Equity Clock

Stock Market Outlook for November 29, 2021

Omicron strategy session: We’ll tell you what to look out for and what to do in portfolios with COVID concerns re-escalating.

 

 

*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.   As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.

Stocks Entering Period of Seasonal Strength Today:

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Apache Corp. (NASD:APA) Seasonal Chart

Methanex Corp. (TSE:MX.TO) Seasonal Chart

B2Gold Corp. (TSE:BTO.TO) Seasonal Chart

McEwen Mining Inc. (TSE:MUX.TO) Seasonal Chart

Hooker Furniture Corp. (NASD:HOFT) Seasonal Chart

Continental Resources Inc. (NYSE:CLR) Seasonal Chart

SPDR MSCI World Quality Mix ETF (AMEX:QWLD) Seasonal Chart

Norbord, Inc. (NYSE:OSB) Seasonal Chart

SPDR S&P Emerging Markets Small Cap ETF (NYSE:EWX) Seasonal Chart

Invesco Active U.S. Real Estate ETF (NYSE:PSR) Seasonal Chart

J.P. Morgan Chase & Co. (NYSE:JPM) Seasonal Chart

Precision Drilling Corp. (NYSE:PDS) Seasonal Chart

Trevali Resources Corp. (TSE:TV.TO) Seasonal Chart

Ur-Energy, Inc. (TSE:URE.TO) Seasonal Chart

Graco, Inc. (NYSE:GGG) Seasonal Chart

Blackstone Group Inc. (NYSE:BX) Seasonal Chart

Global X Copper Miners ETF (NYSE:COPX) Seasonal Chart

 

 

The Markets

Investors received a rude awakening in the post Thanksgiving session as concerns over the evolution of the COVID virus ballooned following the discovery of a variant of concern in South Africa.  The S&P 500 Index plunged by over 2.38% at the lows of the day to end the holiday shortened session down by 2.27%.  The benchmark broke below short-term support at the 20-day moving average and is closing in on intermediate support at the 50-day, a level that we have highlighted in recent weeks as presenting the downside risk to this market.  The intermediate hurdle currently sits at 4527, or another 1.4% below present levels.  Momentum indicators remain on sell signals that were triggered a couple of weeks ago, however, despite the abrupt drop in the Friday session, they continue to show characteristics of a bullish trend.  While downside risks remain, particularly given that portfolio managers would have taken the post holiday session off, it is reasonable to expect follow through into the start of next week, but the positive trend of the benchmark is by no means broken.  Positive trends remain intact on intermediate and long-term timeframes.

Today, in our Market Outlook to subscribers, we break down everything that we are looking at and the prudent strategy to navigate this latest uptick in concerns pertaining to the coronavirus. 

 

Subscribe now and we’ll send you this Omicron Strategy Session.

Sentiment on Friday, as gauged by the put-call ratio, ended slightly bullish at 0.92.

 

Seasonal charts of companies reporting earnings today:

 

 

S&P 500 Index

 

TSE Composite

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