• Good morning everyone and welcome to Wednesday Morning. .
• It's Stephen Whiteside here from The .
• UpTrend.com in the pre market this morning things are fairly quiet. .
• Stock index futures trading right around .
• fair value, while commodities are slightly lower on Wednesday morning. .
• Well, I'm not going to tell you anything new this morning. .
• Tuesday turned out to be a continuation day. .
• We saw the VIX make a new high that put .
• downward press on the major stock market indices on Wednesday. .
• We're looking for a close below $16.18 to give us a new sell signal for the VIX. .
• If that were to happen, that would be supportive for higher stock prices. .
• The US dollar index continued to move higher on Tuesday, putting downward .
• pressure on other currencies, including the euro and the Canadian dollar. .
• We saw bond yields continue to move higher on the back of lower bond prices. .
• Whether you're looking at the XBB or the .
• TLT or emerging market bonds or junk bonds, they all moved sharply lower on .
• Monday, with corresponding bond yields continuing to move higher. .
• Whether you're looking at the 5, the 10, .
• or the 30 year, all the bond yields moved up yesterday. .
• We talked about the downward pressure of bond yields moving up on the utility .
• sector, but if we just look at the overall financial sector, you'll see overall .
• weakness in financials, in US BankS, in the Regional Banks, in Broker Dealers, and .
• finally the Insurance Sector has broken down. .
• And of course we were watching the Insurance Sector outperform the rest of .
• the financial sector over the past couple of months. .
• Looking at the Canadian market, we had Canadian financials make a new low, .
• Canadian Banks make a new low on Tuesday, so no change in trend there. .
• Looking at the world of commodities, .
• starting off with the energy sector, we saw a little buying in crude oil .
• yesterday, that's being undone in the pre market on Wednesday morning. .
• We had natural gas trade up to the upper .
• channel line, so a close above 2.97 would give us a buy signal on Wednesday. .
• We've got energy inventories coming out .
• this morning at 10:30, so that could certainly shake up the energy sector. .
• Energy stocks in Canadian market moved up slightly. .
• In the US market, they moved down slightly, but no change in trend. .
• Moving from the energy sector to the .
• mining sector, we saw copper make a new low for this move yesterday. .
• Freeport held up fairly well, while we saw a new low for First Quantum. .
• Then looking at the price of gold, it moved lower yesterday. .
• It's down again in the pre market this morning. .
• Last time I checked, we're heading towards $1812.50. .
• That's our next mathematical price target. .
• We saw Barrick move up slightly yesterday, as did Agnico Eagle. .
• No change in trend for either of those stocks. .
• Of course, the price of silver continued to move lower yesterday, recovered most of .
• its losses going into the close, but still closed down on the day. .
• And you can see we made a new low for Pan .
• American before closing slightly higher, and that's also true for Wheaton. .
• Both making new lows and then recovering going into the end of the day. .
• Looking at the major stock market ETFs. .
• Starting with the Ishares for the TSX 60 and new low yesterday. .
• New low for the Dow for the S&P 500 but not for the Nasdaq. .
• The Nasdaq is still holding on to the lows .
• from last week, so those have not broken down just yet. .
• Okay, folks, that is all for this morning's presentation. .
• No major trend changes to talk about. .
• It looks like we're going to have a fairly quiet open on Wednesday morning. .
• Have a great day. .
• Next time you'll hear my voice is on Thursday morning. .
• You dam. .