- Hello everyone, and welcome to this .
- weekend's edition of Stock
Market Timing Television. .
- Well, it looks like a nice
snowy evening out there. .
- Stock index futures have
opened for trading. .
- They are down just
slightly below fair value. .
- But certainly there's no disturbance
in the force on Sunday evening so far. .
- Things, of course, can start to change
once the Asian markets start to open up. .
- The big news on Friday was Netflix, which
pulled the markets higher, and the markets .
- basically ended very positively
going into Friday night. .
- So there's Netflix gapping higher. .
- Now, if you were trading Netflix,
you still have a partial position. .
- You probably got rid of
some at 312 50 on Thursday. .
- It wasn't looking very good. .
- We were coming back down
to the 312 50 level. .
- But of course, if you had orders in the .
- market up there at 343 75,
they got filled on Friday. .
- So congratulations. .
- Now you want to make sure you've got an .
- order in to sell another partial
position up there at 375. .
- And of course, I, you know, strongly
recommend that you if you're going to put .
- an order in up at that level, you put it
in below the 375 level, .
- say 374 50, something around that,
just to play it safe. .
- But we'll just have to wait and see. .
- Of course, on the other side, if Netflix
turns down from here, then we'll use the .
- right side chart to liquidate the
remainder of an open position in Netflix. .
- Now, Netflix is part of the communications .
- services sector, and it led
the markets higher on Friday. .
- And of course, this sector includes Meta .
- and Google, as well as a lot of
other communications companies. .
- Now, Netflix is in the Nasdaq. .
- It certainly led the Nasdaq higher. .
- Netflix is also in the S&P 500. .
- And up at the top of the winners list on .
- the S&P 500 were a lot of consumer
financial iwinner'snstitutions. .
- So SVB was the big winner. .
- It was up over six and a half percent, .
- filled that open gap, and
then started to pull back. .
- 300 can still act as resistance. .
- We traded through it for a few minutes,
and our next mathematical target is 312. .
- 50. .
- We certainly traded above
that level back in October. .
- In a lot of cases, investors just want to .
- get rid of their money when
they see it up to an open gap .
- a lot of people just give up. .
- And so this is an inflection point. .
- This is a time and place where we find
out if this nice up move off the 218. .
- 75 level has attracted new money, or is .
- this just old money trying to
get out up at these levels? .
- We'll just have to wait and see a couple .
- of more financial institutions
that did really well on Friday. .
- SYF had a nice day on Friday. .
- Noticed Thursday, though,
was a rather shaky day. .
- Traded right down to the previous low .
- before reversing and then
closing right in the channel. .
- So we did not get a sell
signal on Thursday. .
- Friday, nice big update. .
- Similar situation for a signature bank .
- trading all the way down to the
lower channel line on Thursday. .
- And then nice big move up on Friday. .
- And then Capital One Financial again .
- traded through the lower channel line
on Thursday, didn't close below it. .
- And on Friday we had the nice big move
up back up to the high from Wednesday. .
- Now looking north of the border, it wasn't
financial institutions or streaming .
- services that led the market
higher, it was Shopifybut . .
- So that would be Ecommerce and
then it was uranium with Cameco. .
- Now Cameco broke out above the recent high .
- and tagged our next price
target up there at 35. .
- 94.
Congratulations. .
- If you had an ordering up at that level
now with part of your remaining position, .
- you want to put an order
in up just under 37. .
- 50. .
- That's our next price
target to the upside. .
- Let's take a break from daily and weekly
charts and look at the monthly chart. .
- We've just finished the third week of
January and the TSX is having a nice start .
- to the year, but has not broken out
and made new highs for this move. .
- We're looking right now with the gains of .
- 5.77%. Then you can see it's a nice
inside month for the Dow, just 69%. .
- Then we've got the S&P 500 also having an .
- inside month up 3.47%. And then looking at
the Nasdaq, the Biggest Loser is now the .
- biggest winner, but it's kind of
ha100-weekaveragesrd to notice. .
- So we are up 6.21% at the moment. .
- So let's talk about the big pothole that .
- everyone's watching there's, the big
downtrend line on the weekly chart here. .
- We're trading up to that line right now. .
- The bulls are saying, hey, no,
we just made a recent higher low. .
- That has got to be bullish. .
- Well, everybody's waiting to see
if we can make higher highs. .
- And of course we're also
stuck at the moving averages. .
