- Good morning everyone.
Welcome to Thursday morning. .
- Stephen Whiteside here
from TheUpTrend.com. And in this .
- presentation we're going to focus
more on the Canadian stock market. .
- But to get there, we're going
to look at some US charts. .
- First, in the Premarket this morning,
things are rather mixed. .
- We've got the Nasdaq down sharply,
while the Dow is up over 200 points. .
- That has a lot to do
with one stock this morning. .
- Here's the US.
Dollar index. .
- It's continuing to move lower. .
- That can be supported
for higher gold prices. .
- It isn't on Thursday morning. .
- We've got gold flat in the pre market
this morning, but there's gold rising. .
- It looks like we've put in a nice
bottom here at the 1625 level. .
- That looks like a double bottom. .
- Hopefully, if we can get up and over 1687.50, .
- we may be able to head
up towards 1750 this time. .
- Now, yesterday was all about a couple .
- of tech stocks getting whacked,
including Google and Microsoft. .
- And then last night we had Meta come out .
- and it is down sharply
in the pre market this morning. .
- This number is going to be different .
- by the time you see this video,
but we are down just above $100. .
- So that is quite a haircut. .
- And that's one of the reasons the Nasdaq
is down in the Premarket this morning. .
- Now, the reason the Dow is up
in the Premarket this morning is .
- that Caterpillar came out with earnings
and is trading up above $200. .
- If you had an ordering to sell at 200, .
- it's going to get filled at the open no
matter where the stock opens above 200. .
- So if it opens up at 205, your $200
order will get executed at that price. .
- Then we've been talking about the fact .
- that Dow has been leading the markets
higher over the past couple of weeks. .
- Compare that to the Nasdaq and we can see .
- that the Nasdaq had a pullback yesterday
still above the upper channel line, .
- so nothing to be worried
about on Thursday morning. .
- But if things continue the way they are .
- in the pre market, we may have
something to worry about on Friday. .
- Now, Apple is still on a buy signal,
had a pullback yesterday, .
- closed at the previous day's low,
so nothing's broken yet. .
- And Tesla actually slithered up and closed .
- just above the upper channel line
yesterday, giving us a buy signal again. .
- In this environment, I wouldn't be
in a rush to jump back into Tesla. .
- I'd wait for another close
above the upper channel line. .
- And then looking at the VIX. .
- The VIX broke down yesterday,
broke down below support at 2000 and 813. .
- So that's a good sign
for the overall market. .
- Might not help the technology sector,
but the rest of the market may be able .
- to work off of the VIX continuing
to move lower at the present time. .
- Next up, let's take a look
at the Canadian market. .
- And we're still dealing
with the early october highs. .
- There's the TSX Composite Index
itself trying to deal with 19,375. .
- If we can start closing above that,
then 20,000 comes into play for the TSX .
- 60, we're dealing with
the early October highs. .
- We ran up, made a new high yesterday .
- and then pulled back,
trying to get up to 1187.50. .
- That is our next target. .
- Then midcaps again, still dealing
with that early October high. .
- If we can start breaking out and closing .
- above 1125, then 1156.25 is our next target. .
- Not as much joy for the small caps. .
- They still haven't tested
the early October high. .
- And then less enthusiasm
for the microcaps. .
- Still holding around the target area. .
- 593.75, that is still
holding the market in check. .
- If we can start breaking away from that,
then 625 is our next target. .
- To the upside now, .
- it's still all about energy stocks,
even though natural gas and crude oil .
- haven't really been
trending higher at the moment. .
- We've got energy stocks
making new highs yesterday. .
- We've got gold stocks on their
fourth day of a buy signal. .
- Bank stocks are still on a buy signal
here, but not really trending. .
- Similar situation for financial services. .
- Compare that to the industrials that are .
- starting to break out above
those early October highs. .
- And then we had telecom
stocks popping yesterday. .
- A lot of it had to do
with Shaw and Rogers. .
- If you're involved in this story,
if you know the story, .
- it all started way back here in that 2021,
and we saw that big gap higher. .
- If I was involved in Shaw, .
- if I owned Shaw at that time, I would have
sold at the time that it gapped higher. .
- I wouldn't be sitting around waiting all
this time to see how things work out. .
- There's lots of other things
you can do with your money. .
- There's also a good chance that the deal .
- wouldn't get approved and the stock
would come right back down. .
- So the way that I always work it is if I'm
involved in a stock gets a takeover offer, .
- I take the money and I run
as quickly as possible. .
- Let's finish off today's presentation. .
- Taking a look at the TSX volume leaders
from Wednesday's trading action. .
- If you go to the volume leaders drop down .
- on the website for either
the Canadian market or the US. .
- Market, we switch back and forth .
- from listing the volume
leaders by actual volume. .
- And then every other day we
do the price volume leaders. .
- So you take the price of the stock, .
- multiply it by the volume,
that gets you your rankings. .
- And so last night it was price times .
- volume, and that gives you
the biggest cap stocks out there. .
- So the number one stock
on the list was Embridge. .
- It's on its fourth day of a buy signal,
making a new high for this move, .
- and it is still dealing
with those early October highs. .
- Similar situation for the Royal Bank. .
- Now, if you look at this particular stock. .
- If you go back here,
you can see how wide the channel was back .
- here, and that's when
the stock was really trending. .
- It started to widen out here. .
- And we've been trading sideways
for a couple of weeks now. .
- So just visually,
anytime that you're looking at a chart, .
- if you've got a nice thin channel like
this, the stock is probably trending. .
- If it's starting to get wide,
then it has stopped trending. .
- And that is certainly
the situation for the Royal Bank. .
- Little more trend in the bank
of Montreal at the moment. .
- And it's starting to break out
above the early October highs. .
- TD bank hasn't done that yet. .
- A lot of resistance overhead for the TD .
- bank, as we've mentioned
several times before then. .
- A nice big update
for Canadian National Railways. .
- It's been on a buy signal
for over a week now. .
- Nice big move up yesterday. .
- And then you can look back and see .
- the highs from back in August would
be a legitimate target to the upside. .
- Then we've got the suncorn making a new .
- high yesterday, trying
to break out above 46 88. .
- $50 would be our next target above that.
Is that realistic? .
- Well, we can go over here and see that we .
- were trading back there
back in June of this year. .
- So that is certainly a realistic
target if we can take out resistance. .
- Now. .
- One of the banks not participating
right now is the Bank of Nova Scotia. .
- A close above yesterday's high
would give us a new buy signal. .
- Then we're looking at Trans Canada Energy. .
- It is still on a buy signal here. .
- No change there. .
- Still hasn't broken out above
that high from a couple of weeks ago. .
- And then we're looking
at CIBC in a similar situation. .
- Still on a buy signal here. .
- And then Shopify,
I thought I'd bring this one up. .
- It's been on a buy signal
for over a week now. .
- Again, trying to get out above this. .
- We have a pattern of lower
highs and lower lows. .
- There's the recent lower low. .
- Now we're looking to see if we can break
that pattern and make a higher high. .
- And so far, shopify has
not been able to do that. .
- And then speaking of gold stocks, the
first gold stock on the list is Barrick Gold. .
- And Barrick Gold is on its
second day of a buy signal. .
- So looking to see if we can run back up .
- and test the highs from
a couple of weeks ago. .
- Okay, folks, that's all for this
morning's presentation. .
- It looks like the Canadian market is going .
- to have a fairly quiet
open on Thursday morning. .
- Have a great day.
Next time you'll hear my voice .
- is on Friday morning. .
- .