- Well, good morning everyone,
and welcome to Tuesday Morning. .
- It's Stephen Whiteside here
from theuptrend.com in the premarket .
- this morning, stock index futures
are slightly above fair value. .
- So, so far it looks like we're gonna see .
- some buying at the Open
on Tuesday morning. .
- Now, this is a holiday shortened week,
so we're expecting to have a slight .
- bullish buyer by us going
into the long weekend. .
- Things should get very
quiet on Wednesdays. .
- A lot of people use
Wednesday as a travel day. .
- The US markets are going to be closed
on Thursday, open a half day on Friday. .
- We're going to be taking advantage of that
and taking off on Thursday and Friday. .
- We'll be back on Saturday
with our weekend update. .
- Looking at the VIX, we traded down to last .
- week's lows yesterday, looking
for a close on Tuesday above 25.30. .
- The US dollar index going in the opposite .
- direction, trading up into the channel,
looking for a close above 108.57. .
- So there's two indicators moving
in the opposite direction. .
- Then looking at Tesla,
tesla making a new low yesterday, .
- so we're probably looking
at the Peter Principle in play here. .
- Obviously it's not Tesla having
the problem, it's Twitter. .
- And Elon Musk is certainly having a hell .
- of a time trying to get
a handle on Twitter. .
- Now, Home Capital was up 57% yesterday, .
- so congratulations to anyone
who owns Home Capital. .
- Not a stock I've ever been involved in. .
- If I was in this situation and I walked
in today and saw this nice big gap up, .
- I would be certainly taking money off
the table today and walking away. .
- Looking at the I shares for the TSX 60,
we traded down to the lower channel line .
- yesterday, looking for a close
below 30.35 on Tuesday. .
- It was the energy stocks that really put a
damper on the Canadian market yesterday. .
- Wilde traded all the way down to $16 .
- before recovering, but still closing below
the lower channel line, .
- so giving us a new sell signal
on Monday for the energy sector. .
- At gold stocks trading water yesterday, so
still on a buy signal, no change there. .
- And healthcare was down sharply yesterday. .
- Back on a sell signal. .
- You can see that we made a low back
in July, we made a high back in August, .
- and we've been trading between
those two levels ever since. .
- Looking at the US market,
it's very quiet yesterday. .
- There's the Dow still sitting
above the upper channel line. .
- We've got the SPY sitting right .
- on the channel, and we've got
the Nasdaq trading back in the channel. .
- So looking for a closed blow, 278.13. .
- Not very concerned about that from what .
- we're seeing in the
Premarket this morning. .
- And then there's the eyeshares
for the Russell 2000. .
- Riding the lower channel line,
looking for a close blow, 181.58. .
- Then.
What worked yesterday? .
- Well, consumer staples
were the big winners. .
- The big losers were energy services .
- and the semiconductors trading
right at the upper channel line. .
- Let's finish off looking at commodity
prices, starting with the metals. .
- Copper's down again. .
- So, second day of a sell
signal for copper. .
- Gold was down again yesterday. .
- We need a close below 1744.99 trading slightly higher
in the pre market this morning. .
- And then silver sitting right on the edge
of a new cell signal, a closed below 21.02 .
- would do that for us on Tuesday. .
- Looking at energy, .
- crude oil went all the way down to $75. 75.27, I believe was the low and reversed. .
- And so 75 still acting as
support for crude oil. .
- The natural gas traded higher yesterday. .
- We're trying to break out of the high
from a couple of weeks ago. .
- If we can do that, look two lines up. .
- That takes us up to 8.59 And 8.59. .
- Yes, there's lots of support up there .
- at 8.59, which should act as
resistance on the way back up. .
- Okay, folks, that's all for this
morning's presentation. .
- Expecting a fairly quiet day on Tuesday.
Have a great day. .
- Next time you'll hear my voice
is on Wednesday morning. .