- Good morning, everyone. .
- Welcome to Thursday morning. .
- It's Stephen Whiteside here from the
pre-marketuptrend.com in the pre market .
- this morning, stock index
futures are above fair value. .
- The market's being led higher
this morning by the Nasdaq. .
- So, so far, it looks like we may see a .
- little buying at the open
on Thursday morning. .
- Now, yesterday morning, I mentioned that I
was going to sit on my hands, even though .
- I had some new buy signals to deal with
from the previous day's trading action. .
- Typically on a Fed day, you're
looking at a three part equation. .
- If you're watching the action yesterday .
- afternoon, you know that the market was
okay with the 25 basis point rate hike. .
- That's what they were expecting, and
the market traded a little higher. .
- Then during the press conference, we saw .
- some selling, but it actually
came back to unchanged. .
- And then the last part, of course, is how
does the market react to all of that? .
- And a lot of people are blaming Janet
Yellen for some of her comments yesterday .
- afternoon that did eventually cause the
market to sell off going into the close. .
- So that's what happened. .
- Wild day for the VIX. .
- It traded back up into the
channel after making a new low. .
- We're looking for a close on Thursday .
- above $26 to give us a new
buy signal for the VIX. .
- Not expecting that to happen. .
- Huge wild day for the S&P 500 yesterday, .
- making a new high before closing
below the previous day's low. .
- So that is an outside reversal day. .
- Looking for a close on Thursday below .
- $389.72, and then looking at
the Ishares for the TSX 60. .
- We drove right up to the upper channel .
- line and then reverse closing
below the lower channel line. .
- So again, an outside reversal day. .
- And on Thursday, we're looking for a close .
- above $30.08 to give us a new buy
signal for the Ishares for the TSX 60. .
- Now, the Nasdaq also had a nice big
reversal day after making a new high, .
- came all the way down and sat
at the previous day's low. .
- So not as bearish as it could
be, but we did hit the 312. .
- 50 level.
So congratulations. .
- If you had an order in up
there to sell, it got filled. .
- So you got to lock in some
profits on Wednesday. .
- Now, what didn't work well, the biggest .
- losers yesterday was the
regional banks and then US. .
- Banks, US. .
- Financials, followed by Canadian
banks and Canadian financials. .
- So those are still some of the
biggest losers on the day. .
- What worked? .
- Well, gold miners on both
sides of the border did well. .
- Silver miners also did well on Wednesday. .
- Looking at the top of the most active .
- list, we've got Tesla still
on a buy signal here. .
- So if you were waiting to buy Tesla, you
could take that trade today, as long as .
- you're willing to sell
on a close below 179. .
- 76 and the second most active stock
was First Republic down over 15%. .
- Nothing really going on there. .
- Then looking at Advanced Micro Devices, .
- making a new high before pulling back,
still closing higher on the day. .
- And then Nvidia did the similar situation. .
- Now, I was wrong about Nvidia. .
- If you were around and the stock popped .
- back here, I said, I'd
wave off that trade. .
- It traded sideways for a couple of weeks, .
- had a little dip, and then
restarted the trend to the upside. .
- So I was wrong about that. .
- Ultimately, Nvidia was able to take out
that high and continue to move higher. .
- Then looking at bank of America, new
closing low for Bank of America. .
- Looking at the Canadian market, Crescent .
- Point popped the last couple
of days on very positive news. .
- Then we've got TC Energy, no joy there,
no joy for Suncor, no joy for Enbridge. .
- And then we've got the TD bank not making .
- a new closing low just yet,
but pretty close to it. .
- So we may be seeing new lows
for the TD bank on Thursday. .
- Okay, folks, that is all for
this morning's presentation. .
- So far, it looks like we're going to see a .
- little buying at the open
on Thursday morning. .
- Certainly not enough to reverse .
- yesterday's big down day
that we saw in the market. .
- Enjoy the rest of the day. .
- Next time you'll hear my voice is .
- on Friday morning, our channel. .