• Good morning everyone, and welcome to Wednesday morning. .
• It's Stephen Whiteside here from the uptrend.com. In the pre market this .
• morning, stock index futures and commodities are slightly above fair value. .
• Not expecting a lot to happen this morning. .
• It is a Fed day, so we're expecting volatility to expand after 2:00 p.m. .
• this afternoon. .
• Speaking of volatility, the VIx hit a new .
• low yesterday for this move and I think a new four year low. .
• So on Wednesday, we're looking for a close .
• above 13.34 to change our mind on the market. .
• We had bitcoin and ethereum both trade in the channel again yesterday, so they both .
• have the potential of a sell signal on Wednesday. .
• Looking at what worked yesterday, well, we had a lot of new 52 week highs, including .
• Costco, my favorite place, making a new high for this move. .
• And then on the other side of the coin, well, we had Crude Oil move lower. .
• Natural Gas made a new closing low. .
• We had gold closed down just $0.50. It is .
• trading below $2,000, but hasn't broken away from $2,000 just yet. .
• And then we had a new closing low for Silver. .
• And none of those add up to helping the canadian stock market at the present time. .
• Now, if you take away those commodities, the Dow made a new high yesterday. .
• It was being led higher by Salesforce. .
• And then the third best performing stock is my favorite financial, which is Visa. .
• It made a new high on Tuesday. .
• Then looking at the S&P 500, making a new high, being led higher by Incyte, which .
• was up just under eight and a half percent on the day. .
• What didn't work on the SP 500? Well, it was Oracle. .
• Oracle was down over 12%, gapping lower right back down to the lows from October. .
• Then looking at the triple Q's, they also .
• made a new high, being led higher by SiriusXM. .
• And that stock was up nearly 6% on the day. .
• And then Broadcom was up at the top of the .
• winners list again yesterday, up over 4% on Tuesday looking at the TSX. .
• So we're in the channel dipped below the .
• lower channel line yesterday, but did not close below it. .
• The big winner on the TSX was actually .
• Stelco, a stock we haven't talked about in a long time. .
• It is back on a buy signal as of Tuesday's close. .
• What didn't work? Well, gold stocks were the big losers. .
• There's Nova gold down nearly 9% on the day. .
• Then looking at the TSX 60, again trading in the channel. .
• So certainly mathematical possibility of a sell signal on Wednesday. .
• And then looking at the TSX 60, we're in the channel right now. .
• So, yes, there's a mathematical possibility of a sell signal on Wednesday. .
• The big winner yesterday was .
• Gildan Activewear, which was the big loser on Monday. .
• So a big turnaround there. .
• Certainly no change in trend whatsoever. .
• Let's finish off the Magnificent Eight. .
• Only one trend change from Tuesday's trading action, and that was Nvidia, which .
• is back on a buy signal as of Tuesday's close. .
• Okay, folks, that is all I wanted to cover this morning. .
• Not expecting a lot to happen till the Fed meeting this afternoon. .
• And of course, it isn't the announcement that the market reacts to, it's usually .
• the press conference that the market reacts to. .
• And if for some reason they were willing .
• to cut rates today, that would certainly be a very negative sign for the market. .
• It would tell the market that something's broken that we don't know about just yet. .
• Otherwise, the Fed would not bother cutting rates on Wednesday. .
• Enjoy the rest of your day. .
• Next time you'll hear my voice is on Thursday morning. .