- Good morning everyone,
and welcome to Friday Morning. .
- It's Stephen Whiteside here
from theuptrend.com. I'm starting .
- to record this ahead of the employment
numbers coming out at 8:30, so far .
- stock index futures and commodities are
all up nicely on Friday morning. .
- And that of course, could change after
the employment numbers come out. .
- Let's start off this morning's
presentation looking at the VIX. .
- And the VIX is looking
very bullish right now. .
- It made a new low yesterday. .
- Things would change on Friday if
the VIX were to close above 28.44. .
- Now I think the reason the VIX is looking
like this is that the selling that we've .
- seen this week has been
focused in just a few areas. .
- Technology and commodity related
stocks outside of the energy sector. .
- That's where the biggest
losers have been this week. .
- And so it is not a complete
market pullback. .
- We see the Dowd Diamonds are still .
- on a buy signal that would change
on Friday with a close below 316.44. .
- Yesterday we talked about five of the Dow
stocks that are back on sell signals. .
- Yesterday we saw two more
stocks add to that list. .
- So we now have seven of 30 Dow
stocks back on sell signals. .
- And yesterday that was Home Depot and Visa .
- were added to the list
of stocks on sell signals. .
- Now the SPY S&P 500 ETF is
on its second day of a sell signal. .
- The Nasdaq 100 ETF, the Q's,
is on its second day of a sell signal. .
- And we're getting pretty close to the 52
week low that we made in October. .
- Now looking at what's broken,
well, it is certainly technology. .
- It's Communication Services. .
- We've got Consumer Discretionary
stocks on a Sell signal. .
- We've got Home Builders on its
second day of a sell signal. .
- And we've got Metals and Mining. .
- So out of the major US. .
- Sectors, those are the only
ones on sell signals right now. .
- A lot of other ones still on buy
signals have not changed. .
- Now if we break down the metals and mining
sector, you can pull out the Gold .
- and Silver index and it happens
to be the biggest loser in the US .
- over the past five trading days. .
- So that is also going to have
an impact on the Canadian market. .
- And looking at the Canadian market,
you've got the TSX, you've got the TSX 60, .
- you've got the Mid caps
all still on buy signals. .
- Small caps rolled over yesterday. .
- They're back on a sell signal,
joining the Venture Exchange. .
- Now look at the Venture Exchange. .
- And yes, it did not participate .
- in the recent rally, but it's not really
participating in any selling this week. .
- Yes, we're on a sell signal, .
- but there's no aggressive exit
of microcap stocks this week. .
- And that could be a bullish
sign going forward. .
- Now what's working? .
- Well, the Energy Sector is holding up .
- the Canadian market and made
a new high yesterday. .
- So against all of the
negativity out there. .
- Money is still flowing
into the Energy Sector. .
- And of course, what's not working well, .
- the gold and silver sector,
the TSX Global Gold Index got hit hard .
- this week and it is the biggest loser,
followed by anything to do with mining. .
- So the Global Mining index, .
- we've got base metals, we've got
materials all getting hit hard this week. .
- So anything mining related
has been hit hard. .
- And then real estate, of course, .
- higher interest rates is
not good for Real Estate. .
- And there's the Real Estate
sector back on a sell signal. .
- Let's finish off today's presentation
with a quick look at commodities. .
- And we had an inside day
yesterday for crude oil. .
- All the commodities are trading higher
in the pre market this morning .
- last time I checked. .
- Inside day for gasoline up
at the current high this week. .
- Then we got natural gas treading
water here down a little over 4%. .
- It's up about that in the Pre
market this morning. .
- So still not trending anywhere. .
- Then we've got the GLD having
a nice big reversal day yesterday. .
- Still trying to hold support
at 150 so far that is holding. .
- Then we've got palladium
making a new low yesterday. .
- Platinum back on a cell signal. .
- And then silver had another wild day. .
- And we've talked about the fact that
silver is much more volatile than gold. .
- And there's silver trading through .
- the lower channel line,
recovering and closing higher on the day. .
- So no change in trend for the
price of silver on Thursday. .
- Okay folks, that is all for this
morning's presentation. .
- Employment numbers have come out. .
- Stock index features are still above
fair value last time I checked. .
- And so that's looking pretty bullish
for the stock market on Friday. .
- Have a great day.
Next time you'll hear my voice .
- is on Sunday video you. .