Stock Market Outlook for November 6, 2019
Job openings declined by 4.3% to 7.095 million in September, which is more than double the 2.0% decline that is average for the month.
*** 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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Income Financial Trust (TSE:INC/UN.TO) Seasonal Chart
Mid Penn Bancorp (NASD:MPB) Seasonal Chart
Badger Meter, Inc. (NYSE:BMI) Seasonal Chart
Clear Channel Outdoor Holdings Inc. (NYSE:CCO) Seasonal Chart
Avnet, Inc. (NASD:AVT) Seasonal Chart
Canterbury Park Holding Corp. (NASD:CPHC) Seasonal Chart
UEX Corp. (TSE:UEX.TO) Seasonal Chart
Masco Corp. (NYSE:MAS) Seasonal Chart
The Markets
Stocks were mixed on Tuesday as investors digested the gains from the days prior. The S&P 500 Index traded lower by just over one-tenth of a percent, moving into the gap that was opened during Monday’s session between 3065 and 3080. Short-term momentum indicators are rolling over from overbought territory. Failure to hold the present open gap would open the door for a fill of the other open gap charted in recent days between 3040 and 3050.
On the economic front, the monthly Job Openings and Labor Turnover Survey (JOLTS) was released during Tuesday’s session. The headline print of September’s report indicated that openings declined by 3.8% in the month to 7.024 million. Analysts were expecting a decline of 3.7% to 7.028 million. There were 5.769 million individuals that were declared unemployed in September, according to the Bureau of Labor Statistics, suggesting that at least one opportunity was available for everyone seeking a job. Stripping out the seasonal adjustments, openings actually declined by 4.3% to 7.095 million, which is more than double the 2.0% decline that is average for September. The year-to-date change is barely higher on the year, up by 2.5%, far less than the 16-year average increase through the end of August of 20.1%. We sent out further insight to subscribers intraday, including the trends for job openings, hires, and quits. Subscribe now and we’ll send you this report.
Also released on Tuesday was a special report to subscribers providing insight on precautions investors should consider for the next couple of weeks. Signup now and we’ll forward this timely analysis.
North of the border, Statscan released merchandise trade data for the month of September. Subscribers can login an view the seasonal charts from this report via the following link: https://charts.equityclock.com/canadian-international-merchandise-trade-exports-imports
Sentiment on Tuesday, as gauged by the put-call ratio, ended bullish at 0.85.
Seasonal charts of companies reporting earnings today:
S&P 500 Index
TSE Composite
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