Pre-opening Comments for Tuesday February 28th
U.S. equity index futures were higher this morning. S&P 500 futures were up 9 points in pre-opening trade.
The Canadian Dollar dipped 0.11 to US73.61 cents following release of Canada’s Gross Domestic Product report at 8:30 AM EST. Consensus for December was an increase of 0.1% versus a gain of 0.1% in November. Actual was a drop of 0.1%. Consensus for GDP growth in 2022 was an increase of 2.7%. Actual was an increase of 2.3%.
Zoom advanced $5.48 to 79.20 after reporting higher than consensus fourth quarter customer growth. The company also offered positive guidance for 2023.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0011-12.png "clip_image001[1]")
Progyny jumped $4.86 to $35.05 after reporting higher than consensus fourth quarter revenues. The company also offered positive guidance for 2023.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0021-16.png "clip_image002[1]")
Meg Energy (MEG.TO Cdn22.48) is expected to open higher after offering positive guidance on bitumen output in 2023
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0031-11.png "clip_image003[1]")
Bank of Montreal (BMO.TO) is expected to open higher after reporting higher than consensus fiscal first quarter operating earnings.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0041-10.png "clip_image004[1]")
Scotia Bank (BNS.TO) is expected to open lower after reporting lower than consensus fiscal first quarter operating earnings.
![clip_image005[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/02/clip_image0051-1.png "clip_image005[1]")
EquityClock’s Daily Comment
Headline reads “Health care providing confounding signals as it struggles below resistance, but a couple of industry groups within the sector continue to show bottoming patterns that we want to be exposed to”.
http://www.equityclock.com/2023/02/27/stock-market-outlook-for-february-28-2023/
Links offered by valued providers
Offense Over Defense As SPX Tests Support | David Keller/The Final Bar (02.27.23)
https://www.youtube.com/watch?v=GHyBBdCFNYA
Not Too Late for Natural Gas | Carl Swenlin & Erin Swenlin | DecisionPoint (02.27.23)
https://www.youtube.com/watch?v=9-pq3lr1p_Q
Technical Notes
Wheat ETN $WEAT moved below $7.23 extending an intermediate downtrend.
Pharmaceutical ETF $PPH moved below $76.19 completing a Head & Shoulders pattern.
Bristol-Myers $BMY an S&P 100 stock moved below $69.80 extending an intermediate downtrend.
Eli Lilly $LLY an S&P 100 stock moved below $315.98 extending an intermediate downtrend.
Natural Gas ETN $UNG moved above intermediate resistance at $8.92. “Gassy” stocks responded accordingly.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Feb.27th 2023
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for Feb.27th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for Feb.27th 2023
Green: Increase from previous day
Red: Decrease from previous day
Links offered by a valued provider
Defensive Names With Growth | Mary Ellen McGonagle | Your Daily Five (02.27.23)
Defensive Names With Growth | Mary Ellen McGonagle | Your Daily Five (02.27.23) – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 2.20 to 47.60. It remains Neutral.
The long term Barometer was unchanged at 59.80. It remains Neutral. Trend remains down.
TSX Momentum Barometers
The intermediate term Barometer slipped 1.70 to 51.49. It remains Neutral.
The long term Barometer added 2.98 to 60.85. It changed from Neutral to Overbought by moving back above 60.00.
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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February 28th, 2023 at 9:33 am
Does anyone know of an etf that concentrates on medical research and diagnostics. An alternative would be a web site where you enter company symbols and it finds etfs that hold those companies.
For example an etf that concentrates on stocks like TMO, DRH, A, IDXX, IQV…
Thanks
February 28th, 2023 at 2:32 pm
Lony,
Don’t know if this might be what you are looking for: IHI – US medical devices ETF.
February 28th, 2023 at 2:47 pm
🙂 Lists R US
https://etfdb.com/etfs/industry/biotechnology/
https://stockcharts.com/freecharts/candleglance.html?XBI,IBB,XLV,ZUH.TO,IHF,IHI,FBT,BBC,BBP,XPH,BBH,PPH,|D|0
https://stockcharts.com/h-sc/ui?s=BIS&p=D&yr=0&mn=4&dy=0&id=p51881648136
February 28th, 2023 at 2:53 pm
https://etfdb.com/etfs/industry/biotechnology/#etfs__returns&sort_name=one_month_return&sort_order=desc&page=1
Interesting Sort.
LABD best one month return. LABU worst 1 mth return.
February 28th, 2023 at 3:43 pm
Rol Lew,
LABD AND LABU are leveraged ETFs – deep end of the pool!
March 1st, 2023 at 8:41 am
Paula and Rol:
Thanks for the input on trying to find an etf that concentrates on the specific industry of medical research and diagnostics.
I poked around a bit and found ‘etfchannel.com’.
You give it the stocks you want in an etf and it tells you the % of the etf represented by those stocks.
For the stocks I wanted in an etf, TMO, DRH, A, IDXX, IQV, only the very broad etfs contain them all.
6.9% of XLV is A IDXX IQV TMO
21.1% of IHI is IDXX TMO
‘etfchannel.com’ looks like a good tool to find industry concentrated etfs.