- Good morning, everyone. .
- Welcome to Tuesday Morning and the first
day of November in the pre market. .
- This morning, stock index
futures are above fair value. .
- Apparently,
people are expecting the Chinese .
- government to change their tune
on the COVID restrictions. .
- And that put a bit
into the Hong Kong market. .
- It overnight and helped the rest .
- of the Asian and European
markets move up this morning. .
- Now, this is the first day of the two day
Fed meeting, so not expecting a lot .
- to happen between now and 02:00
P.m. Wednesday afternoon. .
- Sometimes it does, sometimes it doesn't. .
- But typically we don't get a lot
of volatility between now and then. .
- And then, of course, .
- after 02:00 P.m. Wednesday afternoon,
that's when volatility expands. .
- Now, the Dow had its biggest monthly gains .
- in 45 years, and we've been watching
the Dow lead the market higher all month. .
- And then Jim Kramer came out and said, .
- hold your nose and sell to brace
for possible market turndown. .
- So we'll just have to wait
and see how things work out. .
- Yesterday was a very
quiet day in the market. .
- See that little tick? .
- That was the S&P 500,
that was the TSX, and that was the Dow. .
- And so we're, of course, .
- expecting volatility to expand after
02:00 P.m. Wednesday afternoon. .
- Things got very quiet yesterday. .
- Getting ready for the Fed meeting. .
- Next up, let's take a look at the big .
- winners and losers
for the month of October. .
- And often you'll find some of the biggest .
- losers turn out to be some
of the biggest winners. .
- And we've often talked about
the mathematics of loss, .
- but here we've got Bombardier leading
the Canadian stock market higher, .
- up 61.79% for the month,
back on a monthly buy signal. .
- Then we've got Till rate up 46.05%. .
- And not really the start of anything. .
- We'll just have to wait and see. .
- Need a couple of months in a row to tell
us that something new is happening here. .
- Then we've got a company that's been .
- on a monthly buy signal for a while now,
and this is Precision Drilling, .
- up 43.72% on the month,
looking to see if it can take a run .
- at those recent highs
from a couple of months ago. .
- Then in the US market, we've got Dexcom
up 49.96%, back on a monthly buy signal. .
- Then we've got Norwegian Cruise Lines, up
48.68%, still on a monthly sell signal. .
- And then we've got Halliburton. .
- Big reversal month for Halliburton. .
- Halliburton back on a buy
signal with a gain of 47.93%. .
- Now on the biggest losers list in the US,
looking at the S&P 500, .
- Generac Holdings a big loser,
down another 34.93% for the month. .
- Then we've got Meta down
another 31.34% for the month. .
- And then we've got Silicon Valley Bank
down another 31.22%. So all of those .
- stocks on the losers list already
on a monthly sell signal. .
- So no change there. .
- Then looking at the Canadian market,
it was New Flyer the bus company down .
- another 27.51%. Then we've got
K92 Mining, the gold mining stock. .
- It's on its third month of a sell signal,
so down another 21.65%. And then we're looking .
- at Converge Technology,
down another 15.07% for the month. .
- Now, what worked in the Canadian market, .
- it was Cannabis stocks up
just under 25% for the month. .
- You'd hardly notice it on a chart. .
- Then you're looking at the Energy
sector up by 21.87% for the month. .
- And then in the US. .
- It was the Energy sector up just under
25%, followed by the DOW Transports which were .
- up 12.65%. An inside
month for the transports. .
- Still on a monthly sale signal. .
- Looking at the VIX. .
- And the VIX had an inside day yesterday. .
- Looking for a close
on Tuesday above 29.89. .
- That would change our mood on the market. .
- And of course we're expecting
that volatility from the Fed meeting. .
- So anything could happen over
the next couple of days. .
- Of course, if we don't get that close .
- on Tuesday above 29.89, that upper channel
line is going to continue to move lower. .
- Let's finish off today's presentation. .
- Looking at commodities and we saw
crude oil pull back into the channel. .
- A close below 84.43 would give
us a sell signal this morning. .
- I see crude oil is trading up
a little last time I checked. .
- And there's natural gas
back on a buy signal. .
- We're seeing a little pullback for natural
gas in the premarket this morning. .
- Then we're looking at the copper. .
- Copper's back on a sell
signal as of Monday's close. .
- Joining Gold, already on a sell signal. .
- Gold still trying to hold 1625. .
- If that breaks, then 1562.50 is our next target. .
- Then looking at silver. .
- Silver closed slightly higher yesterday. .
- So still on a buy signal. .
- No change there. .
- And last up, we're looking at the price .
- of wheat, which got a pop yesterday
on news that Russia is going to stop .
- exporting Ukrainian wheat and we don't
know how long that's going to last. .
- Okay folks, that's all for this
morning's presentation. .
- Looking for some buying at the open. .
- Not looking for a lot
of dramatic activity today. .
- Expect things to be fairly normal within .
- the normal ranges on Tuesday
and then into Wednesday. .
- And then of course, .
- we expect Volatility to expand after
02:00 p.m. Wednesday afternoon. .
- Enjoy the rest of your day. .
- Next time you'll hear my voice
is on Wednesday morning. .