- Good morning and welcome to the Canadian edition of Stock Market Timing Television for Tuesday, January 17, 2023. .
- With the US markets closed on Monday for the Martin Luther King holiday, the Canadian market was very thinly traded. .
- In the pre market this morning we have stock index futures trading slightly below fair value. Commodities .
- are mixed with crude oil and natural gas trading higher, while gold is trading down $10. .
- Looking at the Canadian stock market by market cap .
- . .
- We have the TSX Composite trading up towards the late November highs. No early warning signals so far. .
- The TSX 60 looks very similar. .
- And then looking at the mid-cap stocks, we've already broken out above the late November highs. .
- That is also true for the small cap stocks. .
- And even the microcap sector has already broken out above the recent highs. The gains .
- for Small, Mid and Micro cap stocks are mostly from gains in the mining sector. .
- Moving back to look at the TSX 60. All looks clear at the moment. The .
- first sign that something new is happening will be a close below last Friday's low. .
- If we can keep moving higher from here, our next target on both the daily and weekly charts is 1250. .
- In percentage terms, marijuana stocks have been the big winner over the last week. .
- Aurora Cannabis .
- Tilray .
- And Canopy Growth. .
- Of course the cannabis stocks have very little impact on the overall Canadian market. .
- The Canadian Financials Sector makes up approximately 31.7% of the Canadian stock market. .
- And right now the financials and the banking sector are doing okay. .
- A couple of current examples. Fairfax Financial put in a new closing high on Monday. .
- CI Financial also put in a new high. .
- One stock that the market will be watching closely, is the Royal Bank, which is now trading back .
- at the November highs. Is this the end, or can we break out and make higher highs? .
- Let's finish off this morning's presentation looking at the commodity sectors. .
- Both base metals and precious metals stocks are extremely overbought at .
- the moment and may need to take a breather this week. .
- At the same time, energy stocks have been oversold and are starting to make a comeback. .
- If the market pulls back here we may not see money leave .
- the commodity sector, but just move from the metals to the liquids. .
- That's all we wanted to talk about this morning. It's still dark out there and stock .
- index futures are still trading below fair value. So so far it looks like we are .
- going to see a little bit of selling at the opening on Tuesday morning. .
- Enjoy the rest your day, the next time you'll hear from us will be on Wednesday morning. .