Stock Market Outlook for October 15, 2024
The services economy is holding up well, even as demand for goods struggles.
*** 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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James Hardie Industries NV (NYSE:JHX) Seasonal Chart
nVent Electric plc. (NYSE:NVT) Seasonal Chart
Inspire Medical Systems, Inc. (NYSE:INSP) Seasonal Chart
Burlington Stores, Inc. (NYSE:BURL) Seasonal Chart
Hollysys Automation Technologies, Ltd. (NASD:HOLI) Seasonal Chart
Hawaiian Holdings, Inc. (NASD:HA) Seasonal Chart
Werner Enterprises, Inc. (NASD:WERN) Seasonal Chart
Sally Beauty Holdings Inc. (NYSE:SBH) Seasonal Chart
Walgreens Boots Alliance, Inc. (NASD:WBA) Seasonal Chart
TJX Cos., Inc. (NYSE:TJX) Seasonal Chart
Robert Half Intl, Inc. (NYSE:RHI) Seasonal Chart
Keycorp (NYSE:KEY) Seasonal Chart
Emerson Electric Co. (NYSE:EMR) Seasonal Chart
iShares U.S. Infrastructure ETF (AMEX:IFRA) Seasonal Chart
iShares Global Real Estate Index ETF (TSE:CGR.TO) Seasonal Chart
Stantec, Inc. (TSE:STN.TO) Seasonal Chart
Wesco Intl, Inc. (NYSE:WCC) Seasonal Chart
PetMed Express, Inc. (NASD:PETS) Seasonal Chart
NetScout Systems, Inc. (NASD:NTCT) Seasonal Chart
Invesco S&P 100 Equal Weight ETF (AMEX:EQWL) Seasonal Chart
3M Co. (NYSE:MMM) Seasonal Chart
Nordson Corp. (NASD:NDSN) Seasonal Chart
Steel Dynamics, Inc. (NASD:STLD) Seasonal Chart
Toromont Industries Ltd. (TSE:TIH.TO) Seasonal Chart
PNC Financial Services Gr (NYSE:PNC) Seasonal Chart
Note: Monday is a stat holiday in Canada (Thanksgiving) and, as a result, our next Market Outlook report will be provided on Tuesday. We will be updating our Weekly Chart Books on schedule on Sunday, but commentary pertaining any ratings changes will be released on Tuesday. If you are celebrating Thanksgiving in Canada or Columbus Day in the US, enjoy the long weekend!
The Markets
Stocks rallied on Friday as positive reaction to earnings from some of the major banks pushed major equity benchmarks to new heights. The S&P 500 Index closed higher by just over six-tenths one percent, charting a fresh record closing high. Support has been maintained at previous resistance of 5669, along with the 20-day moving average that is presently hovering around the same level, keeping the positive trajectory intact. Despite evidence of waning upside momentum within this tail-end to the period of seasonal volatility for stocks, this market is showing greater evidence of support than resistance, a characteristic of a bullish trend. We continue to like the groups that are on our list of Accumulate candidates, but there are certainly segments of the market to Avoid. The ability of the market as a whole to overcome the period of seasonal weakness for stocks rather unscathed is certainly telling of the relentless demand, despite the fact that the risk-reward, broadly, is not very attractive. The start of the best six months of the year for stocks is now just three weeks away and there is a need from a seasonal perspective to ramp up risk exposure at some point.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- Bank stocks
- Canada Labour Force Survey
- The second strongest rise in Canadian unemployment for a non-recessionary period through the first three-quarters of the year on record
- US Producer Price Index (PPI)
- The bond market as it looks to exit its short-term period of seasonal weakness
- Interest rate sensitive sectors
- Gold and Gold Miners
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for October 15
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Sentiment on Friday, as gauged by the put-call ratio, ended slightly bullish at 0.93.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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