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Stock Market Outlook for May 23, 2019


S&P 500 Index showing an important pivot point at 2853.

 

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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Deckers Outdoor Corp. (NYSE:DECK) Seasonal Chart

Deckers Outdoor Corp. (NYSE:DECK) Seasonal Chart

Quidel Corp. (NASD:QDEL) Seasonal Chart

Quidel Corp. (NASD:QDEL) Seasonal Chart

Westshore Terminals Investment Corp. (TSE:WTE.TO) Seasonal Chart

Westshore Terminals Investment Corp. (TSE:WTE.TO) Seasonal Chart

G-III Apparel Group, Ltd. (NASD:GIII) Seasonal Chart

G-III Apparel Group, Ltd. (NASD:GIII) Seasonal Chart

Destination XL Group, Inc. (NASD:DXLG) Seasonal Chart

Destination XL Group, Inc. (NASD:DXLG) Seasonal Chart

Blackbaud Inc. (NASD:BLKB) Seasonal Chart

Blackbaud Inc. (NASD:BLKB) Seasonal Chart

 

 

The Markets

Stocks closed lower on Wednesday as investors continue to attempt to gauge the outcome of the brewing trade war between the US and China.  The S&P 500 Index closed lower by just less than three-tenths of one percent, continuing to hover around the 2853 pivot point highlighted in yesterday’s report.  Market participants are attempting to peg a low around present levels, but they do not appear willing to accumulate risk until headlines suggest otherwise.  Investors continue to gyrate towards the defensive areas of the market, including consumer staples, health care, and utilities in preparation for further equity market weakness ahead.  In the Seasonal Advantage Portfolio that we manage in partnership with Castlemoore, we have been overweight these defensive sectors since since the start of May, taking advantage of the seasonal tendency for strength of the market constituents through the end of summer.  Interested in learning more?  Email us at seasonalportfolio@equityclock.com.

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On schedule for the Wednesday session, the weekly status of petroleum inventories in the US was released.  The Energy Information Administration reports that oil stockpiles increased by 4.7 million barrels last week, while gasoline stockpiles rose 3.7 million barrels. The result elevated the days of supply of oil to 28.9, from 28.6 previous. This is the third highest days of supply for this time of year in over three decades, far exceeding the average for the mid-May period of 23.4. Subscribers received further insight and analysis on the state of the energy market, including what to look out for in order to become enticed by investments in the sector.  Subscribe now.

http://charts.equityclock.com/seasonal_charts/economic_data/Crude_Oil_Days_of_Supply_seasonal_chart.PNG

On the economic front, a report on retail sales in Canada continues to point to healthy consumer spending in this country. Statscan reports that retail sales increased by 1.1% in March, which is slightly weaker than the 1.2% increase that was forecasted by analysts. The result follows an upwardly revised print for February when sales are indicated to have increased by 1.0%. Stripping out the seasonal adjustments, sales actually increased by 21.0% in the third month of the year, which is stronger than the 19.1% rise that is average for the final month of the first quarter. The result places the year-to-date change 7.7% above the seasonal average trend, which is the best first quarter change in over two decades.  Subscribe now to receive our updates and analysis intraday.

http://charts.equityclock.com/seasonal_charts/economic_data/v52367096_seasonal_chart.PNG

Sentiment on Wednesday, as gauged by the put-call ratio, ended bullish at 0.94.

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Seasonal charts of companies reporting earnings today:

Advanced Drainage Systems, Inc. (WMS) Seasonal Chart Autodesk, Inc. (ADSK) Seasonal Chart Best Buy Co., Inc. (BBY) Seasonal Chart Brady Corporation (BRC) Seasonal Chart Citi Trends, Inc. (CTRN) Seasonal Chart Deckers Outdoor Corporation (DECK) Seasonal Chart Dorian LPG Ltd. (LPG) Seasonal Chart DXC Technology Company (DXC) Seasonal Chart   Hormel Foods Corporation (HRL) Seasonal Chart HP Inc. (HPQ) Seasonal Chart Intuit Inc. (INTU) Seasonal Chart Medtronic plc (MDT) Seasonal Chart Mobile TeleSystems OJSC (MBT) Seasonal Chart NextGen Healthcare, Inc. (NXGN) Seasonal Chart Pointer Telocation Ltd. (PNTR) Seasonal Chart RBC Bearings Incorporated (ROLL) Seasonal Chart Ross Stores, Inc. (ROST) Seasonal Chart Royal Bank Of Canada (RY) Seasonal Chart Silvercorp Metals Inc. (SVM) Seasonal Chart Sina Corporation (SINA) Seasonal Chart Splunk Inc. (SPLK) Seasonal Chart Stage Stores, Inc. (SSI) Seasonal Chart Teekay Corporation (TK) Seasonal Chart Teekay LNG Partners L.P. (TGP) Seasonal Chart Teekay Tankers Ltd. (TNK) Seasonal Chart Toro Company (The) (TTC) Seasonal Chart Toronto Dominion Bank (The) (TD) Seasonal Chart ViaSat, Inc. (VSAT) Seasonal Chart Weibo Corporation (WB) Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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