• 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. .