- Good morning, everyone and welcome to Thursday morning. .
- Stephen Whiteside here from TheUptrend.com .
- In the pre-market this morning .
- Stock index .
- Futures are above fair value. .
- So far .
- it looks like we are going to see some buying at the open on Thursday morning. .
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- at our website, TheUptrend.Com .
- .
- Now coming into this week's trading action .
- we were expecting the market to have a bullish bias. .
- Typically coming into a 3 Day long weekend is bullish for the market, and coming up to month-end is also typically bullish for the market. .
- Now, in a bear Market that may not move the needle up too much, but it should stop the market from heading lower this week. .
- And so far that, that's exactly what we've witnessed. .
- Let's I start off with a quick review of Wednesday's trading action. On the TSX is still in the channel up .39%. .
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- Then we had the Dow Diamonds trading right up to the upper channel line. .
- So most likely to generate up buy signal on Thursday. .
- And then we have the S&P 500 closing in the middle of the channel, but the big winner was the NASDAQ up 1.4%. .
- closing just above the lower channel line. .
- Now, there's a big difference between the Dow generating a Buy Signal and the NASDAQ generating a Buy Signal. .
- If we get the NASDAQ back on a buy signal, that is an indication that the risk-on trade is back on. .
- And that makes it a lot easier to make money in the stock market. .
- .
- No indication that the market is looking to pick up any of these ETFs at the moment. .
- Now, the makeup of her portfolio has changed and reflected on the website. Her biggest holding now is Roku and you can see a monthly chart of Roku. .
- See what it's been doing so far in 2022, Zoom is her next biggest holding and that popped yesterday. .
- It's back on the Buy Signal as of Wednesday's close. .
- And you can see what Zoom has done over the past couple of years. .
- And then, of course, we have Tesla. That's her third biggest holding and Tesla still on a sell signal. No change, still holding 6:25. .
- If we start to break that, then I move down to 500 would be our next Target to the downside. .
- Next up. .
- Let's take a look at some chip stocks. I watch the semiconductor index every day .
- just to keep track of the overall health of the technology sector. .
- If people aren't buying chips, .
- that's not a good sign going forward. .
- Now, the SOX index is still on a sell signal that has not changed. .
- You can see the nice pick up move .
- we had in March. Then we had a couple of pop ups, which quickly reversed. We have talked about those and waive those off over the past few weeks. .
- Now, the pros have not taken control. .
- They're pretty close. .
- So they've been here before. .
- So we're just looking to see if they'll take control this week. AMD had a pop last week. It is still on it buy signal but came back in the channel .
- over the past couple of days. .
- We are down in the pre-market this morning, but not enough to give us a sell signal. .
- Now a stock that is in the news .
- this morning is NVIDIA. .
- And of course, these numbers are going to change. .
- We are down over 4% of the pre-market. .
- And of course that is not going to change anything. .
- Nvidia is still on a sell signal. .
- Taiwan Semiconductor is the biggest stock in this sector and it is currently on a sell signal. .
- So nothing going on there at the moment, notice the pop back in March was rather subdued. .
- So not a good indication for this particular stock. .
- I don't follow this stock on a regular basis, but it is the biggest player in the sector. .
- Next up. .
- Let's take a look at the ride-sharing apps. We haven't talked about these stocks since Lyft collapsed and nothing is going on here. .
- We're putting in lower lows this week. .
- The pros .
- do not look like they're interested in all in the Lyft on Thursday morning. .
- And that's also true of Uber .
- which appears to be putting in a bottom here. .
- There is no interest from the pros to go back and take control of Uber on Thursday morning. .
- Let's reminisce a bit and go back in time to when things were simpler .
- and we used to watch the Fang stocks. Meta moved up slightly yesterday. .
- It's still got an open Gap there to fill before, we get back on a buy signal. Then looking at Amazon. Amazon put in a new low on Tuesday and then moved up to the lower channel line .
- on Wednesday. .
- Certainly there is a mathematical possibility of a Buy Signal on Thursday. The pros are showing some interest but they're not ready to take control on Thursday morning. .
- Then we're looking at the Alphabet. Alphabet closed slightly lower yesterday .
- after making a new low on Tuesday. .
- I'm still short this stock on the weekly charts were looking for moved down to 1875. .
- Of course, you have to take into account the big round number of 2000. That could certainly act as potential support on the way back down. .
- Moving back to the Daily charts. .
- Our next Target is at 2031 25. .