- So on the weekly chart, the 50 and the 100
week moving average have converged and .
- that's where we're finding
resistance right now. .
- On the daily charts, we ran up to the 200 .
- day moving average during the
week and then pulled back. .
- So the market is waiting to see if we take .
- another run at that moving
average or if we have failed. .
- And that's it for the time being. .
- We certainly had a nice recovery day on .
- Friday, but as you can see, we did not
break out and make any new ground. .
- Now, mathematically speaking,
our next target is 40 62 50. .
- So 4000 is a big round number and we
have been able to trade above that. .
- And so that may not be such an
important number right now. .
- We're also looking at the high, the recent
high, which is up there at 4089 50. .
- So those are two numbers that we're going .
- to be keeping an eye on this week to see
if the market gets back up over 4000. .
- And then what does it do
once it gets back over 4000? .
- Next up, let's take a look at the VIX. .
- And the VIX has been supported for
higher stock prices for a while now. .
- That would change this coming Friday
if we were to close above 24 48. .
- And you can see that the VIX also had an
inside week looking at a daily chart. .
- And last weekend we talked about the fact .
- that we had traded below 1875, but had
not broken away from that level just yet. .
- So we traded back into the channel this .
- week and now you can see
the range has shrunk. .
- We were originally looking at $25
on the high end down to 1875. .
- Now we've got 21 88 acting as resistance. .
- So it's 1875 to 21 88. .
- And of course, if we break out above 21
88, that would certainly give us a daily .
- buy signal if we closed above
the 21 35 level on Monday. .
- And of course, if that doesn't happen on .
- Monday, that upper channel line is
going to continue to move lower daily. .
- Next up, we're looking at commodity prices .
- and we got crude oil back on a weekly buy
signal as of Friday's close, joining .
- gasoline, which is on its fourth
week of a weekly buy signal. .
- And then natural gas continued to move
lower down another nearly 7% on the week. .
- Looking at the metals, the GLD made a new .
- high for this move, moving
up towards the 181. .
- 25 level. .
- There's an open gap over here
that we've basically closed. .
- Now we're looking to see
if we can get up to 181. .
- 25. .
- We've got palladium holding 156.
25. .
- We've got platinum stuck at 100, coming
back down to 93.75 during the week. .
- So we're looking to see if 93. .
- 75 can hold. .
- If we take out 100, then
106.25 comes into play. .
- Then looking at silver, silver is stuck in .
- an open gap, which of
course now has been filled. .
- But there's a lot of resentment
at that price level. .
- A lot of people feel screwed. .
- And so now we're up in that price level. .
- And unlike gold, which has continued to
move higher, we've got silver stock. .
- If silver can take out the high from
a couple of weeks ago, then 23. .
- 44 does come into play. .
- We're almost done. .
- The last thing I wanted to focus on was
the ARK Innovations ETFs and its holdings. .
- Now, if you take a car, say a $40,000 car
and you have an accident and your .
- insurance company writes it off, if you
take it to the wreckers and they give you .
- $500 for it and then the wreckers
turn around and sell it. .
- For more than that, it is still a car that .
- has been written off, even though
the value does increase in price. .
- And so here we're seeing a whole bunch of .
- very positive articles about the ARK
Innovations and about Cathie Wood and .
- about how well she's doing in 2023,
well, that really doesn't matter. .
- It's very hard to see on the
chart how well she's doing. .
- She does have some winners. .
- And we've seen exact science move up
nicely over the past couple of weeks. .
- We've seen the tenx genomics move
up over the past couple of weeks. .
- We've even got Coinbase back
on our weekly buy signal. .
- At the end of the day, it's still a car .
- wreck, and Tesla is one
of her biggest holdings. .
- And woo it's up two weeks in a row,
that is not a significant trend. .
- We'll just have to wait and see
if anything develops over time. .
- But, yeah, she's getting a lot of positive .
- media right now, but remember, she
drove the train off the tracks. .
- And, yeah, mathematically speaking,
she is doing really well in 2023. .
- As long as you didn't know her in 2022. .
- Okay, folks, that is all for
this evening's presentation. .
- Stock index futures are slightly below
fair value, and so that tells us there .
- hasn't been any scary news that's
come out over the weekend. .
- Enjoy the rest of your weekend. .
- The next time you'll hear one of
our voices will be Tuesday morning. .
- Thank you. .