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Stock Market Outlook for May 24, 2013


Upcoming US Events for Today:

  1. Durable Goods Orders for April will be released at 8:30am.   The market expects a month-over-month increase of 1.1% versus a decline of 5.7% previous.   Excluding Transportation the increase is expected to show 0.4% versus a decline of 1.4% previous.


Upcoming International Events for Today:

  1. German GDP for the First Quarter will be released at 2:00am EST.   The market expects a year-over-year decline of 0.2% versus an increase of 0.4% previous.
  2. German Economic Sentiment for May will be released at 4:00am EST.   The market expects 104.6 versus 104.4 previous.


Recap of Yesterday’s Economic Events:

Event Actual Forecast Previous
AUD Consumer Inflation Expectation 2.30%   2.20%
CNY HSBC Flash Manufacturing PMI 49.6 50.4 50.4
EUR French Purchasing Manager Index Services 44.3 44.5 44.3
EUR French Purchasing Manager Index Manufacturing 45.5 44.7 44.4
EUR German Purchasing Manager Index Manufacturing 49 48.5 48.1
EUR German Purchasing Manager Index Services 49.8 50 49.6
EUR Euro-Zone Purchasing Manager Index Manufacturing 47.8 47 46.7
EUR Euro-Zone Purchasing Manager Index Services 47.5 47.2 47
EUR Euro-Zone Purchasing Manager Index Composite 47.7 47.2 46.9
GBP Total Business Investment (QoQ) -0.40%   -0.80%
GBP Total Business Investment (YoY) 0.70%   0.80%
GBP Gross Domestic Product (QoQ) 0.30% 0.30% 0.30%
GBP Gross Domestic Product (YoY) 0.60% 0.60% 0.60%
USD Initial Jobless Claims 340K 345K 363K
USD Continuing Claims 2912K 3000K 3009K
USD Markit US PMI Preliminary 51.9 51.2 52.1
USD House Price Purchase Index (QoQ) 2.00%   1.50%
USD House Price Index (MoM) 1.30% 0.80% 0.90%
EUR Euro-Zone Consumer Confidence -21.9 -21.8 -22.3
USD New Home Sales 454K 425K 444K
USD New Home Sales (MoM) 2.30% 1.90% 3.50%
USD EIA Natural Gas Storage Change 89 92 99
USD Kansas City Fed Manf. Activity 2 -4 -5
NZD Trade Balance (New Zealand dollars) 157M 480M 732M


The Markets

Seasonal charts of companies reporting earnings today:



Sentiment on Thursday, as gauged by the put-call ratio, ended bearish at 1.01.



S&P 500 Index


Chart Courtesy of



TSE Composite


Chart Courtesy of



Horizons Seasonal Rotation ETF (TSX:HAC)

  • Closing Market Value: $13.32 (down 0.22%)
  • Closing NAV/Unit: $13.32 (down 0.04%)


2013 Year-to-Date Since Inception (Nov 19, 2009)
HAC.TO 4.72% 33.2%

* performance calculated on Closing NAV/Unit as provided by custodian 

Click Here to learn more about the proprietary, seasonal rotation investment strategy developed by research analysts Don Vialoux, Brooke Thackray, and Jon Vialoux.


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