Stock Market Outlook for December 8, 2023
Ahead of the release of the Non-Farm Payroll report for November, jobless claims are indicated to have surged in the post-Thanksgiving week by the most since 2020.
*** 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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Invesco Senior Income Trust (NYSE:VVR) Seasonal Chart
SPDR MSCI Emerging Markets Quality Mix ETF (AMEX:QEMM) Seasonal Chart
iShares North American Natural Resources ETF (NYSE:IGE) Seasonal Chart
WisdomTree International MidCap Dividend Fund (NYSE:DIM) Seasonal Chart
Dynamic iShares Active Preferred (TSE:DXP.TO) Seasonal Chart
ProShares Ultra Silver (NYSE:AGQ) Seasonal Chart
Frontline Ltd. (NYSE:FRO) Seasonal Chart
Cheniere Energy Partners, LP (AMEX:CQP) Seasonal Chart
Plains All American Pipeline, LP (NASD:PAA) Seasonal Chart
Aecon Group Inc. (TSE:ARE.TO) Seasonal Chart
Pioneer Natural Resources Co. (NYSE:PXD) Seasonal Chart
Oracle Corp. (NYSE:ORCL) Seasonal Chart
Hess Corp. (NYSE:HES) Seasonal Chart
iShares S&P/TSX Completion Index ETF (TSE:XMD.TO) Seasonal Chart
Western Resources Corp. (TSE:WRX.TO) Seasonal Chart
Vanguard FTSE Canadian High Dividend Yield Index ETF (TSE:VDY.TO) Seasonal Chart
JD.com, Inc. (NASD:JD) Seasonal Chart
Americas Silver Corp. (TSE:USA.TO) Seasonal Chart
Denison Mines Corp. (AMEX:DNN) Seasonal Chart
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The Markets
Stocks bounced back from their prior day’s decline as the highly rotational market that is normal for this time of year continues. The S&P 500 Index recorded a gain of eight-tenths of one percent, once again reaching back to resistance around the July high at 4600 and keeping the consolidation/digestion zone around 4550 intact. Momentum indicators continue to roll over from overbought territory with MACD on a sell signal following the bearish cross of its signal line that was revealed on Wednesday. But while the technicals portray near-term risks of a pullback, the intermediate trend is suggested to be solid, supported by major moving averages below that are on the rise. Upside gap support that was charted in the middle of November is viewed as the logical retracement zone attributed to the tax loss selling period that runs through the first half of December. We remain fully invested across stocks, bonds, and commodities and there is little to suggest raising cash (yet) in our intermediate-term/seasonal approach as we did back at the end of July.
Today, in our Market Outlook to subscribers, we discuss the following:
- Investment manager exposure to stocks still well below the July highs
- Gold and Gold Miners
- The relative performance of Miners over the commodity and what it has to say about the seasonal/long-term trade in each
- Weekly Jobless Claims and the health of the labor market
- A preview of what to expect for November’s Non-Farm Payroll report
- Wholesale Sales and Inventories
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 8
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Sentiment on Thursday, as gauged by the put-call ratio, ended neutral at 0.96.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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