• Good morning everyone, and welcome to Wednesday Morning. .
• It's Stephen Whiteside here from The .
• UpTrend.com. I'm sorry I missed you yesterday morning. .
• I started working on the presentation but .
• I just had a massive headache and I couldn't really see the screen. .
• So hey, I just went back to bed. .
• So sorry about that. .
• In the pre market this morning, things are fairly quiet. .
• We're waiting for CPI numbers to come out at 8:30 this morning and then we're also .
• going to get Ed Energy inventories at 10:30 this morning. .
• So a couple of things that could add to the volatility of the market. .
• The VIX has pulled back over the past .
• couple of days looking for a close on Wednesday below $14. .
• We found resistance at 15.63, put in a lower high, which could be bullish for the .
• stock market if we start moving down from here. .
• And of course, 12.50 is a major area of potential support. .
• US dollar index continued to move lower yesterday. .
• That may help the commodities this week. .
• Then we saw a pullback in bond yields on .
• Tuesday and that trend could continue, which could support higher stock prices. .
• Now the price of gold is traded up to the .
• upper channel line, so certainly a potential of a buy signal on Wednesday. .
• We've got gold stocks in the US sitting .
• right on the upper channel line, closing $0.04 above it. .
• So that is a buy signal for the GDX. .
• Still waiting for a buy signal for the Ishares for the Global Gold Index. .
• Then looking at the price of silver .
• sitting right below the upper channel line. .
• Silver stock, similar situation as you can see. .
• Depending on which way the market goes on .
• Wednesday, we may have a bunch of new buy signals to deal with on Thursday morning. .
• Not in the energy sector though, which is breaking out to a new high. .
• Looking at the price of crude oil, natural gas is back up in the channel looking for .
• a close above 273 to give us a buy signal on Wednesday. .
• There's Canadian energy stocks, there's US .
• energy stocks both breaking out above the June highs. .
• So that looks fairly bullish. .
• Then US Financial is making a new high for .
• this move and it's a pretty bullish chart, but it does have a lot to do with the big .
• banks or the little banks or the broker dealers. .
• It has much more to do with insurance companies right now. .
• And there's Prudential making a new high for this move. .
• Compare that chart to Citigroup and you can see who's beating who. .
• Looking at Canadian financials and .
• Canadian banks, things are looking pretty neutral right now. .
• The best performing Canadian bank is the TD bank. .
• We are seeing some selling in the insurance sector. .
• We've got Sun Life back on a sell signal, .
• joining Manulife, already on a sell signal. .
• Now Apple is back on a sell signal as of .
• Tuesday's close, joining Amazon, already on a sell signal. .
• Meta still on a buy signal. .
• No change there no change for Google or Alphabet. .
• Making a new low for this move on Tuesday. .
• We also made a new low for Microsoft on Tuesday. .
• Now Microsoft of course is in that battle .
• to buy Activision Blizzard, which got some positive news yesterday. .
• So that stock shot higher over 10%. .
• Also taking up Electronic Arts which was up over 5% on the day. .
• Then looking at Nvidia, we're still treading water up here. .
• Very quiet day on Tuesday. .
• We also had a very quiet day for Tesla. .
• Still trading in the channel, having an inside day or a day of indecision. .
• Now looking at the Ishares for the TSX 60. .
• We're on a sell signal right now that did not change. .
• The Dow Diamonds back on a buy signal, joining the S&P 500 and the Nasdaq and the .
• Semiconductors all still on buy signals, so no change there. .
• Okay folks, that is all for this morning's presentation. .
• It's very quiet out there ahead of the CPI numbers. .
• And then of course after the CPI numbers on Thursday, we get the PPI numbers. .
• So consumer inflation, then producer inflation. .
• Those two numbers should add to the .
• volatility that we're going to see in the market this week. .
• Enjoy the rest of your day. .
• Next time you'll hear my voice is on Thursday morning. .