The Canadian Vanguard Stock Market Report At Close – Tuesday, December 12, 2023
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Your Market Report And Analysis For Tomorrow’s Market Winning Trades
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The Toronto Market
The TSX was down -84.52 points or -0.42% to close at 20,233.84. The TSX rally may be taking a breather. Today’s decline was more decisive compared to TSX declines in the past ten sessions. Today’s total volume at 237M is down from yesterday’s volume. The index may be heading downwards after rallying for several sessions.
All the TSX sectors ended the market session in green on Friday. Today, Industrials which was up 0.86% and Durable Consumer Goods & Services, up 0.34%, were the only two of the ten major TSX sectors to end today’s session in green. Financials sector, down a mere -0.04% was the best performer of the decliners. Technology was down -0.29%; Healthcare was down -0.77%; Utilities was down -1.38%. Energy was down -1.41%. Stelco Holdings Inc. (TSX:STLC) was the top preforming stock on the TSX .
Today’s Statistics: The declined issues (decliners) outnumbered the gaining issues (advancers) again today by a ratio of 1.15-to-1.00 or for every six decliners there were five advancers. In real numbers, 756 decliners to 655 advancers with 203 Unchanged. Oil price has largely declined during the past few weeks. Today Oil price declined and closed below $70 for the first time in a few months. The total volume of shares traded for gaining stocks was 84,272,010 or 25%; the total volume for declined stocks was 241,458,702 or 71.8% and 10,691,205 or 3.2% for “Unchanged”. Some bearish signals peeped out yesterday and gained a little bit more strength today.
There were 149 new 52-Week Highs and 43 new 52-Week Lows. The bullish trend is alive.
The total volume of stocks traded at the TSX today was 336,421,917 compared with 372,118,112 yesterday, a decrease of 10%. Today’s volume of 336,421,917 is slightly lower than the average of the ten most recent market sessions.
The US Markets
The Dow Jones Industrial Average was up 173.01 points, or 0.48%, to close at 36,577.94. The S&P 500 was up 21.26 points, or 0.46%, to close at 4,643.7. The Nasdaq Composite gained 100.91 points or 0.70%, to close at 14,533.4. The trend of all the indexes gaining continues. Volume was down 11.73% on the NASDAQ and marginally, a mere 0.39%, on the NYSE. The Dow Jones Index seems on a perpetual climb upward but while we suggest readers enjoy and trade the trend, it is time to be very much on guard for snap reversals or similar surprises from the market.
Six of the major sectors at the US market ended up in green today. Technology, with 0.65% gain, was the top performer. Healthcare was up 0.53%; Industrials gained 0.36% and Financials gained 0.25. Energy declined -1.24% and Telecommunications Services declined -0.70%.
The Reinsurance industry gained 1.70%; Chemicals-Commodity gained 1.66%; Airlines gained 1.65% while Environmental Services was up 1.52% and Semiconductors gained 1.32%. Paper Products and Coal industry were the worst performing industries at the markets today, declining -3.1% and -3.02% respectively.
Today’s Market Statistics: The gaining issues (advancers) were just about even with the declined issues (decliners) on the NYSE. The ratio of decliners to advancers on the NYSE was 1-to-1 for all practical purposes. In real numbers, 1,983 advancers to 1,938 decliners with 290 “Unchanged”. The total volume of volume-gaining stocks was 375,498,152 or 41%; the total volume of declined-volume stocks was 529,452,776 or 57.7%; and 11,884,998 or 1.3% “Unchanged”.
There were 352 new 52-Week Highs and 94 new 52-Week Lows. The comparable data yesterday were 126 new 52-Week Highs and 52 new 52-Week Lows. Risk aversion appears to have taken a back seat while the current market rally continues. That could be a recipe for disaster trades. The market will do whatever it wishes to do and smart investors do not take the market for granted.
The total volume of stocks traded on the NYSE today was 916,835,926 compared with 930,382,403 yesterday. Today’s total volume, of 916,835,926 is slightly below the average of the ten most recent market sessions.
On the NASDAQ, the decliners outnumbered advancers on a ratio of six advancers to every five decliners. There were 2,441 decliners to 1,945 advancers with 305 unchanged. The total volume of volume-gaining stocks was 2,431,920,734 or 47.7%; the total volume of declined-volume stocks was 2,629,213,194 or 51.6% and 32,816,534 or 0.6% for “Unchanged”.
There were 214 new 52-Week Highs and 187 new 52-Week Lows. The bears are creeping in but should not be ignored.
The total volume of shares traded today was 5,093,950,462 compared to 5,760,205,869 yesterday, a twelve per cent, 12%, decrease. The volume of stocks traded today at 5,093,950,462 was ten per cent less than the average volume of the ten most recent market sessions.
The bullish trend remains very much alive and the rally has momentum but bearish trends are beginning to appear especially on the NASDAQ. It is time for caution. It may not be wise to continue to chase a stock with extended price or if the volume pushing up the price starts to thin out. The daily volume tells the story about the conviction in the stock by the buyers.
The market outlook remains uptrend positive.
10 –year Treasury Yield: The 10-year Treasury yield edged down during the day and was at 4.20% overnight.
Stocks In The News/Stocks To Watch
The Toronto Market
Stelco Holdings Inc.( TSX:STLC) was the top performing stock on TSX today. STLC stock gained 7.76% or $3.29 to close at $45.68 with 551K shares changing hands.
The US Markets
The big technology companies staged a comeback today. NVIDIA Corp (NVDA) was up 2.21% or $10.30 with a volume of 37.2M shares changing hands. Meta Platforms (META) gained 2.75% or $8.94 to close at $334.22. The volume of shares traded was 18.5M. Microsoft gained 0.83% or $3.08 to close at $374.38.
Advanced Micro Devices (AMD) was up 2.38% or $3.20 to close at $137.61. The volume of shares traded was 111.7M. Broadcom Inc. (AVGO) is definitely a stock with a lot of promise. The stock gained 4.18% or $43.04 to close at $1,072.28 with 9M shares changing hands today. Broadcom recently completed the acquisition of VMware, Inc. VMware technology drives a lot of the Cloud Services offerings to end users.
Chipotle Mexican Grill (CMG) looks extended now but the stock has been a good performer this year. The stock was up today but the volume was down. Volume on the NASDAQ as a whole was down today 11% compared to yesterday. It has been on a relentless upward climb since late October. Today, CMG stock gained 1.09% or $24.91 to close at $2,320.39 with 142K shares traded. It closed on October 26th at $1,806, the volume of shares traded on that day was 455.4K
The Canadian Vanguard Market Reports:
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