- Good morning, everyone.
Welcome to Tuesday morning. .
- It's Stephen Whiteside here with today's .
- edition of Stock Market Timing Television. .
- In the pre market this morning, stock
index features are above fair value. .
- So, so far it looks like we may see some
buying at the open on Tuesday morning. .
- Let's start off today's presentation, .
- looking at a couple of stocks that that
are active in the premarket this morning. .
- Starting with Take Two Interactive,
it was continuing to hold support at 106.25 up to yesterday's close,
but last night it came out with earnings. .
- And this morning in the pre market,
it's trading down over 17%. .
- Another stock out with earnings is Lyft. .
- It was on a sell signal yesterday, .
- and it is trading down nearly 17%
in the pre market this morning. .
- So a couple of stocks getting hit hard,
both of them already on sell signals. .
- Let's move on and take a look at the VIX. .
- The VIX closed slightly lower yesterday, .
- not making a new low,
but still closing slightly lower. .
- That is still bullish for stocks. .
- Things would change on Tuesday
with a close above 27.61. .
- Then, looking at the Dow Diamonds,
we closed higher yesterday. .
- We're still trying to take
out last week's high. .
- A close below 318.20 would give
us a sell signal on Tuesday. .
- And our next target
to the upside is 335.94. .
- Now, the big winner on the Dow was .
- Walgreens, up over 4% on the day,
making a new high for this move. .
- Looking at the SPY S&P 500 ETF, .
- we were able to trade back
into the channel yesterday. .
- I need a close above 382.78
to give us a buy signal. .
- And then looking at the queues .
- for the Nasdaq 100, we're looking
for a close on Tuesday above 275.45. .
- Now, I guess on a positive note,
apple didn't make a new low yesterday. .
- Apple was lower in the morning and then .
- in the afternoon recovered close
slightly higher on the day. .
- So that's one for the bulls. .
- I'm still short Apple, looking to see
if it can break those October lows. .
- And then a stock that did break .
- the October low and actually
closed below $200 is Tesla. .
- And so $200 is no longer
psychological support. .
- And then the big winner yesterday
for technology stocks was Meta. .
- Meta up just over six
and a half percent on the day. .
- Apparently this is in reaction to rumors .
- or news that Meta is going
to be laying people off. .
- Unless they're laying off Mark Zuckerberg, .
- I don't think this is going to be
helpful long term for the stock. .
- Moving on to the Canadian market,
it was very quiet yesterday. .
- We had an inside day for the Ishares for the TSX 60. .
- If we can take out last week's high, then
30 47 is our next mathematical target. .
- To the upside, BlackBerry
came back yesterday. .
- It is back on a buy signal. .
- Joining Shopify. .
- Shopify is traded through the lower .
- channel for the past two days,
but has not closed below it. .
- So we are still on a buy signal here then. .
- The big winner yesterday was Real Estate. .
- Anything to do with REITs, .
- and that's because of one stock,
and that was Summit. .
- Summit came into yesterday
on a daily buy signal. .
- And congratulations
to anyone who owns Summit. .
- Let's finish off looking
at commodity prices. .
- And we got a pop and copper
on Friday and pullback yesterday. .
- Still on a buy signal. .
- No change there. .
- Gold is still on a buy
signal inside day yesterday. .
- A lot more interest in silver right now. .
- Silver is right up at resistance at 21.25. .
- If we can take out that high from October,
then 22.50 would be our next target .
- to the upside, then let's
finish off with energies. .
- Crude Oil made a new high
yesterday before pulling back. .
- 93.75 is our next target. .
- That stopped us in August. .
- Of course, if we can take out 93.75,
then $100 starts to come into play. .
- And unfortunately,
natural gas had a bad day yesterday. .
- Yeah, it traded higher and closed higher,
but that was a big bearish reversal day. .
- And so we'll have to see if we get
any fall through to the upside today. .
- It's still closed higher on the day,
but that's a pretty ugly reversal. .
- So let's hope that natural gas can keep .
- going from here, but we are
looking at a very bearish bar. .
- Okay, folks, that is all
for today's presentation. .
- I'm not sure how much volatility
we're going to get today. .
- It is election day in the US. .
- Traders might sit on their hands today and
wait to see how things work out tonight. .
- Have a great day, folks. .
- Next time you'll hear my voice is .
- on Wednesday morning music you. .