- 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. .