- Good Morning, everyone, and
welcome to Friday morning. .
- It's Stephen Whiteside
here from theuptrend.com. .
- In the premarket this morning, stock
index futures are above fair value. .
- So so far, it looks like we're going to .
- see some buying at the
open on Friday morning. .
- Well, Thursday turned
out to be a wild day. .
- We saw a lot of symbols make new lows .
- yesterday before reversing,
going into the close. .
- Of course, we knew in the pre market
that Salesforce was going to pop. .
- That helped the DOW move higher yesterday. .
- Interesting, it opened near the high of .
- the day up there at 195, closed near
the low of the day, down near 185. .
- It shows up as a bearish reversal signal .
- and it may turn out to be
a major top for this particular stock. .
- We'll just have to wait and see what
follow through we get on Friday. .
- Another stock in the news
yesterday, of course, was Tesla. .
- Tesla is back on a sell signal as
of Thursday's close. .
- It is trading slightly
higher on Friday morning. .
- So if you're going to sell it, you'll get .
- a higher price this morning
than you would have yesterday. .
- Now, with yesterday's big reversal, I .
- wanted to take a look at some
of the weekly index charts. .
- And I just made these up this morning
just to see where the market was heading. .
- And as of Thursday's close, the TSX is
up a little over half a % on the week. .
- So is the DOW. .
- The S&P 500 is only up a little over a .
- quarter of a % on the week,
still trading in the channel. .
- And then the Nasdaq is the big winner so
far this week, up 0.63 % on the week. .
- Now back to the daily
charts, looking at the VIX. .
- The VIX moved down yesterday. .
- It's back on a sell signal which is
supportive for higher stock prices. .
- But some of the other indicators
we've been watching have not changed. .
- We saw a new low yesterday
for the TLT and the XBB. .
- So bonds are not supporting .
- a higher stock market move and bond yields
continue to move higher on Thursday. .
- And then currencies, the US dollar .
- index moved up yesterday, the
euro was down on the day. .
- So neither bonds or currencies .
- are confirming the bullish
signal that the VIX gave yesterday. .
- The DOWnorand moved up
into the channel yesterday. .
- The S&P 500 hit the lower
channel line, as did the Nasdaq. .
- The semiconductors have been trading in
the channel for the past couple of days. .
- Nvidia is still holding up. .
- It's still on a buy signal. .
- And the big winner yesterday was .
- Intel, which was up
nearly three and a half % on the day. .
- I would not be following
or trading Intel myself. .
- Then looking at the iShares, they
closed in the channel yesterday. .
- The big winner was the energy sector. .
- Now, the energy sector peaked back here in
late January, put in a lower high in .
- February, a low in early February,
then a lower low in late February. .
- So that is a bearish chart pattern. .
- We'll have to see if that is broken if the .
- energy sector can continue
to move higher and make a higher high. .
- Now, what worked yesterday on the TSX? .
- Nutrien was the big winner yesterday
on the TSX 60 followed by Shopify. .
- And again, here's one of those stocks that .
- made a new low yesterday before
reversing and closing higher on the day. .
- Now, this week has been all
about banks on the TSX. .
- And you can see the Bank of
Montreal made a new low yesterday. .
- We have Bank of Nova Scotia
claw its way back. .
- Still has a ways to go before it gets
back into that open gap. .
- Then we've got CIBC, which
popped the other day. .
- Back on a buy signal,
still on a buy signal. .
- Things would change on Friday
with a close below .
- 61.57. And then we've got the National
Bank also popping on Wednesday. .
- It closed higher on Thursday and so back
on a buy signal for the National Bank. .
- Royal Bank, big reversal day yesterday .
- inside reversal day, didn't take
out the previous day's high. .
- Then we've got the TD Bank making
a lower low on Thursday. .
- Let's finish off today's presentation
looking at my five stocks. .
- Apple made a new low
yesterday, as did Amazon. .
- Then we had CME making a big move
up yesterday back into the channel. .
- We would get a new buy signal on Friday
with a close above .
- 187.36. If you've been with us for any
length of time, you know a few months ago, .
- the CME group was my big dog and really
traded sideways for quite a long time. .
- And currently it's the big winner. .
- So you can never tell ahead of time which .
- one of your stocks is going to be the
best performer or the worst performer. .
- You just have to let them do
what they're going to do. .
- Goldman Sachs made a new low yesterday. .
- We got an order fill at 343.75, bought
some shares back on our short position. .
- Then Visa had a fairly quiet day on
Thursday, an inside day for Visa. .
- Okay, folks, that is all for
this morning's presentation. .
- Have a great day, have a great weekend. .
- We've got a big storm coming today,
so that should be interesting. .
- I'm going to go out and do some
grocery shopping this morning. .
- Next time you'll hear
my voice is on Sunday. .