- Good morning everyone.
Welcome to Friday morning. .
- It's Stephen Whiteside here
from the uptrend.com in the pre market. .
- This morning stock index
futures are above fair value. .
- So so far it looks like we're going to see .
- some continuation of the buying
that we saw on Thursday. .
- Today is remember and stay
in Canada Veterans Day in, in the US. .
- I'm not sure why markets are open today,
but that's just the way things worked out. .
- If you're not familiar,
this is the display in front .
- of the Manulife on Bloor Street
which is just around the corner from us. .
- And we always appreciate the effort
that they put in to honor our veterans. .
- Now moving on to our regularly scheduled
program starting off with the VIX. .
- The VIX made a new low
for this move on Thursday. .
- Things would change on Friday with a close .
- above 26.89 from what we're seeing
in the pre market this morning. .
- We're certainly not expecting that. .
- There's the Dow Diamonds making a new high
for this move, trading up to our next .
- price target and heading getting up very
close to the highs from back in August. .
- Of course the Dow has been leading .
- the market higher, so the rest
of the market is playing catch up. .
- There's the SPY ETF gaping higher .
- yesterday, closing above the October highs
and closing above the upper channel. .
- So back on a new buy signal, .
- trading through resistance
and heading towards 400. .
- That's our next psychological area
of resistance and then 406.25. .
- And you can see that we spun out just .
- above the 406.25
level back in September. .
- So there's an open gap there
that may attract the SPY ETF. .
- Looking at the QQQ's up over 7%
yesterday, that's a huge update of course. .
- And we've traded back up to the highs .
- of October and looking to see
if we can break through those. .
- If we can, 296.88 is the next target
to the upside for the queues. .
- Then looking at the Canadian market,
the Ishares for the TSX 60 gapped higher .
- yesterday, traded through the 30.47 level, heading towards 31.25. .
- It's important to note that the market .
- topped out just above the 31.25 level back in August. .
- What worked, what didn't work yesterday? .
- Well it mostly worked
in the Canadian market. .
- It was infotech followed by cannabis
stocks, followed by the gold sector. .
- And there's gold stocks up 5.62% gapping
higher on Thursday than what didn't work. .
- Well, it's just clean. .
- Technology was the only thing
that didn't work in the Canadian market. .
- In the US market everything worked. .
- The semiconductors led the market higher .
- up over 10%, followed by technology
stocks, followed by real estate stocks. .
- Moving on to the cryptocurrencies, .
- we saw ethereum and bitcoin both have
inside days yesterday, so nice recoveries. .
- But inside days of course
are days of indecision. .
- Doesn't really tell us anything new. .
- What we do know though is that Bitcoin is .
- holding support of 15,625
ethereum traded down towards $1,000. .
- Didn't get there though,
which it did back in July. .
- So that could be a bullish
sign for the cryptocurrencies. .
- The fact that we didn't get
down to that level of support. .
- Looking at the megatrends bonds
had a huge update yesterday. .
- Of course, bonds moving higher
means yields move lower. .
- There's the 30 year yield,
there's the ten year yield. .
- And it looked like bond traders had
an appetite for emerging market bonds .
- on Thursday, with that ETF
up over 4% on the day. .
- Now looking at Currencies,
the US dollar index continued to move .
- lower, breaking down
below support finally. .
- And there's the Euro breaking
out above the recent highs. .
- We saw a huge update for the Japanese yen .
- and the Canadian dollar made a new
high for this move on Thursday. .
- Looking at commodities, copper made
a new high for this move, as did gold. .
- So gold breaking out above the October .
- highs, joining silver which had
already completed that task. .
- Then looking at the energy sector,
we had crude oil hire yesterday. .
- It's up in the Premarket this morning. .
- And then we have natural gas higher .
- on Thursday, but down
a little in the Premarket. .
- Looking at my five stocks,
Apple had a huge update yesterday. .
- It is back on a buy signal
as of Thursday's close. .
- No joy for Amazon. .
- We're looking for a close
above 98.63 on Friday. .
- There's the CME Group closing
just above the upper channel. .
- And obviously no momentum here
for the CME Group at this time. .
- There's a Goldman Sachs making
a new high for this move. .
- So we still have a partial position left
in Goldman Sachs and we're just going .
- to hold on to it until we
finally get kicked out. .
- And there's Visa back on a buy
signal as of Thursday's close. .
- OK folks, that is all for this
morning's presentation. .
- Obviously, there's a lot of new buy .
- signals out there
from yesterday's trading action. .
- Yesterday was a total
overreaction to one data point. .
- As you know from looking at charts,
one data point does not indicate a trend. .
- And so if the market can overreact when we .
- get a slight sign that things are
changing, how do you think the market is .
- going to react if we get
a sign in the other direction? .
- So just be prepared for that. .
- Enjoy the rest of your day, of course. .
- And today is a day that we honor our .
- veterans, so hopefully you'll get
a chance to do that throughout the day. .
- Next time you'll hear
my voice is on Sunday. .