- Good morning everyone.
Welcome to Wednesday morning. .
- It's Stephen Whiteside here
from theuptrend.com with today's look .
- at North American stock market
trends. While I'm doing this video .
- ahead of the inflation numbers that are
coming out at 8:30 this morning, .
- so far things look fairly bullish. .
- Stock index futures have
been up all morning. .
- Crude oil, natural gas are higher,
while gold is slightly lower .
- on Wednesday morning. .
- Well, on Tuesday the bulls were in control .
- until some news came out
from the bank of England. .
- And you can see the iShares for the UK
market trading lower yesterday. .
- And there is Barclays Bank and there is
Lloyds Bank both down sharply on Tuesday. .
- So that put a damper on what
happened here in North America. .
- Now yesterday the US dollar
ended the day slightly higher. .
- We saw crude oil pullback
to the upper channel line. .
- It's trading higher
in the Premarket this morning. .
- So natural gas which is
still on a sell signal. .
- And then copper has been trading .
- in the channel for the last couple
of days, so it's still on a buy signal .
- here, but of course being
in the channel is neutral. .
- And then we've got Gold on its
second day of a sell signal. .
- And then finally Silver is joining gold
on a sell signal as of Tuesday's close. .
- Now looking at the VIX, the VIX is up,
knocking on the 34.38 door. .
- If we break out above that,
of course we're expecting the stock market .
- to continue lower from here,
but we are up at resistance. .
- And if you look back to the left hand side
of the screen, you can see where this .
- level held us in check
a couple of months ago. .
- And so this is the time and place where
the market could put in a bottom. .
- We will just have to wait and see. .
- Of course if we start breaking out above .
- 34.38, then 37.50 and 40.63 come into play
for the CBOE Volatility Index (VIX)for the S&P 500. .
- Now the biggest loser yesterday was the Sox .
- index making a new low for this move
and didn't have a lot to do with AMD, .
- which is holding support of 56.25,
closing at 56.63 yesterday. Didn't have .
- a lot to do with Nvidia, and it
didn't have a lot to do with intel. .
- Intel was lower yesterday by just $0.16.
It's up in the Premarket this morning by I .
- think $0.23, as it's announcing
that it's going to have some layoffs. .
- So that's not a good sign for intel. .
- Everybody else seems to be hiring .
- in the chip sector and intel
is laying people off. .
- Of course weakness in the Socks index was .
- also weakness for the QQQ, making a new
low for this move and for this year. .
- Looking at the Canadian market, of course
the Canadian market had to play catch up. .
- It was closed on Monday. .
- And so there's the iShares S&P/TSX 60 Index ETF (XIU.TO) Making a new low. .
- Saw a new low for the banking sector, .
- for financials. We saw a pullback
for the energy sector. .
- We're still on a buy signal here,
but that was a nice gap .
- lower. .
- We need to close on Wednesday below 14.57
for the iShares, for the energy sector. .
- And then looking at the gold sector,
of course, we're playing catch up .
- to the selling that we saw on Monday,
but we closed at 15.04. .
- We need to close below $15 to give us .
- a sell signal for the iShares,
gold ETF for the gold sector. .
- And then if we look at a couple of big cap
gold stocks. We've got Barrick Gold (ABX.TO) Closing at 20.74. .
- Yesterday we needed to close below 2076. .
- And so we are on a sell signal
for Barrick Gold (ABX.TO). But not for Agnico Eagle Mines (AEM.TO). .
- We need to close below 57.27 and we closed at 57.27. .
- So sitting right on the edge. .
- So any lower close on Wednesday would
give us a sell signal for Agniko Eagle. .
- OK, folks, that is all for this
morning's presentation. .
- I see the inflation numbers have come
out and the market has pulled back. .
- The Dow was up 180 points before the
numbers, currently up about 50 points. .
- So we have seen a pullback, .
- but certainly no major reversal
in the market to the downside. .
- Have a great day. .
- Next time you'll hear my voice
is on Thursday morning. .