• Good morning, everyone, and welcome to Thursday morning. .
• It's Stephen Whiteside here from theuptrend. .
• com. .
• In the premarket this morning, stock index futures are fairly quiet. .
• They're slightly above fair value. .
• Commodities are mixed with crude oil .
• lower, while gold is slightly higher on Thursday morning. .
• Well, things are pretty quiet right now. .
• We've got economic numbers coming out at 8:30 this morning. .
• We've got jobless claims and GDP numbers. .
• They, of course, could both add to the premarket volatility this morning. .
• Yesterday was an interesting day. .
• We made a new low for this move and then saw some buying going into the close. .
• For the most part, we ended the day flat. .
• Of course, the first thing I'm looking for .
• is the first close above the previous day's high. .
• When the stock market was moving up, the .
• first thing I look for is the first close below the previous day's low. .
• You can see when that happened and the market continued to move lower. .
• Then once it moved up, you can see we .
• closed below the previous days low and things continued lower from there. .
• Now, the VIX made a new high yesterday before reversing. .
• It did not close below the previous days low, so not overly concerned just yet. .
• At the same time, bond yields continue to move higher. .
• Bonds themselves continue to move lower. .
• Whether you're looking at the TLT or the XBB, then the US dollar continued to move .
• higher, and of course, the euro continued to move lower. .
• So none of those major trends have .
• changed, even though we saw a little buying in the stock market on Wednesday. .
• Looking at the world of commodities, we'll .
• start off with the energy sector, looking at the major US energy ETFs. .
• Starting with the USO, new high for the .
• USO on Wednesday, gasoline moved up into the channel. .
• A close above $73.21 would give us a buy signal on Thursday. .
• Natural gas is struggling here, and it's .
• got a similar chart pattern to a lot of other symbols: lower highs, lower lows. .
• If we need a buy signal on Thursday for .
• natural gas, we need to close above $6.88 cents. .
• Then looking at the stocks, the energy .
• sector on both sides of the border generated buy signals on Wednesday. .
• There's the XEG on the TSX and the XLE in New York, both back on buy signals. .
• Of course, both of these would be considered high risk buy signals. .
• You're up at the top of the Panic Zone. .
• The easy money has been made, and we're looking for crude oil to .
• continue to move higher from here to help pull these energy stocks higher. .
• Looking at the mining sector, starting off .
• with the metals, they're all on sell signals at the moment. .
• There's the GLD breaking down below the .
• August lows on like silver, which is still holding on to those August lows. .
• Then we've got palladium and platinum both .
• struggling, and then copper is still on a sell signal. .
• New low for copper on Wednesday. .
• Then taking a look at the miners, copper .
• miners making a new low for this move, gold miners on both sides of the border. .
• There's the GDX, there's the XGD. .
• Then Silver Miners also making a new low for this move on Wednesday. .
• Next up, let's take a look at the major .
• stock market index ETFs that we love to follow starting in .
• Toronto, looking at the iShares for the TSX 60. .
• New low for this move. .
• We've obviously taken out the August lows. .
• Now we're trying to find support from back in June. .
• Then we had a new low for the Dow. .
• Again, we recovered going into the close. .
• We still closed lower on the day, so no change there. .
• Then there's the SPY slightly higher on the day after making a new low. .
• That's a similar situation for the Nasdaq-100, closing a little higher than .
• the S&P 500 on the day, but again did not close above the previous day's high. .
• Then looking at the iShares for the Russell 2000, a lot of people commented .
• about the fact that there seemed to be an interest in small cap, micro cap stocks on .
• Wednesday, but not enough to close above the previous day's high. .
• That's also true for the iShare's microcap ETF. .
• Let's finish off this morning's .
• presentation, taking a look at the Stock House Bullboards for the energy sector. .
• The most watched stock is Baytex, followed by Athabasca and then Pipestone. .
• The energy sector itself is back on a buy signal. .
• Here's the iShare for the TSX energy sector. .
• Of course, a lot of these trades are extension trades. .
• They're high risk trades. .
• We're already starting up at the top of the panic zones. .
• We're very overbought. .
• So this isn't something you want to jump in on if you're new to the energy sector. .
• We are stuck here at 17.19. If we can keep going higher then 17.58 17.97 are the next .
• two targets, and they're also the top of our projected trading range. .
• Now, there's Baytex back on a buy signal as of Wednesday's close. .
• If we can take out the recent high, then 6.25 and 6.64 come into play. .
• Then looking at Athabasca, it's the second .
• day of a buy signal, new high for this stock. .
• If we can break away from 4.10, then 4.49 and 4.88 are the next targets. .
• Pipestone, on the other hand, is on its .
• fifth day of a sell signal, new low for this move on Wednesday. .
• Then looking at Uranium Energy, the stock is still on a buy signal, no change. .
• On Wednesday, things would change. .
• On Thursday, if we close below $4.97. If .
• we can take out the recent high, which is at resistance at $5.47, then $6.25 and .
• 703, $7.03 would come into play if we can take out that recent high. .
• Then looking at the Tamarack Valley, we're .
• sitting right on the edge of a new daily buy signal. .
• Any higher close on Thursday would give us a new buy signal. .
• Again, we're up here trying to deal with recent resistance. .
• If we can take out 4.10, then 4.30, and 4.49 come into play. .
• Then last up, the most actively traded .
• energy stock on the TSX was Canadian Natural Resources. .
• Second day of a buy signal traded right up to the recent high. .
• Then we've also got Suncor back on a buy signal as of Wednesday's close. .
• Okay, folks, that is all for this morning's presentation. .
• Wait for those economic numbers to come out at 8:30. .
• No major trend changes from Wednesday's .
• trading action, except we've got the energy sector back on a buy signal. .
• Again, this is a high risk buy signal. .
• You're already very overextended, and we'll just have to see if .
• the price of crude oil can continue to move higher from here. .
• Of course, the price of crude oil continuing to move higher is inflationary, .
• and it's probably not good for the overall stock market. .
• Enjoy the rest of your Thursday. .
• Next time you'll hear my voice is on Friday morning. .