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Stock Market Outlook for May 15, 2020


Stocks closed higher as investors found reason for optimism in last week’s jobless claims report.

 

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:

Subscribers – Click on the relevant link to view the full profile. Not a subscriber? Signup here.

California Water Services Group (NYSE:CWT) Seasonal Chart

California Water Services Group (NYSE:CWT) Seasonal Chart

Guyana Goldfields, Inc. (TSE:GUY.TO) Seasonal Chart

Guyana Goldfields, Inc. (TSE:GUY.TO) Seasonal Chart

Washington R E I T (NYSE:WRE) Seasonal Chart

Washington R E I T (NYSE:WRE) Seasonal Chart

Columbus McKinnon Corp. (NASD:CMCO) Seasonal Chart

Columbus McKinnon Corp. (NASD:CMCO) Seasonal Chart

Boise Cascade Co. (NYSE:BCC) Seasonal Chart

Boise Cascade Co. (NYSE:BCC) Seasonal Chart

ProShares UltraShort MSCI Japan (NYSE:EWV) Seasonal Chart

ProShares UltraShort MSCI Japan (NYSE:EWV) Seasonal Chart

PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF (NYSE:ZROZ) Seasonal Chart

PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF (NYSE:ZROZ) Seasonal Chart

DaVita Inc. (NYSE:DVA) Seasonal Chart

DaVita Inc. (NYSE:DVA) Seasonal Chart

The Bank of Nova Scotia (TSE:BNS.TO) Seasonal Chart

The Bank of Nova Scotia (TSE:BNS.TO) Seasonal Chart

Allergan plc (NYSE:AGN) Seasonal Chart

Allergan plc (NYSE:AGN) Seasonal Chart

Perrigo Co. (NYSE:PRGO) Seasonal Chart

Perrigo Co. (NYSE:PRGO) Seasonal Chart

Alamos Gold Inc. (TSE:AGI.TO) Seasonal Chart

Alamos Gold Inc. (TSE:AGI.TO) Seasonal Chart

Getty Realty Corp. Holding Co. (NYSE:GTY) Seasonal Chart

Getty Realty Corp. Holding Co. (NYSE:GTY) Seasonal Chart

Horizon Pharma plc (NASD:HZNP) Seasonal Chart

Horizon Pharma plc (NASD:HZNP) Seasonal Chart

BMO Junior Gold Index ETF (TSE:ZJG.TO) Seasonal Chart

BMO Junior Gold Index ETF (TSE:ZJG.TO) Seasonal Chart

VanEck Vectors Gold Miners ETF (NYSE:GDX) Seasonal Chart

VanEck Vectors Gold Miners ETF (NYSE:GDX) Seasonal Chart

 

 

The Markets

Stocks gyrated fairly substantially on both sides of the flatline on Thursday as investors digested the latest read of jobless claims in the US.  The S&P 500 Index added 1.15%, maintaining short-term support, on a closing basis, at 2800.  The bull-bear battle continues, but the bulls have noticeably become exhausted in recent days, leading to a bearish MACD crossover in the previous day’s session.  The 20-day moving average at 2856 is currently being tested as a possible level of resistance, while support at the 50-day moving average is below at 2715.

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On the economic front, Statscan released its tally of manufacturing sales for the month of March.  The headline print indicated that manufacturing sales in Canada declined by 9.2% in March, which was weaker than the 6.0% decline that was forecasted by analysts.  The year-over-year change now sits at –12.7%, down from the –0.9% rate indicated in the last report.  Stripping out the seasonal adjustments, sales of goods manufactured actually increased by 1.9% in March, which is significantly weaker than the 13.7% rise that is average for the third month of the year.  The year-to-date change is now down by 1.6% through the end of the first quarter, which is a significant negative divergence compared to the 12.3% increase that is average.  We provided further comments to subscribers on what is performing well in the economy and what is not, and how to invest accordingly.

Sales of goods manufactured (shipments) Seasonal Chart

Also on the economic front, CASS Information Systems released its monthly shipping gauge for April.  Manufacturing and consumer activity are the heartbeat of the economy and transportation is the circulatory system, connecting each piece of the economy into one.  As a result, it tends to be a leading indicator for the economy and the equity market.   We sent out insight to subscribers intraday.  Subscribe to see what this indicator is saying about the economy now.

Sentiment on Thursday, as gauged by the put-call ratio, ended close to neutral at 0.96.

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Seasonal charts of companies reporting earnings today:

JD.com, Inc. Seasonal Chart V.F. Corporation Seasonal Chart PBF Energy Inc. Seasonal Chart PBF Logistics LP Seasonal Chart GWG Holdings, Inc Seasonal Chart PLx Pharma Inc. Seasonal Chart

 

 

S&P 500 Index

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TSE Composite

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