- Good morning everyone.
Welcome to Thursday morning. .
- It's Stephen Whiteside here from the
uptrend.com in the Premarket this morning .
- and we're certainly ahead of the CPI
numbers that are coming out at 8:30. .
- Stock index futures are fairly quiet. .
- Commodities are trading higher this .
- morning, so we expect volatility to
certainly expand after 08:30 A.m. .
- This morning. .
- So we saw the DOW Diamonds move up .
- yesterday, not really
clearing the recent high. .
- That's also true for the
Ishares, for the TSX 60. .
- The TSX itself did close
back above 20,000. .
- Looking at the SPY ETF, you can see we .
- were able to clear out above
the recent high from Monday. .
- That's also true for the Nasdaq. .
- Now as far as investors are
concerned, the recession is all over. .
- If you look at what worked yesterday, the .
- best performing sector in the US was real
estate, followed by consumer .
- discretionary, followed by home
builders and then followed by retail. .
- Those were the big winners
yesterday, ahead of the CPI numbers. .
- So investors are trading as if
the recession is already over. .
- Now looking at what worked in Canada, well .
- it was REITs and utilities were
the big winners on Wednesday. .
- Now the VIX is still on a sell signal. .
- That of course is supported
for higher stock prices. .
- We're still trying to get it to break out .
- from the range that it's been in
for the last couple of months. .
- There's the SPY ETF coming up to the 200 .
- day moving average, so that
could be an issue on Thursday. .
- And then we're also
coming up to an open gap. .
- So we traded into it
yesterday, did not close it. .
- The high of that gap is 396. .
- 31 and we'll see how the
market handles that today. .
- Looking above that point, of course, we've
got the big round number of $400 and then .
- our mathematical target of 406.25.
Let's move on to commodity prices. .
- And we saw copper continue
to move higher yesterday. .
- That also gave us a new high for freeport .
- and a new high for the Ishares
Global Base Metal ETF. .
- Looking at the price of gold, we're still
stuck to 1875 here, trying to break away. .
- We are up in the pre market this morning. .
- We saw a new high yesterday for Barrick .
- and very quiet trading
for Newmont on Wednesday. .
- Looking at the price of silver again, we .
- closed lower on the day yesterday,
so not getting anywhere. .
- We've got wheaton making a new high
yesterday, trying to get above 59. .
- 38.
If we can do that, 62 50 comes into play. .
- Looking at crude oil, we're back on a
buy signal as of Wednesday's close. .
- We're trading up in the
pre market this morning. .
- Canadian energy stocks, some of them
being weighed down by natural gas. .
- Looking for a close on the Ishares
ETF above 15.28 on Thursday. .
- And then looking in the US market, the
SPY ETF is already on a buy signal. .
- Looking at natural gas. .
- New low for natural gas on wednesday we
have Cenovus Energy still on a sell signal .
- that would change on Thursday
with a close above 25. .
- 73. .
- And for Suncor we're looking
for a close above 42. .
- 41. .
- Let's finish off this
morning's presentation. .
- Taking a quick look at my portfolio
coming into yesterday's trading action. .
- We were already on a buy signal for .
- Amazon, for CME, for
Goldman Sachs and for Visa. .
- We were just waiting for Apple to finally
get back on a buy signal and it did. .
- So as of Wednesday's close. .
- Now depending on how things look at 930
this morning I might not take this trade. .
- If things reverse sharply to the downside,
there's no need to take this trade. .
- I am still short, I still have
some shares short in Apple. .
- So if we are going to go through with the
buy signal at 930 I will be covering that .
- short position first and then going long
Apple if Apple continues to trade where .
- near where it is right
now on Thursday morning. .
- OK folks, that is all for
this morning's presentation. .
- Looking for lots of volatility after 8:30 .
- this morning and potentially a
lot of volatility on Friday. .
- Have a great day. .
- Next time you'll hear my
voice is on Friday morning. .
- Thank you. .