Stock Market Outlook for December 5, 2024
A notable shift has become apparent in the market early into December as investors show renewed optimism towards growth and shy away from value.
*** 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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Hannan Metals Ltd. (TSXV:HAN.V) Seasonal Chart
ARK Autonomous Technology & Robotics ETF (AMEX:ARKQ) Seasonal Chart
First Trust Dorsey Wright Focus 5 ETF (NASD:FV) Seasonal Chart
Invesco Value Municipal Income Trust (NYSE:IIM) Seasonal Chart
Acme United Corp. (AMEX:ACU) Seasonal Chart
Citizens Financial Services (NASD:CZFS) Seasonal Chart
Royal Canadian Mint – Canadian Silver Reserves (TSE:MNS.TO) Seasonal Chart
iShares Silver Bullion ETF (TSE:SVR/C.TO) Seasonal Chart
Sony Group Corporation (NYSE:SONY) Seasonal Chart
Titanium Transportation Group Inc. (TSE:TTNM.TO) Seasonal Chart
Weyerhaeuser Co. (NYSE:WY) Seasonal Chart
Agnico-Eagle Mines Ltd. (TSE:AEM.TO) Seasonal Chart
Canadian Apartment Properties Real Estate Investment Trust (TSE:CAR/UN.TO) Seasonal Chart
Edwards Lifesciences Corp. (NYSE:EW) Seasonal Chart
Theratechnologies, Inc. (TSE:TH.TO) Seasonal Chart
3D Systems Corp. (NYSE:DDD) Seasonal Chart
Huntsman Corp. (NYSE:HUN) Seasonal Chart
Purecycle Corp. (NASD:PCYO) Seasonal Chart
Nabors Industries, Inc. (NYSE:NBR) Seasonal Chart
XBiotech Inc. (NASD:XBIT) Seasonal Chart
The Markets
The relentless buying demand in the equity market continues as growth stocks attract renewed attention. The S&P 500 Index gained just over six-tenths of one percent, charting a fresh record closing high and continuing to hold above support at the 20-day moving average (5977). Wednesday’s price action provided a jolt to short-term momentum in the market, fuelling a jump from the rising trendline stemming from the November 19th double-bottom support at 5850; a trend of higher-highs and higher-lows remains. On a intermediate-term scale, there remains greater evidence of support than resistance, presenting the desired backdrop for strength that is normally realized in the market at year-end. Major moving averages are all pointed higher and momentum indicators continue to gyrate above their middle lines, providing characteristics of a bullish trend. Our list of candidates in the market to Accumulate and to Avoid remains well positioned to benefit from the strength that is filtering into the market at this seasonally strong time of year, but we will scrutinize whether any changes are required as the price action evolves.
Today, in our Market Outlook to subscribers, we discuss the following:
- Renewed optimism in the market towards growth
- Tendency for rates during post-election years
- US Vehicle Sales and the seasonality for auto stocks
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Sentiment on Wednesday, as gauged by the put-call ratio, ended bullish at 0.72.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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