Stock Market Outlook for February 10, 2025
A better than average change in employment for January failed to act as the catalyst to break the cap that overhangs the equity market.
*** 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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GSK Plc (NYSE:GSK) Seasonal Chart
Veren Inc. (NYSE:VRN) Seasonal Chart
China Online Education Group (NYSE:COE) Seasonal Chart
Firan Technology Group Corp. (TSE:FTG.TO) Seasonal Chart
Consumer Staples Select Sector SPDR Fund (NYSE:XLP) Seasonal Chart
Radiant Logistics Inc. (AMEX:RLGT) Seasonal Chart
Central Garden & Pet Co. (NASD:CENT) Seasonal Chart
Iridium Communications Inc. (NASD:IRDM) Seasonal Chart
Baytex Energy Corp. (NYSE:BTE) Seasonal Chart
Suncor Energy, Inc. (TSE:SU.TO) Seasonal Chart
Genco Shipping & Trading Ltd. (NYSE:GNK) Seasonal Chart
Vermilion Energy Inc. (NYSE:VET) Seasonal Chart
Teekay Corp. (NYSE:TK) Seasonal Chart
Brookfield Asset Management Inc. (NYSE:BAM) Seasonal Chart
The Markets
Stocks ended lower on Friday following the release of the payroll report for January as traders remained cautious about pushing stocks to new heights amidst ongoing concerns pertaining to a tariff war. The S&P 500 Index fell by nearly one percent, reaching back to support around the 20-day moving average (~6009). The benchmark remains below the upper limit of gap resistance that was opened during the Artificial Intelligence fuelled selloff recorded a week ago Monday between 6017 and 6088. The market remains in a tenuous state as broader momentum dwindles. Momentum indicators have negatively diverged from price since the middle of last year, highlighting the waning enthusiasm investors had been expressing towards tech-heavy benchmarks, like this, amidst extreme valuations. We continue to monitor the potential impact of the apparent rotation in the market on our list of candidates in the market to Accumulate and to Avoid and we have adopted more of a neutral appearance as segments that were previously noted as Accumulate candidates fall off (eg. Technology) and as areas to Avoid are added.
Today, in our Market Outlook to subscribers, we discuss the following:
- Weekly look at the large-cap benchmark
- US Employment Situation and the investment implications within
- The trend of wages and its impact on inflation expectations
Subscribers can look for this report in their inbox or by clicking on the following link and logging in: Market Outlook for February 10
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Sentiment on Friday, as gauged by the put-call ratio, ended bullish at 0.80.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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