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Stock Market Outlook for June 13, 2019


Price of oil falls back to short-term support following a larger than anticipated build in inventories.  Beneath the headline print, however, there is reason to be enticed by the inventory data.

 

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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America Movil, S.A.B. de C.V. (NYSE:AMOV) Seasonal Chart

America Movil, S.A.B. de C.V. (NYSE:AMOV) Seasonal Chart

Barrett Business Services, Inc. (NASD:BBSI) Seasonal Chart

Barrett Business Services, Inc. (NASD:BBSI) Seasonal Chart

Regeneron Pharmaceuticals, Inc. (NASD:REGN) Seasonal Chart

Regeneron Pharmaceuticals, Inc. (NASD:REGN) Seasonal Chart

 

 

The Markets

Stocks traded slightly lower on Wednesday as weakness in the Financial and Energy sectors weighed on broad market benchmarks.  The S&P 500 Index shed two-tenths of one percent, remaining supported, for now, around its 50-day moving average.  Weakness in the price of oil was a factor.  The energy commodity fell by 4.00%, trading back to the low $50 range for the second time this month.  Momentum indicators are presently the most oversold since the December low, but signs of waning selling pressures have yet to be realized.  Seasonally, the price of oil tends to remain supported through the high demand summer driving season, but excess supply has influenced an alternate path.

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Crude Oil Futures (CL) Seasonal Chart

On schedule for the Wednesday session, the petroleum status report for the first week of June was released.  The Energy Information Administration is indicating that oil stockpiles increased by 2.2 million barrels last week, while gasoline increased by 764,000 barrels. Despite the injection, the days of supply for each declined with oil falling by a tenth of a day to 28.8 and gasoline falling by two-tenths to 22.3. The average level for each at this time of year is 22.9 and 24.4, respectively.  Subscribers received further insight in a report released intraday.  Subscribe now and find out what has us enticed by the results.

Weekly U.S. Days of Supply of Crude Oil excluding SPR  (Number of Days) Seasonal Chart

On the economic front, the US Consumer Price Index (CPI) for May was released before the opening bell. The headline print indicated that CPI increased by 0.1% in May, matching the consensus analyst estimate. The year-over-year change ticked lower from 2.0% to 1.8%, falling just short of the Fed’s two percent target. Stripping out the seasonal adjustments, the Consumer Price Index for All Urban Consumers actually increased by 0.2% in the fifth month of the year, which is marginally weaker than the 0.3% increase that is average for this period. The year-to-date change is now higher by 1.9%, which is inline with the seasonal average trend.  We sent out our analysis pertaining to this report to subscribers intraday.  Signup now and we’ll send it to you.

Consumer Price Index for All Urban Consumers: All Items Seasonal Chart

Sentiment on Wednesday, as gauged by the put-call ratio, ended neutral at 1.00.

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Seasonal charts of companies reporting earnings today:

Broadcom Inc. (AVGO) Seasonal Chart Crown Crafts, Inc. (CRWS) Seasonal Chart Destination Maternity Corporation (DEST) Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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