- We got a couple of dollars away from that on Tuesday, but did not hit it. .
- So we're trying to take money off the table at that level. .
- And of course, if that level brakes are next .
- Mathematical Target is 1875. .
- Then looking at Netflix. Netflix is going to generate a Buy Signal here soon. .
- It's going to do that because of gravity more than anything else. .
- It's found support at the 187.50 level and that seems to be a place where investors are comfortable with at the moment. .
- A move back up to 250, to the bottom of that open the Gap .
- is certainly doable. .
- The pros are not doing anything at the moment. .
- They're getting pretty close to taking control, but I would not use the Right Side chart for this particular stock at this time because a buy signal can be set off by gravity. .
- I would want to give it more room, and yes, you're leaving money on the table, but there's probably a better chance of success .
- if we get a midterm buy signal here, then just the right side buy signal. .
- Next up. .
- Let's take a look at .
- some stocks in the news. .
- And of course, we saw Snap drop .
- the other day. That certainly wasn't a change .
- in Trend. Yesterday was an inside day for this stock. A trade up to fill that open Gap would be reasonable. .
- And I'm sure a lot of people are looking that as a possibility. Then we have Twitter. Twitter still has a deal with Elon Musk and nothing's going on with that at the moment. .
- But I'm sure a lot of people are just buying Twitter shares to hold on to them to see how this works out. .
- If you want to do that .
- I think most of the risk has been taken out of this stock at the present time. And then they're The Biggest Loser on the NASDAQ was DexCom, It's a medical device maker, and certainly no change .
- in Trend. .
- Apple is In the news. .
- It's got supply chain problems at the moment, but that doesn't seem to be concerning investors. .
- My next major Target for the downside on the weekly chart is 125, but it's still holding 137.50. Investors seem very comfortable with it at that level. .
- And of course if it starts to break that and it heads down to 125, that would be a very bad sign for the overall stock market. .
- If it can regroup here .
- there is certainly the potential for a Buy Signal and that would be a bright spot for the market .
- If it gets back on its feet. A couple of other stocks .
- I'm looking at. Salesforce looks like it's putting in a bottom here with some nice support and a close above 16451 on Thursday would give us a Buy Signal. Another Technology stock in. .
- the DOW 30 is Cisco and nothing going on here. .
- But I do want to show you this. .
- This is not something we usually see in a Dow 30 stock. .
- Look at all that mess. .
- Here the stock was trading sideways. .
- Investors had no idea what to do with it. .
- If you see something like that, and you still want to play the stock, you need to give it some room and, you know, you can bracket your orders. .
- Whether you want to be a buyer if the stock moves up, or in this case is seller, if the stock moves down, but I certainly wouldn't want to be buying or selling a stock that looks .
- like this. .
- You just want to walk away. .
- Because the market has no idea what's going to happen to the stock and at the end of the day, the stock collapsed. .
- I next up until is Intel. I don't really follow it but it is in the DOW 30. .
- It's not the most volatile chip stock and it hasn't been doing well over the past few years. .
- So it's not something I look at on a regular basis. Just a couple of more. .
- Somebody asked me yesterday, .
- what's my favorite technology company? And my favorite technology company is Cloudflare. .
- I don't usually a trade that this particular stock, but the stock has been instrumental in our online success. .
- Since we signed up with Cloudflare as a customer. .
- We've never had a single major problem with our website that was caused by something external. .
- Of course, we've done internal damage. .
- And, you know, we've had Hardware problems over the years, but nothing to do with external threats attacking our website. It seems to be holding $50 right now. .
- It may move up to fill that open Gap at 75. .
- That's certainly wouldn't be the worst trade in the world. Then PayPal. For 22 years of dealing with PayPal, not a single problem in all these years. .
- PayPal is holding supported at 75. .
- A move up to a $100 doesn't seem unreasonable and that of course, would be a 33% gain. .
- Of course, you're not going to buy it at 75 and sell it to 100 . .
- You're going to get something in between. But that would be a nice trade whenever it starts? And the stock that we get asked about the most is Shopify, and it is still on a sell .
- signal. .
- Still trading below, the lower channel line on both sides of the Border. .
- Okay. .
- That's all folks. .
- That's all for this morning's presentation. .
- Have a great day. .
- It looks like the markets going to open up on Thursday morning. .
- Again. .
- We're going into a long weekend and month end and so it's not unexpected at all .
- that the market gets an nice pop this week. .
- Enjoy the rest of your day. .
- Next time you hear my voice is on Friday morning. .