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Stock Market Outlook for November 7, 2019


Crude Oil Days of Supply continues to climb, now at 28.3, well above the 22.9 that is average for this time of year.

 

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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Stratus Properties, Inc. (NASD:STRS) Seasonal Chart

Stratus Properties, Inc. (NASD:STRS) Seasonal Chart

Marine Products Corp. (NYSE:MPX) Seasonal Chart

Marine Products Corp. (NYSE:MPX) Seasonal Chart

Abercrombie & Fitch Co. (NYSE:ANF) Seasonal Chart

Abercrombie & Fitch Co. (NYSE:ANF) Seasonal Chart

Cardinal Health, Inc. (NYSE:CAH) Seasonal Chart

Cardinal Health, Inc. (NYSE:CAH) Seasonal Chart

Leons Furniture Ltd. (TSE:LNF.TO) Seasonal Chart

Leons Furniture Ltd. (TSE:LNF.TO) Seasonal Chart

Universal Corp. (NYSE:UVV) Seasonal Chart

Universal Corp. (NYSE:UVV) Seasonal Chart

Tredegar Corp. (NYSE:TG) Seasonal Chart

Tredegar Corp. (NYSE:TG) Seasonal Chart

 

 

The Markets

Another mixed session for stocks saw major benchmarks dance around the flat-line on Wednesday.  The S&P 500 Index closed higher by less than a tenth of a percent, remaining within the bounds of Monday’s gap between 3065 and 3080.  The large-cap benchmark has moved back within the rising short-term trend channel that was broken at the start of the week; the lower limit of the span hovers around 3050.  Momentum indicators on the hourly look continue to show bullish characteristics.

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While most sectors were either higher or lower by less than half of one percent on Wednesday, the energy sector realized a loss of over 2% during the session as the short-term positive trend appears to have run out of gas.  In recent days, the SPDR Energy Sector ETF (XLE) moved towards long-term resistance around the 200-day moving average, a bet on a catch-up of this year’s market laggard.  But the fundamentals eventually caught up with the trade, leading to Wednesday’s rejection at the long term hurdle.  The sector continues to show a relative trend that is in decline, suggesting that sustained buying pressures have yet to materialize.  The depressed level of the price of oil and questions pertaining to the demand for the energy commodity moving forward remain the headwind preventing lift-off of sector constituents from around 52-week lows. 

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Energy Sector Seasonal Chart

The EIA reported on Wednesday that oil stockpiles increased by 7.9 million barrels last week, brining the total days of supply of the commodity up to 28.3.  The average level for this time of year is 22.9.  Domestic production of oil is at record highs, keeping storage levels elevated.  Seasonally, the energy sector remains in a period of weakness through to the middle of December, underperforming the broad market over this timeframe. Subscribers can login to the seasonal chart database and view the latest updates to the seasonal charts from the EIA inventory report via the following link: https://charts.equityclock.com/u-s-eia-weekly-petroleum-status-report

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

Sentiment on Wednesday, as gauged by the put-call ratio, closed just below neutral at 0.96.

 

 

Seasonal charts of companies reporting earnings today:

Walt Disney Company (The) Seasonal Chart Booking Holdings Inc. Seasonal Chart Zoetis Inc. Seasonal Chart Air Products and Chemicals, Inc. Seasonal Chart Activision Blizzard, Inc Seasonal Chart Keurig Dr Pepper Inc. Seasonal Chart Johnson Controls International plc Seasonal Chart Canadian Natural Resources Limited Seasonal Chart Monster Beverage Corporation Seasonal Chart TELUS Corporation Seasonal Chart AmerisourceBergen Corporation (Holding Co) Seasonal Chart Mettler-Toledo International, Inc. Seasonal Chart DISH Network Corporation Seasonal Chart Credicorp Ltd. Seasonal Chart ArcelorMittal Seasonal Chart Cardinal Health, Inc. Seasonal Chart Discovery, Inc. Seasonal Chart Brookfield Infrastructure Partners LP Seasonal Chart CenterPoint Energy, Inc. Seasonal Chart Take-Two Interactive Software, Inc. Seasonal Chart DENTSPLY SIRONA Inc. Seasonal Chart Norwegian Cruise Line Holdings Ltd. Seasonal Chart Noble Energy Inc. Seasonal Chart Westrock Company Seasonal Chart Pinnacle West Capital Corporation Seasonal Chart NRG Energy, Inc. Seasonal Chart EPAM Systems, Inc. Seasonal Chart Huntington Ingalls Industries, Inc. Seasonal Chart Targa Resources, Inc. Seasonal Chart Teva Pharmaceutical Industries Limited Seasonal Chart OGE Energy Corp Seasonal Chart News Corporation Seasonal Chart News Corporation Seasonal Chart Ralph Lauren Corporation Seasonal Chart American Homes 4 Rent Seasonal Chart Genpact Limited Seasonal Chart Nielsen N.V. Seasonal Chart Sarepta Therapeutics, Inc. Seasonal Chart Zillow Group, Inc. Seasonal Chart Algonquin Power & Utilities Corp. Seasonal Chart InterXion Holding N.V. Seasonal Chart The Stars Group Inc. Seasonal Chart Pegasystems Inc. Seasonal Chart Israel Chemicals Shs Seasonal Chart Air Lease Corporation Seasonal Chart Ritchie Bros. Auctioneers Incorporated Seasonal Chart Telecom Argentina Stet - France Telecom S.A. Seasonal Chart ViaSat, Inc. Seasonal Chart NCR Corporation Seasonal Chart EchoStar Corporation Seasonal Chart Nomad Foods Limited Seasonal Chart ACI Worldwide, Inc. Seasonal Chart National Health Investors, Inc. Seasonal Chart J & J Snack Foods Corp. Seasonal Chart Teradata Corporation Seasonal Chart TEGNA Inc. Seasonal Chart Envestnet, Inc Seasonal Chart EnLink Midstream, LLC Seasonal Chart Axon Enterprise, Inc. Seasonal Chart Avista Corporation Seasonal Chart Treehouse Foods, Inc. Seasonal Chart RLJ Lodging Trust Seasonal Chart Element Solutions Inc. Seasonal Chart TC PipeLines, LP Seasonal Chart Main Street Capital Corporation Seasonal Chart Altair Engineering Inc. Seasonal Chart LivePerson, Inc. Seasonal Chart Strategic Education, Inc. Seasonal Chart Cogent Communications Holdings, Inc. Seasonal Chart Wolverine World Wide, Inc. Seasonal Chart The Hain Celestial Group, Inc. Seasonal Chart Seaspan Corporation Seasonal Chart Atlantica Yield plc Seasonal Chart First Majestic Silver Corp. Seasonal Chart Sally Beauty Holdings, Inc. Seasonal Chart Gray Television, Inc. Seasonal Chart Cott Corporation Seasonal Chart TransAlta Corporation Seasonal Chart Synaptics Incorporated Seasonal Chart Comstock Resources, Inc. Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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