Stock Market Outlook for November 30, 2023
Injections to the Strategic Petroleum Reserve (SPR) have restarted, presenting a bullish backdrop for the price of oil heading into its period of seasonal strength for price.
*** 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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WisdomTree Emerging Markets Dividend Fund (AMEX:DVEM) Seasonal Chart
iShares MSCI China A ETF (AMEX:CNYA) Seasonal Chart
iShares MSCI Ireland Capped ETF (NYSE:EIRL) Seasonal Chart
Sibanye Stillwater Ltd (NYSE:SBSW) Seasonal Chart
iShares MSCI Global Silver Miners ETF (AMEX:SLVP) Seasonal Chart
Global X SuperDividend Emerging Markets ETF (AMEX:SDEM) Seasonal Chart
iShares MSCI EAFE Small-Cap ETF (NASD:SCZ) Seasonal Chart
Starcore International Mines Ltd. (TSE:SAM.TO) Seasonal Chart
SPDR MSCI World Quality Mix ETF (AMEX:QWLD) Seasonal Chart
Sprott Physical Silver Trust ETF (NYSE:PSLV) Seasonal Chart
SPDR DoubleLine Total Return Tactical ETF (AMEX:TOTL) Seasonal Chart
Cambria Emerging Shareholder Yield ETF (AMEX:EYLD) Seasonal Chart
Sprouts Farmers Market Inc. (NASD:SFM) Seasonal Chart
Magna Intl, Inc. (TSE:MG.TO) Seasonal Chart
Rayonier, Inc. (NYSE:RYN) Seasonal Chart
Yangarra Resources Ltd. (TSE:YGR.TO) Seasonal Chart
Capstone Copper Corp (TSE:CS.TO) Seasonal Chart
iShares MSCI EAFE ETF (NYSE:EFA) Seasonal Chart
Micron Technology, Inc. (NASD:MU) Seasonal Chart
Hershey Foods Corp. (NYSE:HSY) Seasonal Chart
iShares MSCI Global Metals & Mining Producers ETF (AMEX:PICK) Seasonal Chart
iShares MSCI Frontier 100 ETF (AMEX:FM) Seasonal Chart
iShares MSCI Europe Financials ETF (NASD:EUFN) Seasonal Chart
WisdomTree Emerging Markets High Dividend Fund (NYSE:DEM) Seasonal Chart
iShares Yield Optimized Bond ETF (AMEX:BYLD) Seasonal Chart
Fairfax India Holdings Corp. (TSE:FIH/U.TO) Seasonal Chart
The Markets
Stocks had another lacklustre showing on Wednesday as the buying demand out of the October low slows heading into the normal tax-loss selling period. The S&P 500 Index closed down by just less than one tenth of one percent, continuing to show signs of stalling below the July high and resistance at 4600. Momentum initiators continue to roll over from overbought territory and the MACD histogram continues to contract, setting up for a pending sell signal for the momentum indicator in the days ahead as the market digests the strength delivered over the past month. Levels of support below remain plentiful, working to keep the positive intermediate-term path of the benchmark intact. A pullback through the weeks ahead coinciding with the traditional tax-loss selling period would present the ideal setup to become aggressive again in risk for the Santa Claus rally period that spans the back half of December and into the start of the new year. For now, the near-term risk-reward is less than favourable although all we really care about for positioning in portfolios is the intermediate direction coinciding with a seasonal framework, therefore there is little to respond to as it pertains to our strategy.
Today, in our Market Outlook to subscribers, we discuss the following:
- The seasonal trade in Bank stocks
- US Petroleum Status, the re-start of injections to the SPR, and its implications for the price of Oil
- US International Trade and the impact on the results from the recent auto strikes
- US New Home Sales and the stocks of the builders
- Forestry stocks breaking out
- Overly bullish investor sentiment
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for November 30
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Sentiment on Wednesdy, according to the put-call ratio, ended overly bullish at 0.73.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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