Vialoux's Tech Talk: July 23, 2014

Pre-opening Comments for Wednesday July
23^rd

U.S. equity index futures were higher this morning.
S&P 500 futures were up 3 points in pre-opening trade.

The Canadian Dollar gained US 0.17 cents after release of
Canadian May Retail Sales at 8:30 AM EDT. Consensus was an
increase of 0.5% versus a gain of 1.1% in April. Actual was an
increase of 0.7%.

Second quarter results continue to pour in. Companies
that reported overnight included Apple, Biogen Idec, Boeing,
Broadcom, Delta Airlines, Dow Chemical, Electronic Arts, EMC,
Freeport McMoran Copper & Gold, General Dynamics, Intuitive
Surgical, Juniper Networks, Microsoft, Norfolk Southern,
Northrop, Pepsico, Whirlpool and Xilinx.

Dupont fell $0.46 to $64.49 after JP Morgan downgraded
the stock from Overweight to Neutral. Target is $67.

Intuitive Surgical gained $52.84 to $445.00 after
reporting higher than consensus second quarter results and
after Raymond James and Stifel Nicolaus upgraded the stock.

McDonalds dropped $0.82 to $95.45 after Baird,
Susquehanna and Sterne Agee downgraded the stock.

Microsoft added $0.74 to $45.57 after Pacific Crest and
Bank of America upgraded the stock.

United Technologies fell $0.31 to $110.55 after Wells
Fargo downgraded the stock from Outperform to Market Perform.

Xilinx dropped $0.34 to $41.81 after BMO Capital and
William Blair downgraded the stock.

EquityClock.com’s Daily Market
Comment

Following is a link:

http://www.equityclock.com/2014/07/22/stock-market-outlook-for-july-23-2014/

Interesting Charts

Investment flows are moving from the Euro into the U.S. Dollar.

Investment flows into the U.S. Dollar plus encouraging economic
news from China triggered strength in U.S. and Chinese
equities. The S&P 500 touched an all-time high.

Responses to Second Quarter Reports
Yesterday

Responses were exceptionally strong in both directions.
Following is a summary of gains/losses recorded by the 19
S&P 500 companies that reported before the open:

Technical Action by Individual
Equities

Technical action by S&P 500 stocks (Break outs and Break
downs) on average was bullish. Twenty one stocks broke
resistance and seven stocks broke support.

Three TSX 60 stocks broke above resistance: Commerce Bank,
Weston and Gildan Activewear.

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/

Follow is an example:

FP Trading Desk Headline

FP Trading Desk headline reads “Mamma bear market looks
well down the road”. Following is a link:

http://business.financialpost.com/2014/07/22/mamma-bear-market-looks-well-down-the-road-rosenberg/

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
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
Management (Canada) Inc.

Individual equities mentioned in StockTwits are not
held personally or in HAC.

Horizons Seasonal Rotation ETF HAC July
23^rd 2014