Stock Market Outlook for December 10, 2021
Today, we present our forecast for the broad equity market for the year ahead.
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*** 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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iShares S&P/TSX Capped REIT Index ETF (TSE:XRE.TO) Seasonal Chart
CanWel Holdings Corp. (TSE:CWX.TO) Seasonal Chart
Diversified Royalty Corp. (TSE:DIV.TO) Seasonal Chart
Endeavour Mining Corp. (TSE:EDV.TO) Seasonal Chart
goeasy Ltd. (TSE:GSY.TO) Seasonal Chart
Lundin Gold Inc. (TSE:LUG.TO) Seasonal Chart
Platinum Group Metals Ltd. (TSE:PTM.TO) Seasonal Chart
New Flyer Industries Inc. (TSE:NFI.TO) Seasonal Chart
VanEck Vectors Africa Index ETF (NYSE:AFK) Seasonal Chart
VanEck Vectors Gaming ETF (NYSE:BJK) Seasonal Chart
First Trust NASDAQ Smartphone Index Fund (NASD:NXTG) Seasonal Chart
Chemtrade Logistics Income Fund (TSE:CHE/UN.TO) Seasonal Chart
Toronto-Dominion Bank (TSE:TD.TO) Seasonal Chart
Maple Leaf Foods, Inc. (TSE:MFI.TO) Seasonal Chart
Bonterra Energy Corp. (TSE:BNE.TO) Seasonal Chart
Granite Real Estate Investment Trust (TSE:GRT/UN.TO) Seasonal Chart
Brookfield Asset Management, Inc. (TSE:BAM/A.TO) Seasonal Chart
iShares Core S&P/TSX Capped Composite Index ETF (TSE:XIC.TO) Seasonal Chart
iShares MSCI Emerging Markets Small-Cap ETF (AMEX:EEMS) Seasonal Chart
iShares MSCI Australia ETF (NYSE:EWA) Seasonal Chart
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The Markets
Stocks dipped on Thursday as investors digested the strong gains recorded in recent sessions. The S&P 500 Index slipped by just over seven-tenths of one percent as the benchmark bumped its head on previous resistance around the all-time highs above 4700. Weakness in the technology and consumer discretionary sectors was the dominant influence as portfolio managers rebalance away from their former winners and dedicate funds to their laggards, or those areas of the market to which they are underweight. The benchmark continues to hold levels above short-term support at the 20-day moving average, as well as rising intermediate support at the 50-day moving average. This continues to be a market that warrants being constructive in favoured seasonal bets, at least into the start of the new year.
Today, in our Market Outlook to subscribers, we discuss the following:
- Breakdown of the relative trend of the Consumer Discretionary sector
- Weekly Jobless Claims and the health of the labor market
- Tracking the spread of COVID against the seasonal average trend for respiratory illnesses
- Our forecast for the broad equity market in 2022
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Sentiment on Thursday, as gauged by the put-call ratio, ended slightly bullish at 0.91.
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Seasonal charts of companies reporting earnings today:
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S&P 500 Index
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TSE Composite
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