- Good morning, everyone,
and welcome to Thursday Morning. .
- It's Stephen Whiteside here .
- from theuptrend.com in the pre market
this morning, things are rather mixed. .
- We've got Dow futures currently down 100
points, so we are looking for a little bit .
- of selling at the open
on Thursday morning. .
- Now we do have some economic numbers
coming out at 8:30 this morning that could .
- certainly add to the pre
market volatility. .
- We've got housing starts, .
- we've got jobless claims, and we've got
the Philadelphia Fed manufacturing index. .
- Those numbers could certainly add
some volatility to the pre market. .
- Now, yesterday we saw crude oil make a new .
- low for this move and that's a very
bearish sign for the market. .
- Of course, downward pressure on crude
oil helps gasoline move lower. .
- And then natural gas, which dances to its
own tune, is still on a sell signal. .
- So no change there. .
- And of course, that doesn't look very .
- bullish for energy stocks, which were
down over 5% on both sides of the border. .
- Then looking at gold,
the GLD made a new high for this move, .
- trying to get to 181.25
on the Gld and on the SLV. .
- We also made a new high
yesterday, hit 20.31. .
- Now the SLV has been looking
very bearish last two days. .
- We had bearish reversal days and you can
see the pros, even with this upward .
- movement, the pros really
haven't taken control. .
- And so that's kind of a bearish sign .
- and may turn out to be bearish
for gold and silver stocks. .
- The GDX made a new high for this
move yesterday, hit 29.69. .
- And then the XGD also made a new high
yesterday and hit the 17.97 level. .
- So this may be the time and place where .
- this particular
area of the market stops moving higher. .
- We're going to be watching the GLD closely
to see how it handles the 181.25 level. .
- Then looking at the TSX,
there's the iShares for the TSX 60 making .
- a new low for this move before
recovering going into the close. .
- So you can see that the December
lows are acting as support. .
- Right now, we closed above
that level after dipping below it. .
- If we continue to move lower,
we can look down here and it's easy .
- to just since we don't have any
additional references over here. .
- For potential areas of support, .
- you can just go to the weekly chart
and you can see that if we take out .
- the December lows,
then 28.13 would certainly be .
- a legitimate target to the downside
for the Ishares for the TSX 60. .
- Then looking at the US market, .
- the S&P 500 recovered a lot of its
losses going into the close yesterday, .
- still closing lower on the day,
but certainly well off the intraday lows. .
- And so the low from a couple of days ago, .
- that's going to be
significant for the market. .
- If we take that out,
then 375 comes into play. .
- Then looking at the Nasdaq, we actually
ended yesterday on a buy signal. .
- Yesterday morning we talked about a lot
of new buy signals in the tech sector. .
- And depending on what was going
on in the pre market as the market was .
- opening, you could decide whether to take
the buy signal or just to sit on your .
- hands and wait for another close
above the upper channel line. .
- And so if you waited for Apple, .
- there is the next close above
the upper channel line. .
- So that's a nice confirmation. .
- And then we saw Microsoft, .
- which in the pre market really
didn't dip all that much. .
- And it continued to move higher
from the previous day's close. .
- And then Tesla, Tesla is just trading .
- water here, looking for close
on Thursday above 189.11. .
- Now of course,
the market is still watching the regional .
- banks which were down
on the day yesterday. .
- We saw the First Republic
down over 21% on the day. .
- Charles Schwab on the other hand,
was the big winner on the S&P 500. .
- It was up 5% on the day,
but certainly no change in trend there. .
- And then of course, we were talking about .
- Credit Suisse yesterday morning and it
ended the day well off the intraday lows. .
- It's trading higher in the pre
market this morning. .
- And in the Canadian market. .
- The big financial loser yesterday was .
- CI Financial, making a new low for this
move, trying to hold the December lows. .
- And then the TD Bank made
a new low for this move. .
- So well, trading well below those December
lows that should have acted as support. .
- And in the case of the TD Bank
really didn't last up the VIX. .
- The VIX closed higher on the day
yesterday, trying to get out above $31. .
- That hasn't happened just yet. .
- Looking for a close
on Thursday below $20.69. .
- If that were to happen, .
- of course that would be very
bullish for the stock market. .
- Okay folks, that is all for this
morning's presentation. .
- Have a great day. .
- Next time you'll hear my voice
is on Friday morning. .