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Stock Market Outlook for February 9, 2024

Energy commodities showing a bullish setup as their period of seasonal strength gets set to begin.

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*** 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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Iridium Communications Inc. (NASD:IRDM) Seasonal Chart

Iridium Communications Inc. (NASD:IRDM) Seasonal Chart

MYR Group, Inc. (NASD:MYRG) Seasonal Chart

MYR Group, Inc. (NASD:MYRG) Seasonal Chart Group Limited (NASD:TCOM) Seasonal Chart Group Limited (NASD:TCOM) Seasonal Chart

Genco Shipping & Trading Ltd. (NYSE:GNK) Seasonal Chart

Genco Shipping & Trading Ltd. (NYSE:GNK) Seasonal Chart

Chemours Co. (NYSE:CC) Seasonal Chart

Chemours Co. (NYSE:CC) Seasonal Chart



The Markets

Stocks closed marginally higher on Thursday with the S&P 500 Index continuing to knock on the door of the psychologically important 5,000 level.  The large-cap benchmark gained a mere 0.06%, still working away at fulfilling the upside potential of the ultra short-term bull flag pattern that was observed in recent days.  Short-term support remains embedded at the 20-day moving average (4875) and momentum indicators are maintaining characteristics of a bullish trend above their middle lines.  The strength in the past couple of sessions has pushed the benchmark back into overbought territory, but while this could always lead to the risk of short-term buying exhaustion, it is just another attribute of an intermediate-term bullish path.  Seasonal tendencies call for strength for stocks through the first half of February, followed by weakness through the back half and this seems like a reasonable bet once the pull towards the important 5,000 level is complete.

Today, in our Market Outlook to subscribers, we discuss the following:

  • Incremental bullishness emerging in the energy sector as the period of seasonal strength gets underway
  • The bullish setup in energy commodity prices
  • Weekly jobless claims and the health of the labour market
  • US Wholesale Trade and the concerning trend it is portraying pertaining to the health of the economy

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Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.85.



Seasonal charts of companies reporting earnings today:

Pepsico, Inc. Seasonal Chart Enbridge Inc Seasonal Chart Fortis Inc. Seasonal Chart Magna International, Inc. Seasonal Chart W. P. Carey Inc. Seasonal Chart Plains All American Pipeline, L.P. Seasonal Chart Catalent, Inc. Seasonal Chart Essent Group Ltd. Seasonal Chart Mr. Cooper Group Inc. Seasonal Chart Newell Brands Inc. Seasonal Chart Plains GP Holdings, L.P. Seasonal Chart Sensient Technologies Corporation Seasonal Chart Construction Partners, Inc. Seasonal Chart Proto Labs, Inc. Seasonal Chart AMC Networks Inc. Seasonal Chart Canopy Growth Corporation Seasonal Chart Motorcar Parts of America, Inc. Seasonal Chart



S&P 500 Index


TSE Composite




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