Good morning, everyone. Welcome to Thursday morning. .
It's Stephen Whiteside here from the .
Uptrend.com. In the pre market this morning, things are fairly mixed. .
We got the Dow futures slightly below fair .
value, while the S&P 500 and the Nasdaq are slightly above. .
Commodities are also mixed, with crude oil trading higher this morning, while gold .
and natural gas are trading lower in the pre market on Thursday morning. .
Lets start off this morning's presentation with a quick look at the US. .
Market and things were fairly quiet yesterday. .
Dow Diamond still in the Channel a closed .
above Wednesday's high on Thursday would give us a new buy signal. .
Similar situation for the S&P 500, which had an inside day, as did the Nasdaq 100. .
Something new yesterday. .
We saw Microsoft gap lower. .
So Microsoft joining Apple and Tesla already on major declines. .
But both of those stocks had inside days on Wednesday. .
Inside day for Apple, inside day for Tesla. .
So I'm not going to take too much away from what happens this week. .
It's still a holiday shortened week. .
A lot of people are still on vacation. .
Things will get back to normal next week, .
and then that's when I would certainly expect the market to show its hand. .
Right now, the hand is very neutral. .
Now moving over to the Canadian market, we .
saw the TSX trade up to the upper channel line yesterday, as did the TSX 60. .
Notice that on both indices we've got a nice open gap here, which could act as a .
price magnet and an area of resistance going forward. .
Now there's a little more positive .
activity in the mid caps and the small caps. .
Not so much for the micro caps just yet, .
with the venture exchange just sitting on the edge of a new daily buy signal. .
Now starting off with energy. .
Energy, of course, was the big market .
leader in 2022, not so much in 2023 so far. .
And we made a new low for this move on Wednesday. .
And the biggest player in the Canadian .
energy market is Suncor, which is on its second day of a sell signal. .
Still holding support here at $40. .
And there's a nice open gap over here to .
the left that could potentially act as support on the way down. .
If the market wants to continue lower on .
Thursday morning, we do have crude oil trading higher, so we may not see a lot of .
selling pressure for the major energy players on Thursday morning. .
Looking at Canadian banks, we are back on a buy signal as of Wednesday's close. .
The big volume leader yesterday was the TD .
Bank, which is now back on a daily buy signal. .
Looking at financials themselves, they're also back on a buy signal. .
Of course, financials include the banks, but they also include some other companies .
which have been doing much better than the banks recently. .
There's Canaccord Genuity making a new .
high yesterday, new high for this move for Great West and we've talked about the fact .
that the insurance companies are much more in fashion right now than the banks are. .
And there's Industrial Alliance making a new high yesterday. .
We had Manualife making a new closing high yesterday, and we had Sun Life still on a .
buy signal here trying to break out to higher highs. .
And just a reminder, all of these insurance stocks are up at the top of the .
Panic Zones, so any new buying activity should be considered high risk. .
Remember, low risk trades come off the .
bottom of the panic zones where the Pressure Zones have formed. .
Those are low risk trades up at the top of the Panic Zones. .
Those are high risk trades. .
Moving on to Infotech, we're on our second .
day of a buy signal here and we've got Shopify. .
The big winner from 2021 is now back on a buy signal as of Wednesday's close. .
BlackBerry also moving up yesterday, it was one of the big winners on the TSX. .
We're looking for a close above $5.03 on .
Thursday to give us a buy signal for BlackBerry. .
Looking at the industrials, they're .
sitting right on the edge of a new buy signal. .
Two major players in the industrial sector, of course, are the railroads. .
We've had an inside day yesterday for .
Canadian National, and we had a nice bullish day for Canadian Pacific. .
Close above 100 and 355 would give us a .
buy signal for Canadian Pacific on Thursday. .
Moving on to gold stocks making a new high .
for this move yesterday being led higher by Barrick Gold and Agnico-Eagle. .
But the big winner was Kinross. .
And Kinross, in percentage terms, was the .
biggest winner on the TSX Composite index from Wednesday's trading action. .
Okay, folks, that's all for a quick look at the Canadian stock market. .
Again, it's a holiday shortened week. .
I'm not overly excited about what happens either way this week. .
I'd be much more interested to see how the .
market reacts to things next week when everybody is back from vacation. .
Enjoy the rest of your day, folks. .
Next time you'll hear my voice is on Friday morning. .
Thank you. .