• Good morning everyone, and welcome to Thursday Morning. .
• It's Stephen Whiteside here from the .
• uptrend.com in the pre market this morning, things are fairly quiet. .
• We've got stock index futures slightly above fair value. .
• The market is waiting for employment numbers to come out at 830. .
• And then we've also got some other .
• economic numbers coming out between 8:30 and 10:00 A.m .
• that could add to pre market volatility. .
• Let's start off today's presentation, looking at weekly charts. .
• I just printed these off this morning to see where we are sitting. .
• The DOW is up just a third of a percent on the week. .
• The S&P 500 is up zero point 84%, so getting close to 1% gain so far. .
• The high from earlier this year was up at 4195. .
• 44. So as we get closer to 4200, we know that .
• there is resistance up there as the recent high did not retest the 4195. .
• 44 level. .
• So, so far we're still heading in that direction. .
• We'll have to see what the market does if it can get back to that level. .
• Then looking at the Nasdaq, the Nasdaq continues to lead the market higher. .
• And as you can see, we're getting very close to the high from 2022. .
• Looking at the Russell 2000, we're up nearly 2% on the week. .
• Not sure if you saw this headline the .
• other day, but Apple is now worth more than all of the Russell 2000 put together. .
• Now Apple is not my friend at the moment. .
• For the last couple of weeks, we've been trying to hit 175. .
• That's our next price target. .
• We've got as high as 174. 59. .
• And remember, what we call price targets, the rest of the world calls resistance. .
• And resistance is holding Apple in check at the moment. .
• Looking down on Thursday, and Apple has .
• traded in the channel for the past couple of days. .
• We need a close below 170. .
• 45 to kick us out of the remainder of our Apple position on Thursday. .
• Then looking at the Canadian market, the .
• TSX is down 0.6%. So a little over half a percent. .
• And that has a lot to do with mining stocks. .
• And the Venture Exchange is down just a tick, under 1% for the week. .
• Now, we've seen a lot of pops and drops over the last couple of weeks. .
• That tells me that investors are on edge. .
• They're not willing to put money into stocks ahead of earnings reports. .
• One that was a real mystery on Tuesday was Home Depot, which led the DOW lower. .
• And then on Wednesday, complete reversal and it led the DOW higher. .
• So investors really squeamish right now. .
• And that is a sign, of course, of a .
• possible recession, of possible bank failures. .
• There's all kinds of stuff going on. .
• And of course, there could be a black swan out there that we're not aware of. .
• Looking at technology stocks, again, .
• they're leading the market higher on Wednesday. .
• And we see that semiconductors came back a .
• couple of days ago and they had a big update on Wednesday. .
• Now, when we look at the winners and .
• losers from Wednesday, it was the regional banks were the biggest winners. .
• And look down, see how far you have to get on our list of ETFs before we get to a .
• Canadian sector that moved up on Wednesday. .
• So Regional Banks, the big winners on .
• Wednesday, up over 7% on the day, being led higher by Comerica, the top performing .
• stock on the SP 500, and the second was Zion's. .
• Both back on buy signals as of Wednesday's close. .
• Canadian Western Bank, the only real .
• regional bank in Canada, has been on a buy signal for a couple of weeks now. .
• So no change in trend there. .
• And then looking at the SPDR Bank, ETF .
• back on a buy signal, spider Financials back on a buy signal. .
• Then looking at Canadian banks, no change. .
• We were on a buy signal. .
• Then it reversed and we're still on a sell signal. .
• And the Canadian financials are also still on a sell signal. .
• Now, we recently talked about the TD Bank. .
• It was in the news, the media was reporting that the TD Bank .
• was the biggest shorted bank stock in the world. .
• That was April 5. .
• So we don't know exactly when they put on those short positions. .
• I just concerned that when somebody sees a .
• headline like this that they also might want to short the TD Bank. .
• And of course, anytime we talk about shorting, what we're talking about is .
• we're coming off the top of the panic zones. .
• The early warning signal has gone off the .
• chart, has start to turn color from blue to red. .
• We get a sell signal on the right side chart. .
• That is when you short a stock down here is when the public shorts a stock. .
• Why? .
• Because now they've got enough psychological support to help them .
• psychologically pull the trigger and short a stock. .
• Now, April 5 was right in here and that's .
• when the news reports came out and the stock started to move up from that point. .
• So a lot of times it's buy the rumor, sell the news. .
• And if the news was that there were billions of dollars of TD Bank stock .
• shorted, that that was the news and you buy the rumor and you sell the news. .
• And if the news was that the stock has been shorted, how do you sell that? .
• Well, you buy the stock, you do the opposite of the news story. .
• And that's exactly what happened so far. .
• Let's finish off looking at commodities. .
• We've got the USO back on a buy signal, we've got Gasoline back on a buy signal. .
• That's rather unfortunate as we get towards the summer, we don't .
• want to see gasoline prices rising going into the summer, do we? .
• Now, natural gas is also on a buy signal, .
• so no change in trends for gasoline or natural gas. .
• We've got a big move up though in crude oil back on a buy signal. .
• That should help the energy stocks, which .
• were up yesterday, but still on a sell signal for the Ishares for the TSX Energy .
• sector and the SPDR ETF for the US energy sector .
• both up nicely on Wednesday, but not enough to give us a buy signal. .
• Now the price of gold has been coming down this week. .
• It is sitting just below 2,000. .
• You can see that this is where the recent lows were put in. .
• If we look at what the pros and the public are doing, nobody really wants gold to .
• move away from $2,000, but it is starting to slip below it. .
• The price of silver a little more committed to trading below $25. .
• As you can see, the pros gave up control a .
• few days ago and so silver traders more comfortable with the silver below 25. .
• When we look at the price of gold and silver, they both declined quite a bit .
• from the start of February into late February. .
• And what was going on at that time? .
• Well, the US dollar was rising and look at what's going on right now. .
• The US dollar has started to move up. .
• So that could be the reason that precious .
• metals have been pulling back over the last couple of days. .
• And of course, with precious metals .
• falling, it's harder to see gold and silver stocks rise. .
• And so there's the GDX making a new low for this move. .
• There's the XGD also making a new low for this move on Wednesday. .
• 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. .