• Good Morning, everyone, and welcome to Tuesday morning. .
• It's Stphen Whiteside here from theuptrend.com. .
• In the premarket this morning, stock index .
• futures are mixed, but once again, it's the Nasdaq leading the market higher, S&P .
• 500 following behind while the DOW is slightly lower and the TSX is also .
• slightly lower in the premarket on Tuesday morning. .
• Well, yesterday the Canadian market was open. .
• I didn't post any charts or anything. .
• I made these by hand this morning. .
• I don't care what happens in the Canadian market when the US market is closed. .
• There's no adult supervision and it's usually very thinly traded. .
• So I'm not going to make any decisions .
• based on anything that happened in the Canadian market on Monday. .
• The TSX closed up 47 points. .
• The TSX 60 closed up $2.13. The TSX 60 is .
• actually trading down $1.30 in the premarket this morning. .
• Technically on Bay Street, when the US markets are closed, it's .
• usually a golf day, and it was certainly a golf day yesterday. .
• If you look at the volume for the ishares .
• for the TSX 60, you can see last week they were up around 4 million shares a day. .
• Yesterday was 177,000. .
• Usually I tell people you're going to see 40 %, 50 % reduction in volume. .
• Yesterday was much worse than what I would usually expect. .
• Again, I don't make any decisions based on .
• anything that happened in the Canadian market when the US market is closed. .
• Now, we are coming up to month end. .
• That's usually bullish for the market. .
• If the market is not in a bullish mood, it .
• will at least dampen some of the negative pressure on the market. .
• Now, seasonally, we've looked at this .
• chart a few times, but coming into June is usually bullish. .
• We usually get a top the first week in June and then a .
• pullback, and off that pullback, you get the summer rally. .
• That's historically what happens on average. .
• Of course, average doesn't mean exactly .
• what's going to happen, but that's what the market is expecting to happen. .
• Now, one thing that could throw the .
• seasonalities off this year is the debt ceiling debate. .
• Yes, they have made some progress, but they haven't got it through Congress just .
• yet, so we'll have to wait and see how the market reacts to whatever happens next. .
• Of course, this morning is still all about .
• NVIDIA, which is popped in the premarket this morning. .
• It's trading up over $400 and taking a .
• bunch of the other AI stocks and related companies with it. .
• I thought I'd throw in a life lesson this morning. .
• I've always told people to follow the money and ignore the news. .
• One topic that I've been following closely is what's going on in Argentina. .
• I have some previous employees who live in Argentina. .
• They are Argentinian .
• and I'm in contact with them all the time, and they're having a hell of a time. .
• You can see the headline on this .
• particular video, Argentina on the brink of collapse as inflation hits 109 %, .
• interest rates are up near 100 %, it's pretty ugly down there. .
• And so when .
• you're reading the news or listening to the news and hearing what's going on, you .
• would automatically, I think, assume that the stock market would not be doing well, .
• but the stock market is actually hitting all time highs at the moment. .
• So don't try to line up the news with what is actually going on in the market, it's .
• more important to follow what's going on in the market and not the news. .
• Now, the VIX is still on a buy signal, so there's still some tension in the market .
• and outside of NVIDIA and the big cap tech stocks. .
• The rest of the market isn't doing that well at the moment. .
• Tuesday, we're looking for a close on the VIX below 17.21 to .
• tell us the market wants to get more bullish going into month end. .
• Now, the US dollar index is still in an uptrend. .
• We know that that can be negative for gold and negative for the stock market. .
• And for some of the stock market, it certainly is. .
• Bonds are still on a sell signal. .
• I watched the 30 year bond, the futures contract. .
• A lot of the market watches the TLT or in Canada, the XBB. .
• Now, of course, falling bond prices puts upward pressure on bond yields, and that, .
• of course, helps the Fed accomplish what they want to get done. .
• Then looking at crude oil, we had an inside day on Friday, still on a buy .
• signal unlike natural gas, which has rolled over back on a sell signal. .
• Then looking at energy stocks, just trading water here both .
• in Canada and the US, we're both still on buy signals but not going anywhere. .
• Then the Nasdaq made a new high on Friday. .
• We saw chip stocks continue to move higher on Friday, and you can see we're up .
• trading back at the highs that we saw back in February. .
• Everybody's watching NVIDIA. .
• I watch AMD. .
• It's a stock that I trade, either long or short. .
• Then looking at the rest of the market, looking at midcaps and the iShares Russell .
• 2000 or the iShares Microcap for those little stocks. .
• They're not going anywhere right now. .
• It's still all about the big cap tech stocks. .
• You can see that in the regional banks, .
• they're just treading water here on a buy signal. .
• If we can move up 10, 12 % from here, we'd get up into the Flypaper channel. .
• To get there, we'd have to get through the 50 day moving average. .
• And so far, we have not been able to do that. .
• That is also true for the big banks in the US. .
• It's also true for the broker dealers and the insurance company. .
• So nothing really going on in the rest of the market. .
• Then looking at Canadian financials, we're on a sell signal. .
• We moved up on Friday, we moved up a little yesterday. .
• That's also true for Canadian banks, still on a sell signal here. .
• Making a new low on Thursday, and there's .
• the Royal Bank making a new low on Thursday. .
• This is a pretty ugly chart. .
• You can see we recently put in a lower .
• high, and now we're putting in a lower low. .
• We should have found support at the 124 .
• level, which acted as support previously, but unfortunately it broke down this time. .
• So that's a pretty negative chart for the biggest bank in Canada, and that might not .
• be a good sign for the markets going forward. .
• Okay, folks, that is all for this morning's presentation. .
• We do have the Nasdaq leading the markets higher this morning. .
• We've got the Nasdaq, the S&P 500 up .
• nicely while the DAO and the TSX are trading slightly lower on Tuesday morning. .
• For the Canadian market, we've got crude .
• oil and natural gas down slightly while gold is up $16 this morning. .
• So we may see some money go back into the mining sector on Tuesday. .
• Now, I've been trying to get people to donate blood for the last .
• 10 years, and today we're going to start rewarding people for doing so. .
• So check your email later today and you'll .
• see the new program that we're rolling out to thank people for those people who've .
• taken up the cause and have donated blood over the last 10 years. .
• Again, that's all for this morning's presentation. .
• Next time you'll hear my voice is on Wednesday morning. .