- Good morning everyone and
welcome to Wednesday Morning. .
- It's Stephen Whiteside here from
theuptrend.com in the pre market this .
- morning, stock index futures
are above fair value. .
- Dow futures currently up over 200 points. .
- Commodities are mixed with crude oil
higher, while gold is slightly lower. .
- On Wednesday morning,
there's a couple of stocks people are .
- talking about in the pre
market this morning. .
- The first one is Lululemon. .
- And if you look over here, there's a
nice open gap as a potential target. .
- But currently we are trading right above .
- the top of that open gap, which is
the top of the gap is at 168 44. .
- We're currently trading just above that. .
- Now if you're trading Lululemon and you've
got orders in anywhere along here, 328. .
- 13, 343.75, 358.38. .
- If you've got orders in anywhere there,
they're going to get executed at the open. .
- You may not get the exact opening price,
but as soon as the market opens up at .
- those levels, those
orders will get executed. .
- So congratulations anyone who's long lulu
now microns in the news this morning. .
- It's trading just above yesterday's high. .
- So not a big up move this morning. .
- If we look at our price target chart, if
you look up at the .
- 64.06 level, you can see that that's
acted as resistance several times. .
- So we need to get out above the recent
high, and if we can do that, then 62. .
- 50 and 64.06 come into play. .
- That is certainly not the case based on .
- what we're seeing in the
pre market this morning. .
- Moving on to the Canadian market and .
- starting off with the TSX, we are
currently holding the December lows and .
- that's a pretty remarkable
thing right now. .
- There's a lot of symbols that have broken .
- those December lows and of course we've
got some that are been heading up over the .
- last couple of weeks, but for the most
part it's been a pretty weak market. .
- Now we're at the bottom
of the panic zones. .
- We're starting to turn back up. .
- There's a pressure zone form. .
- This is the time and place we
look for buying opportunities. .
- It might not be the season where we can .
- get a really extended rally here,
but we'll just have to wait and see. .
- Of course, if we take out those lows from
last week, then a move down to retest the .
- lows from September and October would
certainly be something we would expect. .
- Now the TSX traded up to the upper channel
line yesterday, so a close above .
- yesterday's high would give
us a buy signal on Wednesday. .
- That's also true for the TSX and for mid .
- caps, while small caps and micro caps
have already generated buy signals. .
- Next up, we'll take a look at the sectors .
- and see what's been working
and what hasn't been working. .
- Consumer staples have been up five days in
a row, and yesterday the big winner was .
- Jameson Wellness, which traded
right up to the next price target. .
- So congratulations.
If you had an order in at 32. .
- 81.
It got filled yesterday. .
- And if we can take out yesterday's high,
then we're looking for a move up to 34. .
- 38 as our next price target. .
- Now, gold has certainly been leading the .
- gold sector higher over
the past couple of weeks. .
- Had an inside day yesterday,
still closing up over $17. .
- It's down eight or $9 in the
pre market this morning. .
- And then gold stocks made a
new closing high yesterday. .
- And there's Barrack making, not
making a new closing high yesterday. .
- Still having trouble with this open gap. .
- Seen the market trade into that open gap, .
- but has not been able
to break out above it. .
- Looking for a move up to 26.
56. .
- If we can take out last week's high. .
- Now, what's not working right now? .
- Well, cannabis stocks, which are always in .
- the doghouse, it seems like
we're down yesterday over 3%. .
- And of course, the cannabis stocks are in .
- the healthcare sector, so that
pulled that part of the market down. .
- Aurora Cannabis was down over 5%, Tilray .
- was down over 4% and is
back on a sell signal. .
- And Canopy Growth was also down over 4%. .
- Of course, anything that's .
- interest rate related has been
hit hard over the past few weeks. .
- And the real estate
sector looks like this. .
- And there's First Cap
which looks like this. .
- And so we're not certainly not expecting
a change in trend on Wednesday. .
- And of course, anything
financial has been hit hard. .
- There's the TSX Financial Index which
has traded down below the December low. .
- So that is a bearish sign. .
- We are at the time and place where we look .
- for new buy signals and it's certainly not
going to be in CI Financial on Wednesday .
- or GoEasy, which was the biggest
loser on Tuesday, down over 9%. .
- TD bank, on the other hand, pushed up
yesterday into the channel and we're .
- looking for a close above
$80.07 on Wednesday. .
- Now, crude oil has been
up the past few days. .
- It's up again in the pre
market this morning. .
- That's put a bid into the energy sector,
which traded up to the upper channel line .
- yesterday, as did Cenovus , while Imperial
Oil and Canadian Natural Resources just .
- two examples of the big cap stocks
that generated buy signals on Tuesday. .
- Okay folks, that is all for
this morning's presentation. .
- Futures are up in the pre market this
morning, and why wouldn't they be? .
- We are coming into month end and quarter .
- end and I would expect that we do see
some buying over the next couple of days. .
- Whether it's going to start a new uptrend
that could last into the end of April or .
- if it's going to fizzle out early
next week, only time will tell. .
- Have a great day, folks. .
- Next time you'll hear my
voice is on Thursday morning. .