Stock Market Outlook for April 10, 2019
The change in Job Openings shows the weakest start to a year on record.
*** 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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AeroVironment Inc. (NASD:AVAV) Seasonal Chart
Ennis Business Forms, Inc. (NYSE:EBF) Seasonal Chart
Eros International plc (NYSE:EROS) Seasonal Chart
Edison Intl, Inc. (NYSE:EIX) Seasonal Chart
Intrepid Potash, Inc. (NYSE:IPI) Seasonal Chart
John Wiley & Sons, Inc. Cl A (NYSE:JW/A) Seasonal Chart
The Markets
Stocks drifted lower on Tuesday in typically reversal Tuesday fashion as investors booked profits following the strength that started the month. The S&P 500 Index dipped by six-tenths of one percent, led by some of the strongest performing sectors in recent sessions, including energy and consumer discretionary. Defensive sectors closed flat to positive on the day. The volatility index is showing signs of bouncing from long-term support highlighted on Friday around 12 as investors receive a gut check following evidence of borderline complacency in recent days.
On the economic front, the Job Openings and Labour Turnover survey indicated that openings fell sharply in February, adjusting to the waning growth that the non-seasonally adjusted results suggested previously. The headline print of February’s report indicated that openings fell by 7.1% to 7.087 million in the second month of the year. Analysts were expecting a decline of 0.8% to 7.565 million. Stripping out the seasonal adjustments, job openings actually fell by 10.4% in February to 6.708 million, representing the lowest level in just over a year. The average decline for the second month of the year is 6.2%. To put the levels in context, there were 6.235 million people considered unemployed in February, therefore, whether looking at the adjusted or non-adjusted level, there is at least one job available to everyone that is looking. The year-to-date change in openings is now 14.1% below average through the first two months of the year, representing the weakest start to a year on record. Subscribers received further insight on this report during Tuesday’s session.
Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.86.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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