Hello, everyone, and welcome to Thursday morning. .
It's Stephen Whiteside here from theuptrend. .
com. .
In the premarket this morning, stock index futures are higher. .
DOW futures up about 100 points. .
We do have commodities mixed with the .
energies higher while the metals are lower on Thursday morning. .
I want to start off today's presentation .
saying thank you to everyone who signed up for our Blood Donor Rewards program. .
If you haven't heard back from us, please .
send us a note today and we'll make sure you get set up. .
We have had some problems sending emails to Gmail accounts this week. .
So if you've got a Gmail account, that's .
one of the reasons you may not have heard from us. .
But yeah, if you haven't heard from us, please ping us today. .
Let us know and we'll take care of that right away. .
And again, thank you very much for .
everyone who signed up for our Blood Donor Rewards program so far. .
Now, we are coming up to month and quarter .
end and a couple of holidays, and that usually gives the market a bullish bias. .
If we were going to see some selling this .
week, we would have assumed it would have been very muted. .
And that's pretty well how things turned out as the market continues to move higher .
here and the VIX is still on a sell signal. .
So options traders are not spooked by anything at the moment .
and we're looking for things to change on Thursday if we see a close on the VIX .
above $14.40. We have seen some weakness in the DOW. .
It is on a sell signal right now. .
Yesterday was an inside day. .
We do have the S&P 500 trading right up to the upper channel line, the Nasdaq 100 .
trading right up to the upper channel line, and the Nasdaq composite. .
The Russell has a little ways to go but could certainly generate a buy signal on .
Thursday if we continue to move higher throughout the day. .
The stocks index pulled back yesterday with an inside day, so no fall through to .
the upside after that big move up on Tuesday. .
Now, what worked yesterday in the US market was the energy sector followed by .
consumer communication services followed by consumer discretionary. .
Energy stocks traded right up to the upper channel line yesterday. .
The biggest winner in that sector on the .
S&P 500 was Williams Companies, making a new high for this move. .
Then looking at communication services, we're back on a buy signal here. .
The big winner yesterday was Dish Network trading up and generated a buy signal. .
It is certainly could be a bullish sign that we're holding support here. .
We didn't make a lower low, but last time we popped, we didn't get too far. .
Your world is not from here up to way up at the top left hand corner of the screen. .
Your world is much muted, but certainly .
you could make some money trading back up to the recent highs. .
Then looking at Consumer Discretionary. .
Now, this is odd. .
If the Fed is still trying to raise interest rates and slow the economy down, .
Consumer Discretionary shouldn't be winning. .
Consumer Staples should be winning, but that's not what's going on right now. .
Nobody's on recession watch anymore, apparently. .
The big winner in consumer discretionary .
yesterday was Carnival cruises, and all the cruise lines did very well. .
Norwegian, close follow up, and then Royal .
Caribbean, all the cruise lines are doing very well at the moment. .
Now, looking at big cap stocks, big cap technology stocks. .
We've got Apple making a new high yesterday. .
We saw a small pullback in Amazon. .
Then looking at Meta, very quiet day on Wednesday. .
We've got Microsoft trading in the channel. .
So a close above $338.84 would give us a buy signal on Thursday. .
Then looking at Netflix, we need to close above 430.92. We closed at 428.40. .
So we've just got a little ways to go to get a buy signal for Netflix. .
Then an inside day yesterday for NVIDIA, still on a sell signal. .
Then Shopify trading right up to the upper... .
Or closing right up at the upper channel line yesterday. .
Looking at Shopify on the TSX, 87.50 still acting as resistance. .
If we can start breaking out above 87.50, .
then 93.75 and $100 comes into play on Shopify trading on the TSX. .
Then looking at Tesla, Tesla trading up to the upper channel line yesterday. .
We are trading higher in the pre market .
this morning, so a close above 259.31 would give us a buy signal on Thursday. .
Moving on to the Canadian market. .
We've got the TSX just closing above the upper channel line. .
Similar situation for the TSX 60. .
Then we're looking at midcap still in the channel. .
We've got small caps trading below the .
lower channel line, and we had another nice big update for the venture exchange. .
What worked yesterday? .
Well, the big leader was Health Care .
followed by Consumer Staples and then infotec. .
Now, health care is a very small part of the Canadian stock market, so we do have .
the health care index back on a buy signal. .
Yesterday's big winner was Bosh in percentage terms. .
But again, not a lot of stocks in this sector. .
And last year, we would have probably been .
highlighting some cannabis stock, but those days have come and gone. .
Canadian Consumer Staples had a nice big pop yesterday. .
So again, if we're heading for a recession, which apparently we're not .
according to the market, consumer staples should certainly be outperforming Consumer .
Discretionary, but that's not the case at the moment. .
So the big winner in consumer staples was Circle K trading right up to resistance at .
68.75. Now, I don't like chasing stocks that pop. .
When they pop like this, it means everyone was shocked by the news. .
Nobody was on the right side of this trade going into it. .
But people have been buying the dips in this stock for quite a while now. .
Now, I wouldn't be attracted to this stock because the average true range is so low. .
So it's not really a tradable stock. .
If you're looking at this stock, it's more of something to put in your portfolio on a .
longer term basis than trading it short term. .
So you might want to be looking at the .
weekly charts if this is a stock that you want to follow. .
Looking at energy stocks, they did trade .
up yesterday, not enough to give us a buy signal. .
Financial services, on the other hand, back on a buy signal. .
Bank stocks looking for a slightly higher move here. .
We're just less than a dollar away from generating a buy signal on Thursday. .
What didn't work yesterday? .
Gold stocks continued to be on a sell .
signal here, trying to hold support at 270 on the TSX Global Gold Index. .
Now, oddly enough, the biggest loser on .
the TSX yesterday was Nova Gold, which was down over 12 % on the day coming into .
yesterday's trading action already on a sell signal. .
It has been for a while. .
Let's finish off today's presentation .
taking a look at commodities and we'll use the big US commodity ETFs. .
The USO moved up yesterday at close above 63.46 would give us a buy signal. .
We talked about the crude oil market yesterday and how I would .
give it a little more room than just taking the next buy signal. .
Gasoline moved up yesterday, trading up to the upper channel line. .
So a close above yesterday's high would give us another new buy signal. .
And unfortunately, natural gas rolled over yesterday. .
Still on a buy signal here that would change on Thursday with a close below .
6.91. It was unchanged last time I looked at natural gas. .
So 7.81 acting as resistance as expected. .
Hopefully, we can turn around here and .
continue to move higher, but that's not what happened on Wednesday. .
Looking at the GLD, we had a new low for .
the GLD yesterday, new low for Palladian, new low for .
Platinum yesterday, and then last up, we're looking at silver. .
Silver is still close to the lower channel .
line, a close above 2134 on Thursday would give us a buy signal for the SLV. .
From what we're seeing in the premarket .
this morning, not expecting that to happen. .
Okay, folks, that is all for this .
morning's presentation and that's all from me for Thursday morning. .
Next time you'll hear my voice .
is on Friday morning. .