MY JOURNAL FOR WEDNESDAY MORNING – OCTOBER 30, 2019
NEWS, BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS
Get Picked Up!
With the market broadly pushing to new highs worldwide, the talking TV heads are onto the “what’s-working-lately” narrative. The endless talking frenzy about the wipeout of this years IPOs has been forgotten by the constant chatter of the haunting Halloween Highs coming at us! Well don’t forget to call Uber and Lyft for your party rides, as they appear to be turning higher in the broadening breadth of this market.
Weekly charts don’t do much good on such a short history. Below is a two-hour chart for UBER. It’s clear that the downside slide momentum is breaking, but now we need this chart to turn north and start finding some large institutional investors. It always looks worse when the last candle is rolling over. This chart bears watching for a turn signal. – READ MORE (click here to see charts)
Lastly, I am closing my Founders’ subscription to gregschnell.com in 2 days. It is 68% off the annual rate of $860 for locked-in rate at $285. I have had an outstanding response from all of the people who followed my work at stockcharts.com.
If you are interested in becoming a member, see the instructions below. If you would like to participate in the monthly conference call, you’ll need to register before Thursday.
The monthly conference call for members will be held on Zoom software Friday, November 1 at 5 PM ET. This will be recorded.
As a member, you will receive a 1-hour video, a focused summary PDF of the week, a monthly conference call and a chartlist you can refer to as the charts change. If you would like to sign up for the newsletter as a founder, this will be a one-time offer – once you take it, that price point will never go up! For those of you who are interested in the exclusive content:
- Go to GregSchnell.com
- Click on the Private Investors tab
- Scroll down to the red banner with the three different pricing options
- Select annual plan at $860.00
- Enter coupon code —> FOUNDER
- Click the arrow beside the coupon code – it should discount the price from $860 – $575 = $285 USD
Thanks again for all your support. I look forward to helping you see themes in the market and invest in the trend early on. Please contact me at email@example.com if you need anything or have suggestions.
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies
Stock Market Outlook for October 29, 2019 – EquityClock.com 📊
While the market rotates to more risk-on segments, momentum stocks have not been the beneficiary of this switch. The iShares Momentum Factor ETF (MTUM) has significantly underperformed the market over the past couple of months, trading lower as the broader market trades higher. FANG stocks (Facebook, Amazon, Netflix, and Google) are showing similar. Having peaked in the month of July, these stocks are now well off of the previous peak. There is not anything necessarily wrong with this as long as the breadth of the market remains upbeat and not reliant on the performance of a select group of previous market darlings. – READ MORE (click here to see seasonal charts)
Tech Talk is a free stock market letter service available at TimingTheMarkets.com and EquityClock.com. Ask us about the Seasonal Advantage Portfolio.
5 from 5i: Companies to watch in 2020 – 5iResearch.ca 📝
Top US and China officials meet today to discuss plans for China to buy more US farm products, but in return, China wants cancellation of some planned and existing U.S. tariffs on Chinese imports. Canadian futures remain unchanged and US futures slid following disappointing results from Amazon. The Canadian dollar was 76.12 cents. U.S. S&P500 was up 0.9% this week and TSX was down 0.1%.
S&P500 hit a record high today, despite many sectors seeing a slid this week. Telecommunications slid 5.0%, followed by consumer staples, which slipped 1.6% and real estate, down 1.2%. Healthcare rose 2.5%, followed by materials and industrials, which were up 2.1% and 1.4%, respectively. Agnico Eagle Mines reported better-than-expected profit posting $76.7 million in net income, four-times the amount last year. This was helped by gold prices as they rose 22% in the third quarter from a year ago. Canadian Pacific Railway, also, posted a market-beating quarterly profit of $640 million, up 8.7% from a year before. Another company beating estimates is Teck Resources, helped by strength in its energy and zinc units – READ MORE
Access the full article by signing up for the free 5i trial here.
As part of the free trial, you’ll also receive access to 3 model portfolios (balanced, dividend/income, and growth), over 70 easy-to-understand research reports, and access to over 84,000 answered investment questions.
BREAKOUTS, MOMENTUM PLAYS, & BOTTOMS 📈
Capital Power (TSX:CPX)
Park Lawn (TSX:PLC)
HudBay Minerals (TSX:HBM)
MOMENTUM ALERT SIGNALS 📡
Have a great day! 🙂
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