• Good morning, everyone, and welcome to Tuesday Morning. .
• It's Stephen Whiteside here from .
• TheUpTrend.com In the pre market this morning, things are fairly quiet. .
• Stock index futures are trading just below fair value. .
• Now, looking at the VIX, we're going to remain short term bullish on the market as .
• long as the VIX does not close above $14.33 on Tuesday. .
• Let's start off this morning's .
• presentation, taking a look at the Canadian market. .
• And in the news this morning, we've got Bank of Nova Scotia out with earnings. .
• It is trading lower in the pre market. .
• And you can see we've had some weakness in .
• the Bank of Nova Scotia over the last couple of days. .
• We're looking for a close on Tuesday below 59 90. .
• Now all the major Canadian banks are reporting this week. .
• And you can see the TD Bank has had some weakness over the past couple of days. .
• And on Tuesday, we're looking for a close below $82.99 to give us a sell signal. .
• Now, the Ishares for the TSX 60 ended .
• Monday on a sell signal closing just below the lower channel line. .
• And what caused that? .
• Well, it was the energy sector was the .
• biggest loser on Monday, crude oil traded lower. .
• It is, of course, still on a sell signal. .
• That would change on Tuesday with a close .
• for crude oil above $77.98. No joy for natural gas. .
• Making a new low on Monday. .
• And then looking at the Ishares for the TSX Energy Index, you can see we're still .
• trading above the $16 level, and that is currently acting as support. .
• Looking at US energy stocks, we're trading in the channel. .
• There's a lot more interest in the US for energy stocks right now. .
• You can see the pros have almost taken control north of the border. .
• It certainly doesn't look like the pros .
• want to take control of the energy sector at this particular time. .
• Now, while energy stocks didn't work well, precious metals did work on Monday, with .
• gold moving up to the previous high from a couple of weeks ago, while silver is .
• heading towards the high from back in August. .
• And so when we look at the gold stocks, .
• you can see on the XGD, we moved up 1.93% yesterday. .
• The GDX in the US. .
• Was up 1.6%, and then we had silver stocks up 1.76%. .
• And again, silver and silver stocks .
• leading the precious metals higher at the moment. .
• Looking at the US. .
• Market, it was very quiet yesterday for the S&P 500 and for the Nasdaq 100. .
• Looking at the next gen Nasdaq stocks, they're still stuck at $25. .
• It would be nice if we could start breaking out above that level. .
• And we've got semiconductors still stuck at $200. .
• And again, we're looking to see if we can break out of these areas of resistance. .
• Speaking of resistance, looking at US. .
• Banks, you can see that the bottom of the gap there has been acting as resistance. .
• When we look at Regional Banks. .
• It's our mathematical target of 45. .
• 31 that's holding us in check. .
• We're trying to hold support at 43. 75. .
• If that breaks, then we imagine that we'd .
• head back down to try to fill this open gap. .
• What worked yesterday? .
• Well, on the Dow it was 3M followed by the Travelers companies. .
• And of course, we've noted insurance .
• stocks have been outperforming bank stocks over the past few months. .
• Okay folks, that's all for this morning's presentation. .
• Certainly not surprised to see a little bit of weakness here. .
• It's kind of a US thanksgiving hangover .
• and not expecting too many things to break hard this week. .
• And as we come into month end, wouldn't be .
• surprised to see some buying start once again. .
• Have a great day folks. .
• Next time you'll hear my voice is on Wednesday morning. .