Good morning, everyone, and welcome to Thursday morning. .
It's Stephen Whiteside here from theuptrend.com. .
Well, the futures are trading lower this .
morning and markets are down around the world. .
We are expecting some selling at the open on Thursday morning. .
Now, the VIX popped yesterday. It had a wild day. .
It traded down to the lower channel line .
and then closed above the previous day's high, giving us a buy signal. .
That, of course, is not good for the stock market going forward. .
Now, gold popped yesterday, but unfortunately, while it was up over $13 .
yesterday, it's down over $24 in the premarket. .
And that's also true for silver. .
Now, gold came into yesterday on a buy .
signal, unlike silver, which ended the day on a buy signal. .
And of course, if you're going to trade .
silver, you're going to ignore that buy signal and wait for the next close above .
the upper channel line based on what we're seeing in the premarket this morning. .
Now, sticking with commodities, we saw crude oil pull back yesterday. .
It is down again in the premarket this morning. .
So looking at the USO, we need a close .
below 79.08 on Thursday to give us a sell signal. .
That would join gasoline, which ended Wednesday on a sell signal. .
And we've got natural gas sitting right on the lower channel line. .
So any lower close today would generate a sell signal for natural gas. .
Looking at the major stock market indices, .
we've got the S&P 500 and the Nasdaq 100 both making new lows for this move, .
joining the semiconductors, which also made a new low for this move. .
And as we mentioned earlier, .
the semiconductors have broken down below the August lows. .
Looking at the iShares for the TSX60, .
we're back on a cell signal as of Wednesday's close. .
So that was a quick up and down move. .
And then looking at what's really been .
working lately, and that's the insurance sector. .
And that is true on both sides of the border. .
Whether you're looking at the Great West .
Life or Manulife or Sun Life, they're all still doing very well. .
And then looking at AIG on New York. .
Then we've got Chubb, then MetLife, all .
examples of insurance companies doing well at the moment. .
So this is certainly not the time and place to be buying insurance stocks. .
If you've been trading them higher, of .
course, you want to make sure you've locked in some profits because it looks .
like we're probably coming to the end of this move for the insurance sector. .
What didn't work yesterday? .
Well, on the TSX-60, the big loser was Shopify. .
On the TSX, it was Newvy. .
On the Dow 30 and the Nasdaq-100, it was Intel. .
Then on the Nasdaq-100 right behind Intel, .
we had Google back on a sell signal as of Thursday's close. .
The big loser on the S&P 500 was Zebra Technologies. .
Let's finish off this morning's presentation, taking a look at some of .
those big cap tech stocks we've been following. .
Apple had a big reversal day on Wednesday. .
It is trading lower in the premarket this morning, so no change in trend there. .
No change in trend for Microsoft. .
The big down day on Wednesday. .
Then looking at NVIDIA, new closing low .
for this move for nVidIA, we're not too far away from retesting the August low. .
Then we've got to Meta still on a buy signal. .
That would change on Thursday with a close .
below 298.68. And then last up, we're looking at Tesla. .
Tesla is still on a buy signal. .
That would change on Thursday with a close below 260. .
44, and we are trading below that level in the premarket this morning. .
Okay, folks, that is all for this morning's presentation. .
So far, the market looks like it wants to .
do some selling at the open on Thursday morning, but we do have some economic .
numbers coming out at 8:30, including jobless claims, which could .
certainly change the direction of the market before it opens at 9:30. .
Now have a great Thursday, folks. .
Next time you're going to hear my voice is on Friday morning. .