- Good Morning, everyone, and welcome
to the first trading day of March. .
- In the pre market this morning,
things are fairly quiet. .
- Stock index futures are slightly .
- above fair value, but DOW futures are
currently up just about 80 points. .
- So not a lot of excitement in the
premarket on Wednesday morning. .
- Let's start off today's presentation .
- with a quick recap of
February's trading action. .
- The DOW actually led the major indices
higher, down a little over 4 %. .
- And then we've got the
S&P 500 down 2.61 %. .
- The Nasdaq, which of course has .
- not participated
in most of the gains that we've seen over .
- the past few months, is just
under half a % on the month. .
- Then looking at the
Russell 2000, down 1.81 %. .
- The TSX was down 2.63 %. .
- The TSX 60 was down a
little more at 2.78 %. .
- What didn't work?
Well, on the TSX, the big loser was .
- Cannabis, down nearly 15 %, while gold
stocks were down 12.75 % on the month. .
- In the US, the big loser was the
XAU, down just under 15 % on the month, .
- and then followed by energy stocks
at down 6.94 % for the month of February. .
- Getting back to our daily charts. .
- Yesterday morning at this time, we were .
- looking at a couple of stocks that were
trading in the premarket, starting off .
- with Target, which did trade above the
upper channel line during the day, but .
- then pulled back into the channel,
closing up a tick over 1 % on the day. .
- Then we were looking at a couple of
Canadian banks and Bank of Montreal ended .
- the day down 1.5 %, while the Bank of
Nova Scotia was down 5.72 % on the day. .
- Not something you see very often
in the Canadian banking sector. .
- Moving on to the VIX. .
- The VIX traded lower yesterday. .
- We need to close below $20.33
to give us a sell signal on Wednesday. .
- And that, of course, would be
supportive for higher stock prices. .
- What wouldn't be supportive? .
- A breakout above the 200 day moving .
- average or a breakout
above the fly paper channel. .
- And so both of those things are holding
the VIX in check at the moment. .
- Now, the DOW ended the day yesterday
just down at the lows of February. .
- We saw the S&P 500 move down yesterday. .
- The Nasdaq was lower. .
- The stocks index actually ended the day .
- slightly higher, up just under
three quarters of a % on the day. .
- Nvidia, still holding up, has not been
able to make .
- new higher highs from the big pop last
week, but it is still holding up. .
- Now, there's nothing
guaranteed, but the market is looking to .
- see if the US dollar
can start to pull back. .
- That could help the stock
market move higher. .
- Also, the bond market, if
it it stopped moving lower. .
- That could help the stock market. .
- 30 year bond closed down
just a couple of ticks .
- yesterday, making a new low for this move
and bond yields continue to hold up. .
- So none of those have changed. .
- The price of gold .
- had a nice move up yesterday
and it's holding the 1812.50 level. .
- So we are finding some support there. .
- We also saw the price of silver
reverse after making a new low. .
- Crude oil traded back in the channel
looking for a close on Wednesday above 75. .
- 63 and natural gas moved up again. .
- 2.34
looks like a nice place to put a bottom in .
- here and we're looking up at 3.13 and3.91
as potential targets to the upside. .
- Let's finish off today's presentation .
- looking at the most actively traded stocks
that we looked at on Tuesday morning. .
- Starting in the US, we've got Tesla
coming down just a little less than .
- 1 %, so no major movement there, closing
right at the upper channel line. .
- Now, we haven't seen any new money come .
- into this stock over the past couple of
weeks, and the pros may start to sell just .
- because they're bored
and want to try to put their money .
- somewhere else that could
continue to move higher. .
- That does not mean that we're
going to see aggressive selling. .
- We just may see a sell signal
and a little downward pressure. .
- We'll just have to wait and see. .
- But obviously, given all the other .
- negativity we've seen lately,
Tesla has held up very well. .
- Amc made a new high yesterday before
reversing down over 6 %. .
- Last time I checked, it was down again
another 6 % in the premarket, so hopefully .
- had a chance to lock and
some profits on the way up. .
- Ford Inside Day yesterday, then Fisker .
- made a new high for this
move before pulling back. .
- We saw Inside Day yesterday for FuboTV,
and then very quiet trading for AMD. .
- We need a close above 81.18
on Wednesday to give us a buy signal. .
- Very quiet trading for Apple as well. .
- Looking for a close above 51.11 .
- and very quiet trading for Amazon, still
closing below the lower channel line. .
- Moving on to the Canadian market. .
- Yesterday morning, I remember saying that .
- Manulife might go down with the rest of
the Canadian financial sector as we were .
- seeing that premarket
weakness in Canadian banks. .
- That was not the case. .
- Manulife. Manulife
closing higher on the day. .
- So looking for a close below $26.35 .
- on Wednesday to give us a
buy signal for Manulife. .
- No joy for Embridge, no change for Suncor,
pulling back in the channel on Tuesday. .
- Barrick moved up with the rest of the gold .
- sector looking for a close above $22.73
to give us a buy signal on Wednesday. .
- At the Athabasca oil sands making a new
high for this move before pulling back. .
- We were trying to get to 3.13,
got to 3.12 before reversing. .
- Then looking at Canadian Natural Resources .
- trading up to the upper
channel line once again. .
- So a close above yesterday's high would
give us a buy signal on Wednesday. .
- Tc Energy moving back under
the lower channel line. .
- Once again, Cenovus Energy is trading
up to the upper channel line. .
- So a close above yesterday's high
would give us a new buy signal. .
- And then Crescent Point also trading above .
- the upper channel line
before pulling back. .
- And so a close above $9. .
- 59 cents would give us a
buy signal on Wednesday. .
- Okay, folks, that is all for
today's presentation. .
- Looking for some buying at the open on
Wednesday morning, but certainly not .
- seeing a lot of enthusiasm
out there in the premarket. .
- Have a great day, folks. .
- Next time you'll hear my
voice is on Thursday morning. .