Stock Market Outlook for December 11, 2024
Post-election year tendencies suggest that we could see a stronger than average appreciation in the US Dollar early in 2025, threatening to pressure risk assets in January and February.
*** 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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Blue Ribbon Income Fund (TSE:RBN/UN.TO) Seasonal Chart
Geodrill Ltd. (TSE:GEO.TO) Seasonal Chart
New Pacific Metals Corp. (AMEX:NEWP) Seasonal Chart
Tortoise Energy Infrastructure Corp. (NYSE:TYG) Seasonal Chart
Gold Terra Resource Corp (TSXV:YGT.V) Seasonal Chart
Optical Cable Corp. (NASD:OCC) Seasonal Chart
SPDR S&P Pharmaceuticals ETF (NYSE:XPH) Seasonal Chart
SPDR S&P Emerging Markets ETF (AMEX:SPEM) Seasonal Chart
Source Capital, Inc. (NYSE:SOR) Seasonal Chart
Invesco S&P 500 Equal Weight Energy ETF (NYSE:RSPG) Seasonal Chart
Kelso Technologies, Inc. (TSE:KLS.TO) Seasonal Chart
Colliers International Group Inc. (TSE:CIG.TO) Seasonal Chart
Berry Petroleum Corp. (NASD:BRY) Seasonal Chart
Empire Petroleum Corp. (AMEX:EP) Seasonal Chart
Currency Exchange Intl, Corp. (TSE:CXI.TO) Seasonal Chart
Avino Silver & Gold Mines Ltd. (TSE:ASM.TO) Seasonal Chart
Rockwell Medical Technologies, Inc. (NASD:RMTI) Seasonal Chart
America’s Car-Mart, Inc. (NASD:CRMT) Seasonal Chart
Ambev SA (NYSE:ABEV) Seasonal Chart
Sienna Senior Living Inc. (TSE:SIA.TO) Seasonal Chart
Bonterra Energy Corp. (TSE:BNE.TO) Seasonal Chart
BMO Equal Weight REITs Index ETF (TSE:ZRE.TO) Seasonal Chart
Surge Energy Inc. (TSE:SGY.TO) Seasonal Chart
Whitecap Resources Inc. (TSE:WCP.TO) Seasonal Chart
iShares S&P/TSX Capped Energy Index ETF (TSE:XEG.to) Seasonal Chart
iShares North American Natural Resources ETF (NYSE:IGE) Seasonal Chart
iShares U.S. Oil & Gas Exploration & Production ETF (NYSE:IEO) Seasonal Chart
Pason Systems, Inc. (TSE:PSI.TO) Seasonal Chart
BMO China Equity Index ETF (TSE:ZCH.TO) Seasonal Chart
iShares S&P/TSX Canadian Preferred Share Index ETF (TSE:CPD.TO) Seasonal Chart
The Markets
Stocks continued to drift lower into the Tuesday session as end-of-year portfolio transactions are conducted before the distractions surrounding the holidays begin. The S&P 500 Index shed three-tenths of one percent, pulling back from the record closing high charted on Friday. Support is being encroached upon at the 20-day moving average (5995). The benchmark has now moved below the gap that was charted last week between 6051 and 6065 and focus is now appropriate on levels surrounding the psychologically important 6000 level. While not definitive that the short-term trajectory of the benchmark has shifted (unlikely ahead of the Santa Claus rally period), the benchmark is moving below rising trendline support that stems from the November 19th low. On a intermediate-term basis, 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:
- The ongoing trend of underperformance of the Equal Weight S&P 500 Index versus its capitalization weighted counterpart
- US Dollar Index holding below horizontal resistance at 107 progressing through this seasonally negative time of year for the currency
- Tendencies for the Dollar and Gold during the Post Election years
- The seasonal trade in precious metals and their miners
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Sentiment 0n Tuesday, as gauged by the put-call ratio, ended bullish at 0.85.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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