• Good morning everyone and welcome to Wednesday morning. .
• It's Stephen Whiteside here in the pre .
• market this morning things are fairly quiet. .
• Stock index futures are slightly below .
• fair value, but not enough that anyone will notice. .
• Commodities are also mixed and very quiet in the pre market, so not looking for a .
• lot of excitement at 9:30 Wednesday morning. .
• Now the VIX moved up yesterday, but not enough to give us buy signal. .
• That would happen on Wednesday with a .
• close above 15.03. And of course if that were to happen, that would change our .
• outlook on the market from short term bullish to short term bearish. .
• Now the VIX of the VIX is on a buy signal .
• right now and moved away from the channel yesterday. .
• So that could be an early warning signal. .
• We'll just have to keep an eye on that. .
• Now the Dow was down just under three .
• quarters of a percent yesterday, it traded and closed in the channel. .
• So we certainly have a mathematical .
• possibility of a sell signal on Wednesday with a close below 338 three. .
• Then what didn't work on the Dow? .
• Well, the biggest loser was intel with a big outside reversal day. .
• We saw some aggressive selling in Nike .
• which pulled us back into the channel, and some very aggressive selling in Boeing, .
• which is now back on a daily sell signal as of Tuesday's close. .
• The S&P 500 was down on the day just a little over half a percent. .
• Still trading and closing above the upper channel line. .
• The Nasdaq on the other hand, was down just a little over a quarter of a percent. .
• And those big cap tech stocks are still holding us up. .
• Semiconductors pulled back into the .
• channel, so a close below 212.16 would give us a sell signal on Wednesday and .
• that certainly wouldn't help the overall market. .
• Nvidia and Tesla both closed higher on the .
• day, new closing high for Nvidia and a big new closing high for Tesla. .
• Then looking at regional banks, they are .
• back on a sell signal as of Tuesday's close. .
• And of course we're not trading the .
• regional banks, we're just keeping an eye on them. .
• But yeah, we're back on a sell signal. .
• Not a good sign for the overall market. .
• Now looking at the Canadian market, we are .
• back on a sell signal as of Tuesday's close. .
• Being Led lowered by gold stocks, followed by materials, then the energy sector and .
• then the global mining stocks all pulled back yesterday. .
• So commodities not helping the Canadian market at all. .
• Now looking at gold stocks, the biggest .
• one of course is Barrack, which made a new closing low yesterday. .
• We also saw a big aggressive selling in Wheaton. .
• Then looking at Manual Life, the most .
• actively traded stock on Monday, we were looking to see if it could hold $25. .
• It did not. .
• So looking for Manual life to continue lower from here. .
• And the most actively traded stock .
• yesterday was CIBC, which is now back on a sell signal as of Tuesday's close. .
• We also saw Suncor sell off. .
• It is also back on a sell signal as of Tuesday's close. .
• Now we've been keeping a close eye on the TD bank, which is still on a buy signal. .
• And of course it moved up to the top of the open gap and started to pull back. .
• Not an aggressive pullback so far on .
• Wednesday we're looking for a close below 79.19, otherwise we're looking to see if .
• we can break out above 81.25. Let's finish off today's presentation. .
• Looking at commodity prices and we saw a .
• small pullback for copper, but still on a buy signal. .
• No change there. .
• Gold had a new closing low yesterday, so .
• we are down a couple of dollars in the pre market, but not aggressive selling. .
• Then looking at silver. .
• Silver rolled over on Tuesday. .
• It had been on a buy signal for the month of June and that ended yesterday. .
• Then looking at the energy sector, we had a small pullback in crude oil. .
• No change in trend. .
• And a big reversal day for natural gas. .
• Putting in a bearish reversal. .
• That's where we topped back in May with a bearish reversal signal. .
• The pros did take control. .
• Natural gas is actually up in the pre market this morning. .
• Not enough to erase yesterday's losses, .
• but we're not seeing continuation to the downside on Wednesday morning. .
• And then looking at corn. .
• Corn to making a new high yesterday before closing unchanged. .
• And Wheat moved up and made a new high for this move on Tuesday. .
• Okay folks, that is all for this morning's presentation. .
• We're looking for a fairly quiet open at 9:30 Wednesday morning. .
• Have a great day. .
• Next time you'll hear my voice is on Thursday morning. .