U.S. equity index futures were lower this morning. S&P 500 futures were down 9 points in pre-opening trade.
Index futures moved slightly lower following release of U.S. economic news at 8:30 AM EST. Consensus for the November Consumer Price Index was an increase of 0.1% versus a gain of 0.2% in October. Actual was an increase of 0.2%. Excluding food and energy, consensus for the November Consumer Price Index was an increase of 0.1% versus a gain of 0.2% in October. Actual was an increase of 0.2%. Consensus for Weekly Initial Jobless Claims was 725,000 versus revised 716,000 last week. Actual was 853,000.
The European Central Bank announced an expansion of its bond buying program.
Starbucks advanced $3.60 to $104.00 after the company predicted long term annual earnings gains between 10% and 12%.
Adobe added $0.26 to $484.00 after reporting higher than consensus fiscal fourth quarter revenues and earnings.
Darden Restaurants (DRI $114.00) is expected to open higher after Raymond James raised its target price from $120 to $130.
EquityClock's Daily Comment
Following is a link:
http://www.equityclock.com/2020/12/09/stock-market-outlook-for-december-10-2020/
Note seasonality charts on Crude Oil Days of Supply and U.S. Job Openings.
Technical Notes for Wednesday December 9th
Fastenal (FAST), a NASDAQ 100 stock moved above $49.18 to an all-time high extending an intermediate uptrend.
TSX Energy iShares (XEG) moved above $6.10 resuming an intermediate uptrend. Price on U.S. and Canadian energy stocks retreated after the U.S. reported a surprising increase in weekly crude oil inventories
Healthcare Providers iShares (IHF) moved above $235.25 to an all-time high extending an intermediate uptrend.
Baidu (BIDU), a NASDAQ 100 stock moved above $151.18 extending an intermediate uptrend.
Expedia (EXPE), a NASDAQ 100 stock moved above $130.57 extending an intermediate uptrend.
Trader's Corner
Equity Indices and Related ETFs
Daily Seasonal/Technical Equity Trends for December 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Commodities
Daily Seasonal/Technical Commodities Trends for December 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Sectors
Daily Seasonal/Technical Sector Trends for December 9th 2020
Green: Increase from previous day
Red: Decrease from previous day
Market Buzz
Greg Schnell discusses "The Legalization Trade". He discusses the cannabis stocks. Following is a link:
https://www.youtube.com/watch?v=xKxBSEBLGH8&feature=youtu.be&ab_channel=StockCharts
S&P 500 Momentum Barometer
The Barometer slipped 1.60 to 79.76 yesterday. It moved from extremely intermediate overbought to intermediate overbought on a move below 80.00.
TSX Momentum Barometer
The Barometer dropped 3.74 to 70.09 yesterday. It remains intermediate overbought and showing early signs of rolling over.
Disclaimer: Seasonality and technical ratings offered in this report and at
www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed
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