Stock Market Outlook for December 27, 2023
While the manufacturing economy may be in recession, there are segments that are flourishing and their exposure in investment portfolios is adding significant alpha.
*** 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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CVR Energy Inc. (NYSE:CVI) Seasonal Chart
Martin Midstream Partners L.P. (NASD:MMLP) Seasonal Chart
Verint Systems, Inc. (NASD:VRNT) Seasonal Chart
Autohome Inc. (NYSE:ATHM) Seasonal Chart
iShares 7-10 Year Treasury Bond ETF (NASD:IEF) Seasonal Chart
iShares Agency Bond ETF (NYSE:AGZ) Seasonal Chart
Whitecap Resources Inc. (TSE:WCP.TO) Seasonal Chart
InnSuites Hospitality Trust (AMEX:IHT) Seasonal Chart
SPDR SSGA Global Allocation ETF (AMEX:GAL) Seasonal Chart
Tricon Residential Inc. (NYSE:TCN) Seasonal Chart
Invesco S&P International Developed Momentum ETF (AMEX:IDMO) Seasonal Chart
ETFMG Alternative Harvest ETF (NYSE:MJ) Seasonal Chart
Macy’s Inc. (NYSE:M) Seasonal Chart’
Stericycle, Inc. (NASD:SRCL) Seasonal Chart
Boralex, Inc. (TSE:BLX.TO) Seasonal Chart
Choice Properties REIT (TSE:CHP/UN.TO) Seasonal Chart
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (TSE:XHD.TO) Seasonal Chart
Invesco CurrencyShares Australian Dollar Trust (NYSE:FXA) Seasonal Chart
iShares MSCI Europe Small-Cap ETF (NASD:IEUS) Seasonal Chart
iShares U.S. Oil Equipment & Services ETF (NYSE:IEZ) Seasonal Chart
iShares U.S. Preferred Stock ETF (NASD:PFF) Seasonal Chart
Note: With holiday closures of markets in Canada and the US on Monday and Tuesday, our next report will be released on Wednesday, December 27th.
The Markets
Stocks had a muted showing in the last trading session before the Christmas holiday with major benchmarks remaining close to the flat-line on the day. The S&P 500 Index closed with a gain of just less that two-tenths of one percent, charting a rather indecisive doji candlestick within the range of Wednesday’s downside candlestick that provided an abrupt shock to the bullish thesis that has prevailed heading into the end of the year. The Relative Strength Index (RSI) is back into overbought territory, although it has come off of the most elevated level since September of 2020 and is suggested to be rolling over. Momentum indicators are remaining above their middle lines and moving averages are pointing higher, characteristic of a bullish trend. While we don’t have much reason to expect a peak in the market amidst the Santa Claus rally period through year end, it would not be surprising to see a give-back/digestion of the recent strength through the first couple of months of the new year amidst a seasonally weaker period beyond the first week of January.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- US Durable Goods Orders and what the report has to say about where to allocate in this market
- US New Home Sales and the stocks of the builders
- Canada Gross Domestic Product (GDP)
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for December 27
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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.88.
Seasonal charts of companies reporting earnings today:
- No Significant Earnings Scheduled for Today
S&P 500 Index
TSE Composite
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