Good morning, everyone, and welcome to Thursday morning. .
It's Stephen Whiteside here from theuptrend. .
Com. In the pre-market this morning, stock .
index, futures, and commodities are above fair value. .
Now, we do have some economic numbers coming out at 8:30. .
Retail sales, jobless claims, they could .
certainly change the direction of the market. .
But so far, things are looking pretty bullish. .
Now, yesterday, the VIX was on a sell signal. .
Once again, it is still on a sell signal this morning. .
That would change if the VIX were to close above 13.23. We did see Panic Buying .
yesterday, and that is a good thing and a bad thing. .
It's a good thing because it takes us to .
new highs and gives people the opportunity to sell into strength. .
At the same time, it's usually often seen as the end of a move. .
Remember, we look for selling opportunities when we see Panic Buying, .
just like we look for buying opportunities when we see Panic Selling. .
Yesterday may be the start of the end of .
this particular move for the market, but it's certainly a nice thing to see, and .
hopefully everybody got a chance to take some money off the table. .
If you know somebody who thinks that yesterday's market activity is a reason to .
get into the market or to start buying additional, putting new money into the .
market, please, dissuade them from doing that. .
That would be a terrible thing to put new money into the market at this point. .
We want to be buying on pullbacks, not .
buying into strength like we saw yesterday. .
Now, it was really all about the bond market. .
Look at the 10-year note, how much it was up yesterday. .
That is a huge move. .
Remember, the bond market is much bigger than the stock market. .
With bonds going up, bond yields went down sharply. .
That helped fuel the stock market rally. .
We also saw the US Dollar index roll over. .
That's supportive for higher stock prices and led to other currencies moving up, .
such as the Canadian dollar, which has been on a buy signal for a few weeks now. .
The price of gold shot up. .
It's up again in the premarket this .
morning, so quite a wild move for the price of gold. .
Then looking at the Dow, new all-time high .
for the Dow yesterday being led higher by Walgreens and Home Depot. .
What didn't work on the Dow? .
Well, Verizon was the biggest loser, not by much, but it was a huge up day .
yesterday and Verizon was going in the opposite direction. .
The S&P 500 also made a new high yesterday, being led higher by Vertex, .
which was up 13 and a quarter %, third day of a buy signal for that stock. .
Then looking at Rivvity, it was up over 10 % on the day. .
What didn't work on the S&P 500? .
Well, it was Pfizer, Pfizer was down .
nearly 7 % on the day, so it's been on a cell signal for a couple of weeks now. .
Looking at the QQQ's, new high for the triple queues, what .
didn't work yesterday was the Magnificent 8. .
We really didn't see a lot of participation yesterday. .
Look at the alphabet. .
Alphabet was up 33 cents on the day. .
We've got Amazon moving up heading towards 150. .
We had Apple having a great day heading up to 200. .
We didn't see much going on for Meta. .
Meta ended the day up 52 cents. .
Then we saw Microsoft down a penny on the day. .
Then looking at NVIDIA, yeah, it continue to move higher, but not by much. .
Then Shopify on both sides of the border was up on the day, but still attached to .
the channel, so not really trending at all. .
Then we've got Tesla. .
Tesla trading through the lower channel .
line yesterday before ending the day higher, but just by less than 1 %. .
Obviously, the market is moving away from following the Magnificent 8 higher, and .
that the rally that we are expecting into year end has started to broaden out. .
We've seen the other sectors lead the .
market higher yesterday, such as cyber security, mobile payments, robotics, and .
semiconductors, all pushed higher on Wednesday. .
Looking at the Canadian market, the TSX was able to move back up to previous .
resistance, while the TSX-60 was able to punch through. .
A big reversal day for mid caps and small .
caps and even microcaps got involved yesterday. .
No major change in trend for microcaps, .
but they did end the day on a positive note. .
Now, the big winner yesterday on the .
Canadian market was Materials, with the price of gold shooting higher. .
We saw real estate move up nicely. .
We saw healthcare move up. .
Then gold stocks had a huge update on .
Wednesday up over 5% and back on a daily buy signal. .
Of course, the gold sector is within the material sector. .
Then financials had a big update as well. .
That's pretty impressive. .
Royal Bank making a new high for this move. .
Big upday for TD Bank, but still at the back of the bus at the moment. .
Brookfield was the biggest winner in the .
financial sector yesterday, up over four and a half %. .
What worked on the TSX? .
Well, the big winner on the TSX 60 was First Quantum up nearly 10 %. .
You'd hardly notice it based on the recent decline of this stock. .
The big loser on the TSX 60 was Dollarama, .
back on a sell signal as of Wednesday's close. .
On the TSX composite, we've got to K92 .
Mining was the big winner, up over 12 % on the day. .
The big loser on the TSX was NextGen .
Energy, which was down at over two and a half % on the day, still on a buy signal. .
No change in trend there. .
Okay, folks, that is all for this morning's presentation. .
Congratulations. If you had profit targets hit yesterday .
and got to lock in some additional profits, so that is absolutely wonderful. .
Otherwise, there's not much else to do with your current holdings. .
There are new opportunities in the gold sector. .
For some reason, the market has taken a shine to gold once again, and gold stocks .
a lot of new buy signals based on yesterday's trading action. .
Enjoy the rest of your day. .
Next time you'll hear my voice, is on Friday morning. .