Pre-opening Comments for Thursday October 12th
U.S. equity index futures were higher this morning. S&P 500 futures were up 7 points at 8:35 AM EDT.
Index futures dropped 11 points following release of the September Consumer Price Index released at 8:30 AM EDT. Consensus was an increase of 0.3% versus a gain of 0.3% in August. Actual was an increase of 0.4%. On a year-over-year basis, consensus was an increase of 3.6% versus a gain of 3.7% in August. Actual was an increase of 3.7%. Excluding food and energy, consensus was an increase of 0.3% versus a gain of 0.3% in August. Actual was an increase of 0.3%. On a year-over-year basis, core CPI was expected to increase 4.1% versus a gain of 4.3% in August. Actual was an increase of 4.1%.
Delta Airlines added $0.25 to $35.90 after reporting higher than consensus third quarter revenues.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0011-4.png "clip_image001[1]")
Ford dropped $0.28 to $11.97 after a strike was called on its most profitable production facility.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0021-6.png "clip_image002[1]")
Wallgreens Boots dropped $0.18 to $22.42 after reporting less than consensus fiscal fourth quarter earnings.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2023/10/clip_image0031-3.png "clip_image003[1]")
EquityClock’s Daily Comment
Headline reads “The defensive tilt that has materialized in recent days has the prospect of disrupting the massive short bet that managed money have been holding in treasury bond futures”.
https://equityclock.com/2023/10/11/stock-market-outlook-for-october-12-2023/
Technical Notes
Eli Lilly $LLY an S&P 100 stock moved above $601.84 to an all-time high extending an intermediate uptrend.
Meta Platforms $META a NASDAQ 100 stock moved above $326.20 extending an intermediate uptrend.
CSX $CSX a NASDAQ 100 stock moved above $31.57 setting an intermediate uptrend.
Intuitive Surgical $ISRG a NASDAQ 100 stock moved below $282.50 extending an intermediate downtrend.
Bausch Health $BHC.TO a TSX 60 stock moved below Cdn$10.14 setting an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for Oct.11th 2023
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 October 11th 2023
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for October 11th 2023
Green: Increase from previous day
Red: Decrease from previous day
Link offered by valued provider
Q&A with David Keller, CMT (Original Broadcast 10.11.23)
https://www.youtube.com/watch?v=dGaEDQVF_vo
S&P 500 Momentum Barometers
The intermediate term Barometer added another 7.00 to 32.20. It remains Oversold. Daily trend is up
The long term Barometer slipped 0.60 to 43.60. It is Neutral.
TSX Momentum Barometers
The intermediate term Barometer gained 8.85 to 34.96. It remains Oversold. Daily trend is up.
The long term Barometer added 5.31 to 41.15. It changed from Oversold to Neutral on a move above 40.00. Daily trend is 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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October 12th, 2023 at 10:05 am
Energy – A few months ago there were calls by analysts that Cdn oil and gas companies were comparatively undervalued compared to their US counterparts. We are starting to see relative outperformance in Cdn energy over the last month. XEG is firmly above the 20 and 50 day MAs and not far from its’ highs while XLE and XOP are close to but struggling to clear those two levels. I’m liking the performance and valuation of IMO which is scheduled to release Q3 earnings on Oct 27th.