The Canadian Vanguard Stock Market Report – October 11-13, 2024 Weekend
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Your Data-Driven Stock Market Analysis And Report – The investor’s readiness guide for the week of October 14 market sessions.
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The Toronto Market, Friday
Friday, the TSX composite index was up 168.91 points or 0.70% to close the market session at 24,471.17 making it four consecutive sessions of gains. Volume was up today.
Today’s Statistics: Friday, the gaining issues (Advancers) totally outnumbered the declined issues (Decliners), by a ratio of 3.50-to-1.0 or simply there was seven Advancers for every two Decliners. In real numbers, there were to 1,431 Advancers to 409 Decliners while 154 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 328,159,525 or 2% lower than the volume of 364,108,377 shares traded yesterday.
Today, there were 405 new 52-Week Highs and 8 new 52-Week Lows. For comparison yesterday, there were 271 new 52-Week Highs and 14 new 52-Week Lows.
The Market Spread: The TSX on Friday was not just bullish but the market spread was broad-based positive. All ten major sectors advanced with Discretionary Consumer Goods & Services, up 1.2%, being the best performing sector at the market session. Industrials was up 1.06% and Technology was up 1.05%. Financials gained 0.80%; Basic Materials was up 0.64% and Telecommunications Services was up 0.40%. Energy sector, up 0.10% was the worst performing sector.
For the week: Industrials, up 2.83% was the top performing sector. Technology had a good week. The sector was up 2.04%. Energy was up1.87%; Durable Consumer Goods & Services was up 1.75% and Financials was up 0.69% during the week. It was a good week, as the TSX was up four of the five sessions but Utilities, Healthcare and Telecommunications Services were down -1.42%, -0.49% and -0.25% respectively.
The Industry Groups: Computer Hardware was up 22.31%; Consumer Electronics was up 3.64%; Industrial Machinery & Equipment was up 3.27%; Electrical Components & Equipment was up 2.81% and Retail – Discount Stores was up 2.78%. Computer Hardware group was up 22.31%, sounds impressive but the two members of that group on the TSX are penny stocks. Route1 Inc. (TSX:ROI) is a member of the group but its total Market Cap of is 1.1M. We do not, as a policy, feature or encourage our readers to invest in penny stocks, however, we do our best to provide our readers with as much market data as is available to assist and aid decision support to our readers when it comes to investing.
Market Roundup: The Toronto market is definitely on a roll. It is time to be fully invested. Friday’s session was really lopsidedly bullish. It was a day to be in the market looking for new stocks close to buy points. It is always a good idea to avoid stocks where price is extended – it is always smart to buy low. There are always new opportunities in the market – stocks in early stage of an upward climb.
The US Markets
Friday, the Dow Jones Industrial Average advanced 409.74 points or 0.97%, to close the market session at 42,863.86. The S&P 500 index was up 34.98 points, or 0.61%, to close at 5,815.03. The Nasdaq Composite was up 60.89 points or 0.33%, to close the session at 18,342.94. The three indexes were up today with both Dow and S&P 500, each in its own record territory.
The Market Spread: Nine of the major sectors ended Friday’s market session in green with pretty good gains. Financials, up 1.80%, led the sectors. JP Morgan Chase bank contributed the gains as the bank jumped 5% after announcing earnings results early Friday morning. Industrials gained 1.54%; Healthcare was up 1.03%; Utilities down -0.70% was up 0.86% while Basic Materials was up 0.72% and Technology was up 0.48%. Tesla Inc, is grouped in Technology sector and the company‘s stock crashed at Friday’s market session after a robotaxi demo that failed to move the needle with investors. Discretionary Consumer Goods & Services, down -0.13%, was the only sector to decline on Friday.
For the week: Technology, up 1.96%, was the leading sector this week. Financials was up 1.51% for the week; Industrials was up 1.54% and Healthcare was up 1.48%. Basic Materials was up 0.25%. Utilities declined -1.93% to qualify as the worst performing sector for the week. Discretionary Consumer Goods & Services declined -0.73%. The remaining sectors declined but by relatively small amounts. The prospects look good for both Financials and Technology to continue to do well this week also.
The Industry Groups: Fishing & Farming was up 3.31%; Aluminum was up 3.28%; Advertising / Marketing was up 3.23%; Marine Port Services was up 2.88% and Industrial Machinery & Equipment was up 2.77%.
Today’s Market Statistics: At the NYSE, there was a reversal again, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 3.95-to-1.0 or roughly for every four Advancers there was one Decliner. In actual numbers, there were 3,133 Advancers to 792 Decliners with 297 Unchanged.
There were 455 new 52-Week Highs and 44 new 52-Week Lows, by comparison, on Thursday, there were 185 new 52-Week Highs and 55 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 839,148,844 or 0.4% (less than one half of one percent) higher than a total volume of 835,771,678 stocks traded on Thursday.
On the NASDAQ, there was also a reversal, the Advancers prevailed over the Decliners by a ratio of 2.95–to-1 or roughly for every three Advancers there was one Decliner. In actual numbers, 3,205 Advancers to 1,084 Decliners with 275 Unchanged.
There were 294 new 52-Week Highs but 101 new 52-Week Lows. On Thursday, there were 106 new 52-Week Highs and 177 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,270,993,902, a 12% decrease compared to the total volume of 6,005,179,323 shares traded on Thursday.
Market Roundup Report: This past week was a good week for investors. This new week will likely not be so good, the current rally remains strong. Dow has been hitting record highs and the S&P 500 has actually the leader of the three sectors in good performance. There are two things a trader wishing to succeed must bear in mind: (i) Avoid losing money or at least minimize losses. (ii) Remember that nothing in life keeps going up forever. It is time to be fully invested but remember to take some profit along the line.
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Stocks In The News / Stocks To Watch
The US Markets
Energy stocks have been in the news a lot recently partly because of the anticipated huge demand for energy in future by AI processing massive data centers in addition to the uncertainty regarding Oil price given the current issues in the Middle East. Viper Energy Inc. (VNOM) is a stock that is worth keeping an eye on. The stock was trading at $9.00 as at the time of the last US Presidential election. On Friday VNOM stock closed at $52.09 with 1,107,608 shares traded. The stock pays dividend with a quarterly yield of $4.53.
Chinese ADRs and disappearing market gains – What happened to the impact of the Chinese economic stimulus on the market? The Chinese company stocks trading in the US (ADRs) gapped up for a few days ago in response to the Chinese economic stimulus and went straight back down a few days later – sort of flash in the pan market gains.
If you are interested in investing in Chinese stocks, you may wish to read the book tiled “THE SPLIT – Finding the Opportunities in China’s Economy in the new World Order by Shaun Rein”. There is a related short video on YouTube – https://www.youtube.com/watch?v=_l0V67H75DI. The Canadian Vanguard has no relationship whatsoever with the author. We read a review of the book, found it tried to shed some light on the Chinese stocks’ non persistent performance and we are simply passing the information on to our readers.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Beginner Investor’s Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Tesla was down 8.78% on Friday. When a stock falls 8% below its purchase or cost value we strongly recommend the rule that such a stock should be sold. The mathematics behind the reasoning is strong. This write-up, however, is about investment, making money and preserving capital and not mathematics. On Friday, based on this rule Tesla triggered a sell signal. The market and the consumers have signified their preference for Hybrids especially in North America. Tesla should probably consider adding some Hybrid lines before dumping more money into the robotaxi project. Robotaxi, for now, should be targeted at billionaires desiring a living room in the outer space or on the moon.
Readers are reminded that the market’s performance at the following day’s market session may completely differ from the market performance at the overnight markets.
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