- Good morning everyone. .
- Welcome to Thursday morning. .
- It's Stephen Whiteside here from
theuptrend.com well, yesterday was an .
- inside day for the North American markets
and you want to make a habit of not .
- spending a lot of time analyzing a
market after it's had an inside day. .
- There's nothing new to really discuss. .
- You've had some things go up, some things
go down, but for the most part, market .
- participants were just
staring at the ceiling. .
- On Wednesday. .
- The VIX played ping pong between the
channel lines once again on Wednesday. .
- We need to close above 19.94 on
Thursday to give us a new buy signal. .
- Looking at the Ice shares for the TSX
60, we had an inside day on Wednesday. .
- When we look at who won and who lost, we
did have some winners in the Canadian .
- market on Wednesday, unlike the US market,
but Consumer Staples was the big winner. .
- There was really a turnaround
day for that sector. .
- You can see that .
- Circle K was down at the previous lows on
Tuesday, and then on Wednesday we had a .
- nice big move up, not enough
to give us a buy signal. .
- Still looking for a close above 60. .
- 89 on Thursday. .
- You can see that we closed at 60.
86. .
- So right on the edge of
a new daily buy signal. .
- That's not the case for Lob Laws, which .
- was up 2.23%. New low for Metro yesterday
before recovering, closing the day up .
- 1.2%. And then Weston's was up
1.83% after making a new low. .
- So really a turnaround day for that
sector, not a day for new buy signals. .
- And this is a pretty
bearish chart pattern. .
- You can see that Western has
put in a lower high recently. .
- There's the previous low and
then a new low on Wednesday. .
- So that's a pretty bearish chart pattern. .
- Let's see if this particular stock
can get back on a buy signal soon. .
- Now looking at the US market inside day
for the Dow, inside day for the S and P .
- 500, inside day for the Nasdaq, and
an inside day for the Russell 2000. .
- So you really don't want to spend much
time analyzing what happened yesterday. .
- Now taking a look at what happened sector
wise in the US market on Wednesday, you .
- can see there were no winners and there
was one big loser which stood out like a .
- sore thumb, and that was
communication services. .
- And that had a lot to do with one stock. .
- Apparently Alphabet had a demo that went .
- bad yesterday and that caused
the stock to sell off sharply. .
- We traded through the lower channel
line but did not close below it. .
- Still looking for a close on Thursday
below 99.,sector-wisethattake32. .
- Now looking up on Thursday morning, we've
got Disney leading the market higher. .
- It is coming into
Thursday's trading action. .
- Still on a buy signal. .
- We were stuck at the 112. .
- 50 level for the past few days. .
- Our next target to the upside is 118. .
- 75 and last time I checked, we were .
- trading right up at that
level this morning. .
- So if you've got an ordering at 118 75 or .
- around there, that should get
filled this morning at the Open. .
- So congratulations. .
- OK, that is all for this
morning's presentation. .
- You want to make a habit of not over .
- analyzing a market or a stock
that has an inside day. .
- An inside day is a pause day. .
- It's a day of indecision. .
- It's when a lot of traders put their hands
in their pockets and stare at the ceiling. .
- They're waiting for more information. .
- They're waiting for more price
action before they jump back in. .
- And so now on Thursday, we're looking to
see if the market can push out above .
- Tuesday's high or down
below Tuesday's low. .
- So far, it looks like we're
making a run for Tuesday's highs. .
- That's all for this morning's
presentation, folks. .
- Thank you very much for
your time and attention. .
- And the next time you'll
hear my voice is on Sunday. .
- We'll talk to you on Sunday. .
- We're going to do a presentation on Sunday
morning because, of course, Sunday is a .
- Super Bowl Sunday and it's going to be
hard to find people to watch our .
- presentation at our usual
time on Sunday afternoon. .
- So we'll have to change things
up a little this weekend. .
- Enjoy the rest of your day. .
- And again, next time you'll hear
my voice is on Sunday morning. .
- Thank you. .