• Good morning everyone. Welcome to Friday morning. .
• It's Stephen Whiteside here from the .
• uptrend.com in the pre market this morning, stock index futures are above .
• fair value, once again being led higher by the Nasdaq. .
• Commodities are mixed while the energies are higher. .
• Gold is lower on Friday morning. Well, here we are. .
• We finally arrived to month end, quarter .
• end, and of course we've got the holidays next week. .
• And that of course put a bullish spin on the market. .
• And of course, it doesn't guarantee success. .
• It certainly helps alleviate any downward pressure on the market. .
• If there is bad news that the market wants to take as bad news, remember, just .
• because there's good news doesn't mean the market goes up. .
• And there's no guarantee that with bad news the market goes down. .
• Now, the VIX is still on a sell signal that's supportive for higher stock prices. .
• Looking for a breakout above 14.33 to change things on Friday. .
• So far, it does not look like that's going to happen. .
• Now, I often take a look at the VIX ETFs .
• just to make sure that nobody's trying to front run the market. .
• Sometimes what you'll see is ETF traders can go in and buy the VIX ahead of the VIX .
• moving higher and the markets moving lower. .
• We're not seeing anything like that on coming into Friday morning. .
• Now, the Dow diamonds ended Thursday on a buy signal. .
• They have an open gap just above them there that could act as resistance. .
• Similar situation for the S&P 500 is back on a buy signal. .
• The volume, which of course coming into a holiday week is going to start to fall. .
• Yesterday, the volume for the S&P 500 ETF was down 25% off its average volume. .
• So you can see that traders are starting .
• to leave for a holiday week and we expect next week to be extremely quiet. .
• Now the Nasdaq is not back on a buy signal. .
• So far, the biggest loser yesterday on the Nasdaq 100 was Micron. .
• At the same time we saw chips move higher. .
• So Micron moving against the pack on Thursday. .
• Then the iShares .
• for the TSx 60 are on the second day of a buy signal. .
• We're seeing money come back into the financials and the energy sector. .
• We saw some money come back into gold yesterday with Kinross. .
• There's been a lot of love for Kinross .
• lately, even though it's been on a sell signal. .
• This certainly hasn't fallen as much as a .
• lot of the other gold stocks such as Barrick. .
• Barrick is sitting right on the edge of a new daily buy signal. .
• So any higher close on Friday would give us a buy signal. .
• We do have gold trading lower in the pre market. .
• That's no guarantee that gold stocks are going to trade lower on Friday. .
• Now, until the big cap tech stocks start .
• to break down, the market is going to continue to have a bullish bias to it. .
• And so there's Apple making a new high yesterday we saw Amazon pull back so a .
• close below 126.04 would give us a sell signal on Friday. .
• We still have Microsoft on a short term sell signal. .
• Of course, longer term money has not exited Microsoft just yet. .
• We have Nvidia on a short term sell signal. .
• Yesterday was inside day and did trade slightly lower on the day. .
• Less than 1%. .
• Nvidia is still on a midterm buy signal. .
• So more conservative money has not exited Nvidia just yet. .
• And we still have Tesla on a sell signal. .
• From what we were seeing in the pre market .
• yesterday, I thought Tesla would end the day on a buy signal. .
• That did not happen. .
• When it started to come down it did give .
• us a midterm sell signal which is still in play. .
• That has not changed. .
• So some longer term money has exited Tesla. .
• We do have a nice uptrend line there and .
• if that breaks then we would look for a move down to $200 for Tesla. .
• Let's finish off with a quick look at .
• commodities and no trend changes from Thursday's trading action. .
• Yes, crude oil traded higher, gasoline traded higher and natural gas traded .
• higher and that's one of the reasons energy stocks moved up on Thursday. .
• No joy for the GLD. .
• It came off its intraday lows and closed slightly lower on the day. .
• Inside day for palladium. .
• A lower new low for platinum on Thursday. .
• And we saw a small pullback for the price of silver holding the low from last week. .
• Okay folks, that is all for Friday's presentation. .
• Not expecting a lot to happen on Thursday. .
• Have a great Canada Day long weekend and if you're in the US, of course you're .
• probably going to make this weekend into a long weekend anyways, so have a great .
• time, be safe and next time you'll hear my voice is sometime over the long weekend. .
• I haven't been given my weekend scheduled .
• yet so I don't know exactly when I'm going to be back in front of the computer. .