- Good morning, everyone,
and welcome to Friday Morning. .
- It's Stephen Whiteside here .
- from theuptrend.com with a quick
two minute market update. .
- In the pre market this morning, stock
index futures are down across the board. .
- Dow futures currently leading
the market lower, down 250 points. .
- Now, I'm not sure if you saw .
- this tweet yesterday, but this Tweet gave .
- me a some shivers. .
- Jim Kramer thinks this is the time .
- and place that you should be
jumping in to technology stocks. .
- I don't think so. .
- We are certainly back on a buy .
- signal for the Nasdaq. .
- And the Nasdaq has been leading
the market higher this week. .
- Some of the stocks that we follow .
- are back on buy signals right now. .
- But as far as I'm concerned,
confidence is low. .
- In any rally that you see right now,
we are still in the middle .
- of a banking crisis,
and we haven't seen the bottoms just yet. .
- If you don't believe me, look at .
- what happened yesterday. Stock .
- soar after First Republic gets a $30 .
- billion injection. Well,
that was enough to .
- take the stock up nearly 10%. .
- Not enough to change anything .
- from a charting point of view,
this is still a pretty ugly situation. .
- And then you come in this morning. .
- And you find out that First Republic has .
- given up those gains
and is now down over 22%. .
- Now, we're not down at the low .
- from a couple of days ago just. .
- Yet, but we could get
there fairly quickly. .
- And then all the other regional banks are
being taken down this morning as well. .
- And the problem in the
regional banks in the US, .
- has rolled over to other financial
institutions around the world. .
- And just taking a look at the. .
- TSX Financial index from Thursday's
trading action, we actually made a new low .
- yesterday before, like the rest
of the market, which recovered, .
- we closed higher on the day, but, .
- just a little over half a percent. .
- So certainly not enough
to change the direction. .
- And that gap has been filled, so .
- it's no longer a target to the upside. .
- So here we are, we're in the .
- middle of a banking crisis. .
- We're still looking down
to see just how far we can go. .
- Yes, some technology stocks
have given buy signals. .
- The chip sector is doing very well. .
- Right now, but that's not enough to change .
- our overall view on the market
at the present time. .
- Okay, folks, that's all for this
morning's presentation. .
- Have a great day. .
- Next time you'll hear
my voice is on Sunday. .