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Stock Market Outlook for March 22, 2019


Gauge of manufacturing conditions bounces back in March, returning to normal levels.

 

Real Time Economic Calendar provided by Investing.com.

 

*** 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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Pioneer Energy Services Corp. (NYSE:PES) Seasonal Chart

Pioneer Energy Services Corp. (NYSE:PES) Seasonal Chart

Movado Group, Inc. (NYSE:MOV) Seasonal Chart

Movado Group, Inc. (NYSE:MOV) Seasonal Chart

Manchester United Ltd. (NYSE:MANU) Seasonal Chart

Manchester United Ltd. (NYSE:MANU) Seasonal Chart

Petrochina Co. (NYSE:PTR) Seasonal Chart

Petrochina Co. (NYSE:PTR) Seasonal Chart

Boeing Co. (NYSE:BA) Seasonal Chart

Boeing Co. (NYSE:BA) Seasonal Chart

H. B. Fuller Co. (NYSE:FUL) Seasonal Chart

H. B. Fuller Co. (NYSE:FUL) Seasonal Chart

China Mobile Ltd. (NYSE:CHL) Seasonal Chart

China Mobile Ltd. (NYSE:CHL) Seasonal Chart

AES Corp. (NYSE:AES) Seasonal Chart

AES Corp. (NYSE:AES) Seasonal Chart

Great Canadian Gaming Corp. (TSE:GC.TO) Seasonal Chart

Great Canadian Gaming Corp. (TSE:GC.TO) Seasonal Chart

 

 

The Markets

Stocks surged on Thursday as investors took comfort in the Fed’s dovish comments following their two-day meeting on Wednesday.  The S&P 500 Index jumped by 1.09%, moving to another multi-month high.  The session was led by a mix of growth and defensive stocks as investors take into account the lower cost of borrowing; financials were the lone sector to close in the red.

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On the economic front, a key gauge of manufacturing activity bounced back in March, showing results that are more typical for this time of year.  The headline print of March’s Philadelphia Fed Business Outlook Survey showed that the business conditions index rebounded to +13.7 from –4.1 previous.  Analysts were expecting a print of +5.5.  Stripping out the seasonal adjustments, the actual level of the business conditions index was +30.2, which is slightly higher than the average read for this time of year of +25.9.  The index came in well below average in February, the result of colder and wetter than average weather that impacted manufacturing conditions.  The report suggests a snap back into the end of the first quarter when optimism amongst manufacturers is typically the highest.

Philadelphia Manufacturing Business Outlook Survey Seasonal Chart

Sentiment on Thursday, as gauged by the put-call ratio, ended bullish at 0.77.  Throughout the day, the ratio of puts to calls was pointing to complacency with levels sinking to as low as 0.54.  The bearish slate that was dominant at the end of 2018 has been wiped clean, resulting in the present bullish tilt.  Increasingly, this is making the equity market become vulnerable as portfolio protections are replaced with bullish bets.

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Seasonal charts of companies reporting earnings today:

Destination XL Group, Inc. (DXLG) Seasonal Chart Hibbett Sports, Inc. (HIBB) Seasonal Chart JinkoSolar Holding Company Limited (JKS) Seasonal Chart Tiffany & Co. (TIF) Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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