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Stock Market Outlook for November 14, 2019


Consumer prices up 0.2% in October, stronger than the unchanged result 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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Superior Plus Corp. (TSE:SPB.TO) Seasonal Chart

Superior Plus Corp. (TSE:SPB.TO) Seasonal Chart

Precision Drilling Corp. (TSE:PD.TO) Seasonal Chart

Precision Drilling Corp. (TSE:PD.TO) Seasonal Chart

Embraer Aircraft (NYSE:ERJ) Seasonal Chart

Embraer Aircraft (NYSE:ERJ) Seasonal Chart

Community Health Systems (NYSE:CYH) Seasonal Chart

Community Health Systems (NYSE:CYH) Seasonal Chart

Interfor Corp. (TSE:IFP.TO) Seasonal Chart

Interfor Corp. (TSE:IFP.TO) Seasonal Chart

NAPCO Security Technologies, Inc. (NASD:NSSC) Seasonal Chart

NAPCO Security Technologies, Inc. (NASD:NSSC) Seasonal Chart

Smith and Nephew PLC (NYSE:SNN) Seasonal Chart

Smith and Nephew PLC (NYSE:SNN) Seasonal Chart

Shoe Carnival, Inc. (NASD:SCVL) Seasonal Chart

Shoe Carnival, Inc. (NASD:SCVL) Seasonal Chart

Banco Bradesco (NYSE:BBD) Seasonal Chart

Banco Bradesco (NYSE:BBD) Seasonal Chart

Madrigal Pharmaceuticals, Inc. (NASD:MDGL) Seasonal Chart

Madrigal Pharmaceuticals, Inc. (NASD:MDGL) Seasonal Chart

Mr. Cooper Group Inc. (NASD:COOP) Seasonal Chart

Mr. Cooper Group Inc. (NASD:COOP) Seasonal Chart

Becton Dickinson and Co. (NYSE:BDX) Seasonal Chart

Becton Dickinson and Co. (NYSE:BDX) Seasonal Chart

Centene Corp. (NYSE:CNC) Seasonal Chart

Centene Corp. (NYSE:CNC) Seasonal Chart

Churchill Downs, Inc. (NASD:CHDN) Seasonal Chart

Churchill Downs, Inc. (NASD:CHDN) Seasonal Chart

Rite Aid Corp. (NYSE:RAD) Seasonal Chart

Rite Aid Corp. (NYSE:RAD) Seasonal Chart

 

 

The Markets

Stocks danced around the flatline on Wednesday as investors monitored developments regarding the progress of trade talks and Jerome Powell’s testimony in front the of the Joint Economic Committee.  The S&P 500 Index added just less than a tenth of a percent, holding below short-term resistance at 3100.  The short-term trend remains supported at the 50-hour moving average.  As highlighted in yesterday’s report, momentum for the large-cap benchmark have been waning as investors digest the breakout from the past month.  Stocks may need to regroup before the end of year strength that is typical of equity markets.

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A concerning trend seems to be emerging for one of the sectors that is typically a market leader though the final months of the year.  The consumer discretionary sector remains stuck in its summer range, undperforming the market quite significantly over the past month.  Support around short and intermediate moving averages is also starting to struggle; the discretionary ETF (XLY) closed below both its 20 and 50-day moving averages on Wednesday.  Price is now reaching the tip of a triangle consolidation pattern, the breakout from which will likely set the path of the intermediate trend. In addition, consumer staples is starting to outperform its more cyclical counterpart.  The ratio of the consumer staples ETF (XLP) versus the consumer discretionary ETF (XLY) bounced higher from support around its 200-day moving average, hinting of a shift back towards some of the more defensive areas of the market.  This is counter to the average trend that takes place at this time of the year when cyclicals outperform defensives, particularly those with exposure to the consumer.  Further monitoring is warranted.

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Consumer Discretionary Sector Seasonal Chart

DISCRETIONARY Relative to the S&P 500
DISCRETIONARY Relative to the S&P 500

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On the economic front, a report on consumer prices in the US was released before Wednesday’s opening bell.  The headline print of October’s Consumer Price Index showed an increase of 0.4%, elevating the year-over-year increase to 1.8%, marginally stronger than the 1.7% increase that was forecast by analysts. Less food and energy, the inflation gauge ticked higher by two-tenths of a percent, which actually resulted in a decline in the year-over-year change to 2.3% from 2.4% previous. Stripping out the seasonal adjustments, the consumer price index for all urban consumers increased by 0.2% in October, which is stronger than the unchanged result that is average for this time of year. The year-to-date change now sits higher by 2.4%, which is a tenth of one percent below the seasonal average trend.  We sent out further insight to subscribers intraday.  Subscribe now.

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

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:

Walmart Inc. Seasonal Chart NVIDIA Corporation Seasonal Chart Applied Materials, Inc. Seasonal Chart Weibo Corporation Seasonal Chart Wheaton Precious Metals Corp. Seasonal Chart NICE Ltd Seasonal Chart Viacom Inc. Seasonal Chart Wix.com Ltd. Seasonal Chart Canopy Growth Corporation Seasonal Chart Dolby Laboratories Seasonal Chart Braskem S.A. Seasonal Chart Helmerich & Payne, Inc. Seasonal Chart Globant S.A. Seasonal Chart Aurora Cannabis Inc. Seasonal Chart Sina Corporation Seasonal Chart International Game Technology Seasonal Chart Kulicke and Soffa Industries, Inc. Seasonal Chart Suburban Propane Partners, L.P. Seasonal Chart Fortuna Silver Mines Inc. Seasonal Chart Aurinia Pharmaceuticals Inc Seasonal Chart Magic Software Enterprises Ltd. Seasonal Chart Digi International Inc. Seasonal Chart Alexco Resource Corp Seasonal Chart Natural Grocers by Vitamin Cottage, Inc. Seasonal Chart New Age Beverages Corporation Seasonal Chart LiqTech International, Inc. Seasonal Chart CorMedix Inc. Seasonal Chart Correvio Pharma Corp. Seasonal Chart Second Sight Medical Products, Inc. Seasonal Chart Brainstorm Cell Therapeutics Inc. Seasonal Chart Great Elm Capital Corp. Seasonal Chart MediWound Ltd. Seasonal Chart SORL Auto Parts, Inc. Seasonal Chart voxeljet AG Seasonal Chart Lincoln Educational Services Corporation Seasonal Chart Vascular Biogenics Ltd. Seasonal Chart Eastside Distilling, Inc. Seasonal Chart Quest Resource Holding Corporation Seasonal Chart Hudson Technologies, Inc. Seasonal Chart WidePoint Corporation Seasonal Chart Altimmune, Inc. Seasonal Chart Aytu BioScience, Inc. Seasonal Chart Inuvo, Inc Seasonal Chart Dare Bioscience, Inc. Seasonal Chart Titan Pharmaceuticals, Inc. Seasonal Chart IZEA Worldwide, Inc. Seasonal Chart Sigma Labs, Inc. Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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