Pre-opening Comments for Friday November 22nd
U.S. equity index futures were lower this morning. S&P 500 futures were down 3 points at 8:30 AM EST.
Gap Stores added $3.36 to $25.37 after offering positive guidance for the Christmas season sales.
![clip_image001[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0011-3.png "clip_image001[1]")
Ross Stores gained $10.29 to $153.25 after reporting higher than consensus third quarter results.
![clip_image002[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0021-4.png "clip_image002[1]")
NetApp advanced $6.82 to $133.50 after reporting higher than consensus fiscal second quarter earnings. The company also offered positive third quarter guidance.
![clip_image003[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0031-3.png "clip_image003[1]")
Intuit dropped $36.72 to $641.98 after offering lowering second quarter guidance.
![clip_image004[1]](https://timingthemarket.ca/techtalk/wp-content/uploads/2024/11/clip_image0041-3.png "clip_image004[1]")
EquityClock’s Stock Market Outlook for November 22nd
Stocks are surging higher from the gaps that were opened following election day, confirming the zone as support. See:
https://equityclock.com/2024/11/21/stock-market-outlook-for-november-22-2024/
Technical Notes
U.S. Insurance iShares $IAK moved above $133.82 to an all-time high extending an intermediate uptrend.
Energy iShares $XLE moved above $97.38 to an all-time high extending an intermediate uptrend.
BMO Equal Weight Canadian Oil ETF $ZEO.TO moved above Cdn$77.00 to an all-time high extending an intermediate uptrend.
“Gassy” Canadian stocks moved higher on increasing natural gas prices. ARC Resources $ARX.TO moved above Cdn$26.24 to an all-time high. Peyto Exploration & Development $PEY.TO moved above Cdn$16.20 to an all-time high.
Royal Bank $RY.TO a TSX 60 stock moved above $173.61 to an all-time high extending an intermediate uptrend.
Cameco $CCJ a TSX 60 stock moved above US$58.72 to an all-time high extending an intermediate uptrend. Cameco in Canadian Dollars $CCO.TO also closed at an all-time high.
Pembina Pipeline $PPL.TO a TSX 60 stock moved above Cdn$59.86 to an all-time high extending an intermediate uptrend.
Soybean ETN moved below $21.02 to a three year low extending an intermediate downtrend.
Trader’s Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for November 21st 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 November 21st 2024
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for November 21st 2024
Green: Increase from previous day
Red: Decrease from previous day
Links offered by valued providers
BIG Stock Market Rally is Coming – Here’s Why: Tom Bowley
BIG Stock Market Rally is Coming – Here’s Why – YouTube
Goldman: Market volatility will surge—it’ll be a December to remember.
Goldman: Market volatility will surge—it’ll be a December to remember. – YouTube
Bitcoin hits fresh record, marches toward $100,000
Bitcoin hits fresh record, marches toward $100,000 – YouTube
Beware The "Drag 7" Stocks: Guy Adami, Dan Nathan and Carter Worth
Beware The "Drag 7" Stocks – YouTube
S&P 500 Momentum Barometers
The intermediate term Barometer added 5.20 to 61.00. It changed from Neutral to Overbought on a move above 60.00.
The long term Barometer added 1.80 to 71.40. It remains Overbought.
TSX Momentum Barometers
The intermediate term Barometer advanced 5.02 to 63.93. It changed from Neutral to Overbought on a move above 60.00.
The long term Barometer added 3.20 to 75.34. 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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November 22nd, 2024 at 9:52 am
RE: JB from yesterday
Fully agree with you on the Nat Post being awful and Rosie being useless. Target’s triple miss (top and bottom line and lower guide) comes after last quarters triple beat. I think it is Target specific (bad inventory management, prices too high = consumers going elsewhere), stock is getting re-rated down (no longer big box retailer PE) and they’re losing market share badly. Look at the dollar stores in the USA as well (opposite of Dollarama), they’re struggling. Too much competition.
As for Trump, his policies, tariffs and even the talk of trade restrictions can rattle the market and individual stocks like he did in his first term. Ken Griffin (fund manager went on CNBC) said that Trump’s policies can cause crony capitalism. Where businesses that are good with Trump will get preferential treatment (less or trade restrictions) like Tesla, and companies that do layoffs like GM will get blasted. I see this happening when Trump goes back in the WH.
Also, I did see yesterday a tweet from Jon Najarian about a very large bet on volatility (VIX) for January. If this is the case, then having cash on hand would be a good bet.
November 22nd, 2024 at 10:07 am
RE: Larry from yesterday
The options market really screws up everything. It seems like too many people are gambling with options to make a quick buck and do not care about long term price appreciation. The price upgrades were not as high as I would have thought (most PTs in the $175-185 range).
Also, NVDA dominates the S&P and Nasdaq and now in the Dow, so any sell off would definitely
take indices with it. I don’t think sector rotation will save those levels as all the chips and even tech would go along for the ride down.
Aren’t you worried about a possible pullback in financials and fintech? I get the whole de-regulation talk, but the last time I’ve seen this type of XLF rise was way back during the band aid fix to the European PIGS fiasco.
November 22nd, 2024 at 1:01 pm
Neil ON – There are always pullbacks but looking longer term financials did nothing since peaking in 2007 until making a new high in 2021. That was a 14 year bear market in financials. XLF then tested the break above the 2007 high during the short 2022-23 bear market and since then has been making new highs. The analysis I agree with is that we are still in the early stage of a longer bull-run in financials.