Timing The Market: Tech Talk for Friday, April 4th, 2014

Pre-opening Comments for Friday April
4^th 2014

U.S. equity index futures were higher this morning.
S&P 500 futures were up 6 points in pre-opening trade.

Index futures moved higher following release of the March
U.S employment report. Consensus for March Non-farm
payrolls was 200,000 versus an upwardly revised February report
at 197,000. Actual was 192,000. Consensus for March Private
Non-farm Payrolls was 205,000 versus 162,000 in February.
Actual was 192,000. Consensus for the March Unemployment Rate
was a decline to 6.6% from 6.7% in February. Actual was
unchanged at 6.7%

The Canadian Dollar gained US0.55 cents following release of
the March Canadian employment report. Consensus was an
increase in employment of 22,500. Actual was 42,900. Consensus
for the March Unemployment Rate was unchanged at 7.0% from
February. Actual was down 0.1% to 6.9%.

Cisco added $0.19 to $23.28 after Northland Securities
initiated coverage with an Outperform rating.

Stillwater Mining (SWC $15.42) is expected to open
higher after BB&T Capital initiated coverage with a Buy
rating. Target is $18.

Blackrock (BLK $315.74) is expected to open higher after
Keefe Bruyette upgraded the stock from Market Perform to
Outperform.

JP Morgan gained $0.52 to $61.18 after Macquarie
upgraded the stock from Neutral to Outperform.

EquityClock.com’s Daily Market
Comment

Following is a link:

http://www.equityclock.com/2014/04/03/stock-market-outlook-for-april-4-2014/

Interesting Charts

The S&P Materials sector and its related ETFs reached an
all-time high yesterday.

The main reason for strength in the Materials sector was
strength in its Chemical sub-sector. The S&P Chemicals
Index also reached an all-time high yesterday. Chemicals
represent a 70% weight in the S&P Materials Index.

Strength in the chemical sector was led by Monsanto. The stock
broke to a six year high on higher than average volume
following release of better than expected fiscal second quarter
results.

Technical Action by Individual Equities
Yesterday

Technical action by S&P 500 stocks remained bullish. Ten
S&P 500 stocks broke above resistance and none broke below
support.

Technical action by TSX 60 stocks was quiet. Thomson Reuters
recorded an upside breakout.

Weekly Technical Review of Select Sector
SPDRs

Technology

· Intermediate trend remains up (Score: 1.0)

· Units recovered back above its 20 day moving average (Score:
1.0)

· Strength relative to the S&P 500 Index remains neutral
(Score: 0.5)

· Technical score improved to 2.5 from 1.5 out of 3.0

· Short term momentum indicators are trending up

Materials

· Intermediate trend changed from down to up on a move above
$48.07. Units reached an all-time high yesterday.

· Units recovered back above its 20 day moving average

· Strength relative to the S&P 500 Index improved from
negative to neutral

· Technical score improved to 2.5 from 0.0 out of 3.0.

· Short term momentum indicators are trending up.

Consumer Discretionary

· Intermediate trend remains up.

· Units recovered back above their 20 day moving average

· Strength relative to the S&P 500 Index remains negative.

· Technical score improved to 2.0 from 1.0 out of 3.0

· Short term momentum indicators are trending up.

Industrials

· Intermediate trend changed from down to up on a move above
$53.02 to an all-time high.

· Units recovered back above their 20 day moving average

· Strength relative to the S&P 500 Index changed from
negative to positive

· Technical score improved to 3.0 from 0.0 out of 3.0.

· Short term momentum indicators are trending up.

Financials

· Intermediate trend remains up.

· Units recovered back above its 20 day moving average

· Strength relative to the S&P 500 Index changed from
positive to neutral

· Technical score increased to 2.5 from 2.0 out of 3.0

· Short term momentum indicators are mixed

Energy

· Intermediate trend remain up. Units closed at an all-time
high.

· Units remain above their 20 day moving average

· Strength relative to the S&P 500 Index remains positive.

· Technical score remains at 3.0 out of 3.0.

· Short term momentum indicators are trending up, but are
overbought

Consumer Staples

· Intermediate trend remains up. Units closed at an all-time
high yesterday

· Units remain above their 20 day moving average

· Strength relative to the S&P 500 Index changed from
positive to neutral

· Technical score slipped to 2.5 from 3.0 out of 3.0

· Short term momentum indicators are trending up, but are
overbought.

Health Care

· Intermediate trend remains up.

· Units recovered back above their 20 day moving average

· Strength relative to the S&P 500 Index remains negative

· Technical score recovered to 2.0 from 1.0 out of 3.0.

· Short term momentum indicators are trending up.

Utilities

· Intermediate trend remains up.

· Units remain above their 20 day moving average

· Strength relative to the S&P 500 Index changed from
positive to neutral

· Technical score slipped to 2.5 from 3.0 out of 3.0.

· Short term momentum indicators are trending up, but are
overbought.

FP Trading Desk Headline

FP Trading Desk headline reads,” Monsanto
could be split targeted by activists: JP Morgan”.
Following is a link:

http://business.financialpost.com/2014/04/03/monsanto-co-could-be-split-targeted-by-activist-j-p-morgan/

Special Free Services available
through www.equityclock.com

Equityclock.com is offering free access to a data base showing
seasonal studies on individual stocks and sectors. The data
base holds seasonality studies on over 1000 big and moderate
cap securities and indices. To login, simply go to http://www.equityclock.com/charts/

Following is an example:

Chemicals Industry Seasonal Chart

Disclaimer: Comments, charts and opinions
offered in this report by www.timingthemarket.ca 
and www.equityclock.com
are for information only. They should not be
considered as advice to purchase or to sell mentioned
securities. Data offered in this report is believed to be
accurate, but is not guaranteed. Don and Jon Vialoux are
Research Analysts with Horizons ETFs Management (Canada)
Inc.  All of the views expressed herein are the personal
views of the authors and are not necessarily the views of
Horizons ETFs Investment Management (Canada) Inc., although any
of the recommendations found herein may be reflected in
positions or transactions in the various client portfolios
managed by Horizons ETFs Investment Management (Canada)
Inc.

Horizons Seasonal Rotation ETF HAC April
3^rd 2014