Stock Market Outlook for November 14, 2024
CPI results continue to reiterate a discerning consumer mentality, requiring a focus on Consumer Services companies over Consumer Goods during this prime end-of-year spending period.
*** 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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BlackRock International Growth and Income Trust (NYSE:BGY) Seasonal Chart
Invesco Global Listed Private Equity ETF (NYSE:PSP) Seasonal Chart
Invesco Municipal Opportunity Trust (NYSE:VMO) Seasonal Chart
Hydro One Limited (TSE:H.TO) Seasonal Chart
Cambria Emerging Shareholder Yield ETF (AMEX:EYLD) Seasonal Chart
ATS Corporation (TSE:ATS.TO) Seasonal Chart
Hess Midstream Partners LP (NYSE:HESM) Seasonal Chart
Altria Group Inc. (NYSE:MO) Seasonal Chart
Illumina, Inc. (NASD:ILMN) Seasonal Chart
Chartwell Retirement Residences (TSE:CSH/UN.TO) Seasonal Chart
Granite Real Estate Investment Trust (TSE:GRT/UN.TO) Seasonal Chart
Oceaneering Intl, Inc. (NYSE:OII) Seasonal Chart
Federal Agricultural Mortgage (NYSE:AGM) Seasonal Chart
NAPCO Security Technologies, Inc. (NASD:NSSC) Seasonal Chart
Enbridge, Inc. (NYSE:ENB) Seasonal Chart
Computer Task Group, Inc. (NASD:CTG) Seasonal Chart
The Markets
The ongoing rise in the US Dollar continues to weigh on the positivity that had developed in the equity market following the Republican election sweep. The S&P 500 Index was essentially unchanged (+0.02%), holding around the important psychological threshold and the year-end target of many analysts at 6000. Gap support remains unfilled between Tuesday’s close at 5783 and Wednesday’s open at 5864, a zone that still has a reasonable likelihood of being filled, to some degree, before the march higher aligned with seasonal norms continues. On a intermediate-term scale, there remains greater evidence of support than resistance, presenting characteristics of a bullish trend that remains enticing for the strength that is normally realized in the market at year-end. MACD has curled higher above its middle line following the surge in prices in recent days, reconfirming characteristics of a bullish trend. We continue to like how our list of candidates in the market to Accumulate and to Avoid is positioned, but we are cognizant of changing market dynamics as dollar and rate headwinds grow. We will be scrutinizing whether any changes are required in the days/weeks ahead as the price action evolves.
Today, in our Market Outlook to subscribers, we discuss the following:
- US Consumer Price Index (CPI) and the impact that the rise in the cost of borrowing over the past month is having on the result
- Insurance stocks
- Consumer Services over Consumer Goods
- The ongoing above average change in Technology prices and the favourable view that it imposes on stocks in the sector
- Interest rate sensitive sectors (Utilities & REITs)
- Aggregate Bond Fund reaching back to previous resistance, now implied support, from a long-term bottoming pattern
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bullish at 0.83.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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