• Good morning, everyone, and welcome to Thursday morning. .
• It's Stephen Whiteside here from theuptrend.com. .
• In the pre-market this morning, there's a little chill in the air, not too bad, but .
• we do have Walmart trading lower in the pre-market this morning. .
• There's Walmart hitting a 52-week high, .
• and we are currently trading right around the lower channel line. .
• A close on Thursday below 1:64.47 would give us a sell signal for Walmart. .
• Now, oddly enough, on Wednesday, it was the US retail sector that led the markets .
• higher and that had something to do with target popping. .
• Now, unlike Walmart, which is coming off a .
• 52 week high, there's a target back there in early October making a 52 week low. .
• Target certainly surprised investors to the upside. .
• To the downside was Metro, the biggest loser on the TSX on Wednesday. .
• We also had a big down day for Loblaws. .
• Still on a buy signal, that would change .
• on Thursday with a close below 118.35. Now, the VIX had an inside day yesterday. .
• We're looking for a close on Thursday .
• above 16.04. If you're not familiar with the VIX, it keeps .
• track of the premiums that investors are willing to pay for options. .
• Historically, when the VIX is rising, that .
• often puts downward pressure on the stock market. .
• Right now, we've been watching the VIX fall and the stock market has been rising. .
• It doesn't work as well on the TSX, but it does certainly help. .
• When the VIX is rising, .
• you can see downward pressure on the Canadian stock market. .
• And when the VIX is falling, you see .
• upward pressure on the Canadian stock market. .
• So that's why we watch the VIX closely every day. .
• It gives us a sense of what options traders are thinking about the market. .
• So it is a great way to survey investors and find out exactly what they think with .
• their wallets, not with their emotions, but with their wallets. .
• And when they start to increase the amount .
• of coverage they want for their portfolios using options. .
• They're willing to pay more premium to get that coverage. .
• That means they're worried, they're .
• concerned about something, and we also want to be concerned. .
• Now, the opposite is also true. .
• If premiums are falling and the VIX is .
• falling, we expect the stock market to move up. .
• Falling premiums is a good indication that .
• options traders are bullish on the stock market. .
• Now looking at the DOW, it made a new high .
• for yesterday and moving up to the highs from back in August. .
• We're looking to see if we can continue higher from here. .
• Then looking at the S&P 500, it hasn't .
• taken out the August highs just yet, but getting pretty close. .
• Unlike the NASDAQ, which is broken through .
• those August highs, heading for highs from earlier this year. .
• Then looking at the equal weighted NASDAQ, it's punched out above the October highs, .
• heading towards the August highs right now. .
• Now, we did put in a bearish reversal day, but it was a very weak one. .
• I just wanted to talk about this for a second. .
• We did open and we traded higher and then closed below the opening. .
• That gives us a bearish reversal signal. .
• The market was still higher on the day, so .
• that gives us a very weak bearish reversal signal. .
• For a strong bearish reversal signal, not only would you reverse, not only would you .
• close negative on the day, but you would also close below the previous days low. .
• That would be a very strong bearish reversal signal. .
• As we don't have one, I'm not overly concerned at the moment. .
• I am much more concerned about symbols hitting resistance and stopping. .
• Looking at the next gen, this is the next .
• 100 stocks on the NASDAQ, so not the NASDAQ 100, the NASDAQ 101 to 200. .
• You can see we're trading up to $25. .
• That's resistance. .
• We got as high as $24.98. If you just .
• would give up two cents, you would have got an order filled yesterday. .
• You have to look at those lines as not .
• only profit target lines, but walls of resistance where there's probably sellers .
• sitting up there waiting to hit the sell order. .
• You may not actually get to $25. .
• Looking at the Semiconductor ETF, similar situation. .
• We're trying to get to 200, got as high yesterday as $199.69 before pulling back. .
• We didn't close up at $199.69, we pulled back from that level. .
• $200 still as resistance. .
• Looking at the iShares for the TSX 60, new .
• high yesterday for this move, we're trying to hit 30.86, .
• got as high as 30.82, so four cents away from hitting our target. .
• Again, you have to look at it as a line of resistance. .
• A wall of sellers are usually up at those price targets. .
• Again, bearish reversal signal. .
• Again, we closed higher on the day. .
• So, yeah, we did swing from a new high to .
• actually closing below the open on the day. .
• But we did not close below the previous days low. .
• We certainly did not close negative on the day. .
• So a week bearish reversal signal, nothing to be overly concerned about. .
• Now on the TSX, we're always looking for help from the commodity stocks. .
• We didn't get any yesterday from the .
• energy, didn't get any from the gold stocks. .
• Where we're seeing a lot of upward .
• momentum over the past week has been in the financials and it's about time. .
• If you look at what worked over the past .
• week, we've got to Brookfield was the biggest winner in percentage terms, .
• followed by GreatWest Life, followed by Power, followed by SunLife. .
• Those were the big winners in the financial sector over the last week and .
• that has helped hold the TSX up over the last week. .
• Let's finish off looking at the ARK Invest ETFs. .
• We've got a couple of winners right now. .
• Fintech and the Next Generation Internet .
• or the Web ETF have been the best performers. .
• Investors not really liking the Genomics ETF at the moment. .
• So looking at the Fintech and new high .
• yesterday before closing pretty close to unchanged. .
• 21.88 was our next target. .
• We hit 21.90. So if you had an order in up there that got filled yesterday, then .
• looking at the Internet ETF, new high for this move, 62.50 hit it. .
• So congratulations, you locked in some profits. .
• The ARK Innovation ETF, 43.75, we got high yesterday as 43.75. If .
• you had an order in at that level or slightly below it, it got filled. .
• Congratulations. .
• The Space ETF, new high yesterday, trying to get to 14.45, sitting on 14.06, closed .
• just above it at 14.17. We're hoping to get to 14.45, but hopefully, you've locked .
• in some profits at 14.06. Then looking at the Industrial Innovation .
• ETF, we're coming up to those October highs. .
• Our next price target was .
• 53.13. Congratulations, you hit that yesterday, so cha-ching. .
• Then the Genomics ETF has been on a buy signal for two days now, looking to move .
• up to 28.13. And that might not happen on Thursday. .
• Nobody's giving any love to the Genomics ETF. .
• All I can say is we made a higher low, made a higher high. .
• That could be something going forward. .
• But right now on Thursday morning, it really isn't anything. .
• Okay, folks, that is all for this morning's presentation. .
• Looking for a little pullback on Thursday .
• morning, probably not enough to give us a lot of sell signals outside of Walmart. .
• Walmart certainly has the potential of .
• generating a new daily sell signal on Thursday. .
• Have a great day. .
• Next time you'll hear my voice is on Friday morning. .