- Good morning, everyone.
Welcome to Thursday morning. .
- It's going to be a quick
update this morning. .
- We've got a bunch of economic numbers
coming out at 8:30 this morning that could .
- dramatically change the
direction of the market. .
- So far, things are fairly quiet. .
- Dow future is slightly below fair value. .
- Nasdaq and S&P 500,
slightly above fair value. .
- Now, looking at yesterday morning's .
- action, we were waiting for Microsoft
to start trading in the pre market. .
- Yesterday morning, it was
trading down in the channel. .
- And as I mentioned yesterday, we don't
care how it opens, we care how it closes. .
- It opened lower, it traded lower. .
- It traded below the lower channel line .
- down to last week's low and then
reversed going into the close. .
- So we recovered most of
the losses intraday. .
- Still closed lower on the day for the .
- second day in a row, but still
closed above the upper channel line. .
- So no sell signal there. .
- Now Tesla is out with earnings. .
- It's up in the premarket this morning. .
- So our next mathematical target is 156.
25. .
- We're trading up at 154 and change at the .
- moment, so there's a good chance you could
get an order filled up there at 156. .
- 25 on Thursday. .
- Looking at Shopify on the TSX,
nice big move up yesterday. .
- Started to trade above the
200 day moving average. .
- It hasn't broken away from it yet. .
- Hit our next price target of 62.
50. .
- That was the top of our
projected trading range. .
- If we continue higher from here, then 68. .
- 75, of course, would be our next target. .
- And then if you look at the
weekly chart, that is $75. .
- But we're not there yet. .
- Looking at what worked yesterday while it
was the gold miners on both sides of the .
- border, and the silver miners
did very well on Wednesday. .
- Looking at the VIX, the
VIX is still oversold. .
- We've got a pressure zone forming. .
- Unfortunately, last time we had a pressure
zone forming, we didn't get a lot of lift .
- off, so we'll have to see
what happens this time. .
- We traded up to the upper channel line .
- yesterday before coming down and
closing below the lower channel line. .
- So a round trip there on Wednesday. .
- Looking for a close on Thursday above .
- 20.99. That's the first sign
something new might be happening. .
- The Pros took control last week on that .
- big reversal day, but then
gave up control again. .
- And it does not look like they
want to take control on Thursday. .
- The range has tightened. .
- Of course, we've talked about this that we
tried to trade below 1875 for one day and .
- came back, and now 21 88
is acting as resistance. .
- And so we're looking for
a breakout of that range. .
- Of course, everybody will notice if we .
- start breaking out above the moving
averages or the fly paper channel. .
- That certainly hasn't happened yesterday .
- and not expecting it
to happen on Thursday. .
- Looking at the I shares for the TSX, 60. .
- We traded just almost unchanged yesterday. .
- Just down two cent on the day. .
- So looking for a close
on Thursday below 30. .
- 91 to give us a sell signal and trying
to hit the next price target of 31. .
- 64. .
- It's been hard to do over
the last couple of weeks. .
- The high yesterday was 31. .
- 53, so we almost hit it. .
- We'll probably hit it on Thursday. .
- Looking at the SPY ETF,
almost unchanged yesterday. .
- Just up $0.15 on the day. .
- Looking for a close on Thursday below 391. .
- 23. .
- Our next mathematical target, of course,
is 406.25. Still having trouble with $400. .
- That big .
- Round number $400.35, that was
the closing price yesterday. .
- Then looking at the Nasdaq 100, we
closed down for the second day in a row. .
- Big reversal off the
intraday lows, though. .
- Looking for a close on Thursday below 276. .
- 72. .
- And we're looking to see if we can break .
- out above the top of
the fly paper channel. .
- That would be something new. .
- And of course, the market will be looking .
- to see if we can take out
the recent high here. .
- And that would certainly be a
bullish sign if we could do that. .
- Looking up the Ishares for the
Russell 2000, still dealing with 187. .
- 50.
We closed at 187. .
- 45 yesterday, so we have
traded above the 187. .
- 50 level, but we haven't been able
to break away from it just yet. .
- 193 75 would be our next
target if we could do that. .
- And then looking down on Thursday, we need .
- to close below 182.15 for the
Ishares for the Russell 2000. .
- Okay, folks, that's all for
this morning's presentation. .
- The deck chairs are going to be
shuffled quite a bit after 8:30. .
- So just if you've got any orders to be
filled this morning, .
- please wait and see what the open is going
to look like before you take action. .
- If you have some new signals from
yesterday, you may not need to execute .
- them, depending on what the futures
do this morning after 08:30. .
- A.m. Have a great day, folks. .
- Next time you'll hear my
voice is on Friday morning. .