fuel more social unrest…revolutionary unrest.  
• The end of the fossil fuel era is a long way off. In fact, demand will increase as emerging markets develop and the world’s most impoverished nations look to improve the lives of the 840 million who live on less than $1.90 a day. Meanwhile energy supplies won’t keep up with demand, which in turn will force prices higher.
• On top of the massive changes geopolitically with the world moving into two broad power spheres – China/Russia vs the West led by the US. No one should underestimate the investment risk inherent if the current tensions escalate. Martin Armstrong, who will be with us at the World Outlook Conference on both Friday and Saturday, thinks all indications are that we’re already into the early stages of World War III. I’ll get him to elaborate.

I could go…and on…and on but failing to appreciate the environment we’re in and the inherent risks will be financially devastating. It already is for people who are renewing their mortgage along with people with prime plus loans and HELOCs who’ve seen the interest rate double in 10 months. Or watched as the traditional 60/40 portfolio has its biggest losses on record.

So What Do You Do? 
A huge part of the World Outlook Financial Conference on Friday and Saturday will focus on what individuals can do specifically to protect themselves AND take advantage of the opportunities.
In order to do that I’ve invited some of the top analysts in the English speaking world – Greg Weldon, James Thorne, Paul Beattie and Martin Armstrong. Josef Schachter will talk about the countdown to massive opportunities in oil and gas.
I’m also thrilled that for the first time The Macro Tourist, Kevin Muir and TG Macro’s Tony Greer will be in Vancouver – and I’ve got my pen and notebook ready. Keystone’s Ryan Irvine and Aaron Dunn will present The World Outlook Small Cap portfolio, whose performance over the past 12 years can only be described as spectacular (yes, I put that kind of pressure on them to repeat it.)
That’s enough from me (don’t say, “finally I agree with him”). 
I get that spending Friday night and all day Saturday at the World Outlook Financial Conference is not everyone’s cup of tea – there may be something good on tv, but big things are happening financially and economically that we can’t afford to ignore – at the risk of our financial future.
I’m looking forward to seeing you there. Don’t hesitate and to come up and say hi.
All my best, 
Mike

When: Friday evening, February 3 and all day Saturday, February 4, 2023
Where: Westin Bayshore Conference Centre, Vancouver BC
To Book Your Ticket:  CLICK HERE or go to worldoutlookconference.com

P.S.   If you can’t join us in person, the HD streaming video archive will be available for viewing 48 hours after the Conference ends. You get unlimited access to all our mainstage speakers, plus a select group of industry workshops. Watch from anywhere in the world, from any device. CLICK HERE and scroll to the bottom of the Store page to order.

 

S&P 500 Momentum Barometers

The intermediate term Barometer advanced 7.00 to 74.00. It remains Overbought.

The long term Barometer added 7.00 to 72.40. It remains Overbought. Trend remains up.

 

TSX Momentum Barometers

The intermediate term Barometer advanced 4.24 to 79.23. It remains Overbought.

The long term Barometer added 2.12 to 72.88. It remains Overbought. Trend remains up.

 

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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