- Good Morning, everyone.
Welcome to Friday morning. .
- When I first got up this morning, stock
index futures were above fair value, but .
- now they've flipped and we've got DOW
futures currently down 175 points. .
- So it looks like we may see some selling .
- at the open on Friday morning, but
it is still early, things could change. .
- Not a busy economic
calendar on Friday, not expecting a lot of .
- volatility off the numbers that
come out at 8:30 this morning. .
- Now, looking at the TSX, we made a new low .
- for this move yesterday before
closing slightly lower on the day. .
- For the week, we're down 1.59
% trading down into the channel. .
- For the month, we're down 2.79 %
and trading back in the channel, certainly .
- nowhere near the lows from
December or January. .
- Looking at the S&P 500, again, we made
a new low yesterday before recovering. .
- That looks like an outside reversal day. .
- I don't think we're going to get fall .
- through to the upside on Friday,
but of course, things could change. .
- For the week, the S&P 500 is down 1.64 %. .
- For the month, it's down 1.58 %. .
- I'm sure some people are talking about the .
- fact that we're down for
the third week in a row. .
- Looking at the VIX and the VIX .
- pulled back yesterday had a
bearish reversal day on Wednesday. .
- We're back below
21.88. And of course, that 200 day moving .
- average is currently
holding the VIX in check. .
- Now looking at the sectors and subsectors .
- of the US market, it's
not looking very good. .
- What's normal about it, of course, is the
Consumer Discretionary .
- is selling off while consumer
staples are holding their own. .
- Consumer Staples .
- are currently on a buy signal, but
as you can see, there's no trend. .
- The biggest loser so far in 2023
has been the Healthcare sector. .
- It's been in a downtrend
since early December. .
- Then looking at Semiconductors, they
had a nice big up day yesterday. .
- That was on the back of NVIDIA, which .
- gapped higher and closed up
over 14 % on the day. .
- Now, would I chase that trade? .
- Well, the answer is absolutely not. .
- We've traded up through the
top of the panic zones. .
- Obviously, that's a Panic Buying .
- and whatever catalyst caused
the traders to go crazy .
- yesterday, it'll probably dissipate
over the next couple of days. .
- So I certainly wouldn't
want to chase that. .
- Semiconductors across the
board were up yesterday. .
- Even Intel was up
just a little over half a %. .
- And then AMD was up 4.1
% trading back into the channel. .
- We need to close on Friday for AMD above
82.45. Not expecting that to happen. .
- Quick look at the Canadian market. .
- The TSX and the TSX 60 have traded
down to the 200 day moving average. .
- So it'll be interesting to see if the
market wants to hold those levels or not. .
- We do have Consumer .
- Staples outpacing Consumer
Discretionary at the moment, and that, of .
- course, is what should happen
during a recession. .
- Then we've got the Gold index
making a new low yesterday. .
- It held at 260, it closed at
261.35. If we start breaking down below .
- 260, then I would imagine that 250
is going to be our next target. .
- We are down at the bottom
of the Panic Zones. .
- The pressure zone has formed. .
- We would certainly entertain
any buy signals at this point. .
- Unfortunately, we're now below the fly
paper channel, so our .
- expectations on the upside
would be rather limited at the moment. .
- If we go back in time, you can see we
traded up to the fly paper channel and .
- pulled back, up to the Fly
Paper channel and pulled back. .
- And then finally, on the third try,
we got up over the fly paper channel. .
- Not expecting a lot from the gold sector, .
- even if it does turn around at
these current oversold levels. .
- Let's finish off today's presentation
looking at my five stocks. .
- I'm currently short four of the five
stocks and starting off with Apple. .
- Apple has been on a sell signal for the
last couple of days, it is still .
- finding support at this open gap here
and stuck to the 150 level. .
- If we start to break down below that gap, .
- then 143.75 and 137.50
start to come into play. .
- Looking at Amazon, we've been short Amazon .
- for the past few weeks, trying to get to
87.50. You can see there's a .
- gap right here that could act as a magnet
and a potential area of support port. .
- We'll just have to wait and see. .
- And then the CME Group, if you've been .
- with us for any length of time, you know
that for the longest time, the CME Group .
- was my disappointment
and was trading sideways. .
- Finally, it broke out
and moved two lines up. .
- We've been able to take money off the .
- table up here at 187.50
and hoping to get up to 193.75. .
- But so far nothing has
happened in that regard. .
- We moved up to those levels and stopped. .
- Now on Friday, we're looking for a close .
- below 184.22 to kick us
out of the CME group. .
- Then looking at Goldman Sachs, again, .
- we've been on a sell signal for the last
couple of days, holding 359.38 as support. .
- If that breaks, then we would expect a .
- move down to 343.75. Last up,
but we're currently short VISA. .
- Visa is holding 218.
75. .
- If that breaks, then that opens up the
possibility to move down to 210.94 and .
- then 203.13. Now, VISA had a pretty
interesting event last month. .
- We had a huge move up and a huge reversal. .
- Luckily, we had orders
in ahead of time that got filled. .
- And then at the end of the day, we're .
- sitting with a very small position
and got kicked out a couple of days ago. .
- And so we're on a sell signal right now
expecting lower prices for Visa. .
- Okay, folks, that's all for
this morning's presentation. .
- Stock index futures continue to .
- trade lower with the DOW futures
currently down 186 points. .
- So we are looking for some selling
at the open on Friday morning. .
- Have a great day.
Enjoy your weekend. .
- And the next time you'll
hear my voice is on Sunday. .