- Well, good morning, everyone. .
- Welcome to Friday morning. .
- It's Stephen Whiteside here from The .
- UpTrend.com. Let me take you back 24
hours, and I certainly screwed up. .
- I sent out the wrong link yesterday. .
- Apparently, copying and pasting is more .
- complicated than people make it out to be,
and I still have to learn how to do that. .
- I apologize for that. .
- The easiest way to deal with that, of
course, is just hit reply on any email .
- you've received from us and
let us know what's broken. .
- A lot of people did that yesterday. .
- Some people filled out support tickets. .
- You don't have to do that. .
- Just contact us any way you can, the .
- easiest way you can, and we'll get the
problem fixed as quickly as possible. .
- So, again, I apologize for that.
Today. .
- We're expecting some inflation numbers
to come out at 830 this morning, .
- the PPI. .
- That could add some
volatility to the market. .
- And then, of course, everybody's waiting
to see what the Fed does next week. .
- In after hours trading, we had Costco out. .
- It was down slightly, so
no major change there. .
- It's still on a sell signal. .
- And Lululemon was out with earnings,
and people didn't like that at all. .
- And so we're trading down at
just under the 350 level. .
- That would certainly give us a sell
signal if that's where we end. .
- At the end of the day, this
has been a profitable trade. .
- You've had lots of opportunities to
take some profits along the way. .
- And even if you have to get out at that .
- level on Monday, that is still
going to be a profitable trade. .
- Now, I made some weekly charts this .
- morning taking a look at what's
been going on this week. .
- The S&P 500 ETF is down 2.62%. Here's the .
- numbers we're going to be watching closely
on Friday to see if the market, even .
- though it is going to be volatile on
Friday, we're looking to see if we take .
- out the high of the week
or the low of the week. .
- Looking at the Nasdaq 100 ETF,
we're down 2.97% on the week. .
- And again, here's the numbers we're going .
- to be looking at this week's
high, this week's low. .
- What do we do on Friday? .
- We could have an inside week on Friday. .
- We'll just have to wait and see. .
- And then looking at the Ishares for the .
- TSX 60, we're down 2.37% high
the week up there at 31. .
- 26. .
- Of course, our mathematical
resistance is at 31. .
- 25.
And then the low of the week is at 30. .
- 50.
And you can see that 30. .
- 50 is acting as support. .
- We came down hard the other day, and that .
- has continued to act as support
on both Wednesday and Thursday. .
- Now, why is the TSX stuck there? .
- Well, it's the 200 day moving average
that is currently acting as support. .
- Then if we look at the Nasdaq 100 ETF, you .
- can see that we closed back
in the channel on Thursday. .
- We're holding support at 281.
25. .
- If you look back here, what
was resistance on the way up? .
- Access support on the way down. .
- So that's a very important level
of support if that breaks. .
- And we're looking for a move down to 265. .
- 63. .
- And of course, there's an open gap there
that could potentially act as resistance. .
- The Nasdaq 100 is also stuck in the
Flypaper Channel, and unlike the Dow and .
- the TSX, it has not been able
to break out above that so far. .
- That would be a very bullish sign if we
could start not only breaking out above .
- the flypaper channel, but
breaking away from it. .
- Now, looking at the S&P 500 ETF,
we're still on a sell signal here. .
- Moved up into the channel yesterday. .
- We're finding support at the 100 day
moving average at the present time. .
- Now moving on to the VIX. .
- The VIX made a new high for this move
yesterday before pulling back, looking for .
- a close on Friday below $20..86.
Then looking at the US. .
- Dollar index, it basically treaded water .
- on Thursday, as did bonds
having an inside day. .
- We saw the price of gold
move up $2.30 on Thursday. .
- Crude oil continued to move higher while .
- natural gas moved up, still trading
below the lower channel line. .
- Then looking at Canadian banks, this
chart looks a lot different than the US. .
- Bank chart. .
- But again, Canadian
banks are moving lower. .
- On Thursday, they were led
lower by the Bank of Montreal. .
- Now, when we look at US .
- Banks, this chart looks very spastic. .
- But the one thing is true is we
are on a sell signal right now. .
- Now, of course, banks are part of the .
- financials, and the financial
chart looks much more organized. .
- And of course, it includes not only banks, .
- but insurance companies,
brokerage firms, et cetera. .
- And so you can see we're
holding support there at 34. .
- 50.
We've done that for the last three days. .
- So it'd be interesting to
see how Friday closes out. .
- One US. .
- Financial stock that got hit hard
yesterday is Lincoln National. .
- It's in the insurance business,
making a new low for this move. .
- And as you can see, it's had a rough
ride over the past month or so. .
- Let's finish off today's presentation, .
- looking at some of Warren
Buffett's top holdings. .
- I recently added the Warren
Buffett list to the website. .
- You can see that Coca Cola and Kraft
are doing fairly well right now. .
- There's a new closing high
for Kraft on Thursday. .
- Of course, he also owns some bank stocks. .
- He's got Bank of America and Citigroup
as part of his top holdings. .
- Now, he also has some holdings in
which I am trading against him. .
- I am currently short Amazon, I'm currently
short Apple, and I'm currently short Visa. .
- So all of those three last stocks, of
course, are on sell signals at the moment. .
- That's the only reason
I'm short the stocks. .
- I don't hate them.
I don't think they're going bankrupt. .
- I have no idea what their next quarterly
earnings are going to be like. .
- But right now they're on sell signals
and that is why I'm short those stocks. .
- So there's some of Warren
Buffett's top holdings. .
- Okay, folks, that is all
for today's presentation. .
- It is a risk off situation.
Of course. .
- We've been talking about
that over and over again. .
- We need the technology
stocks to start to lead. .
- We need some of the small caps to start to .
- lead before any major
changes are going to happen. .
- In the overall tone of the stock market, .
- we have inflation numbers
coming out at 830. .
- The market is going to overreact to those. .
- Of course the real numbers are going to
come out next week when the Fed has their .
- meeting and everybody thinks that they're
going to add another 50 basis points. .
- Have a great day on Friday, folks. .
- Enjoy your weekend. .
- Next time you'll hear
my voice is on Sunday. .