• 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 are mixed. .
• The S&P 500 and Nasdaq and the TSX are trading higher, while the Dow is trading .
• lower, and that has something to do with Boeing. .
• Boeing is trading down once again on bad .
• news and still holding the recent lows, so that hasn't broken just yet, but .
• certainly, we're not heading towards a buy signal on Thursday morning. .
• Now, the VIX is still on a sell signal that's supportive for higher stock prices. .
• That would change on Thursday with a close .
• above 13.99. Once again on Wednesday, the Nasdaq made a new high for this move. .
• We saw Netflix Gap higher on Wednesday off better than expected results. .
• Then we had ASML up nearly 9%, then .
• Advanced Micro Devices up nearly 6% on the day. .
• Then looking at the Canadian infotech .
• sector, it closed down slightly after making a new high. .
• Now, Shopify was down a few pennies, but .
• it had more to do with Blackberry, which rolled over, unfortunately. .
• We are back on a sell signal as of Wednesday's close. .
• Looking at the Magnificent 8, we had a new .
• high yesterday for Alphabet, a new high for Amazon. .
• Not a new high for Apple, but a new high .
• for this move before reversing and closing lower on the day. .
• Did not close below the previous day's low, so not overly concerned just yet. .
• Then We've got Meta making a new high. .
• We've got a new high for Microsoft. .
• We had a new high for NVIDIA. .
• We also had a new high for Shopify before .
• rolling over and closing slightly lower on the day on both sides of the border. .
• Now, while all that was going on, Tesla .
• actually made a new closing low for this move going into earnings. .
• If you sold Tesla, if you sold it short, .
• it was up here, and you could have sold it short at 250. .
• At that time, we were looking down two .
• That would be our playing field at 234.38 and then 218.75. Now, we've hit both of .
• those targets, so you still have some shares left, and your next price target .
• would have been 203.13, and we are trading below that level in the pre-market. .
• Of course, as we're coming down to a number like 203.13, you've got to assume .
• that the market would try to hold psychological support at 200. .
• Now, we know that that didn't hold back in .
• October, where we got down to 194.07. So while we're trading below the 194.07 in .
• the pre-market, once the market opens, it may try to hold that level. .
• We'll just have to wait and see. .
• Now, below where we're trading right now in the pre-market is our next mathematical .
• target, which is both a daily and a weekly price target. .
• So it'll be interesting to see if Tesla can hold that level. .
• Obviously, we're getting down to where we're seeing Panic Selling right now. .
• We're currently ranked as zero, so we are .
• oversold coming into today's trading action. .
• We are creating a Pressure Zone down here, .
• so we certainly want to take a buy signal when it presents itself, but it is .
• certainly not presenting itself on Thursday morning. .
• Let's finish off this morning's .
• presentation taking a look at the world of commodities and Copper was up sharply .
• yesterday back on a buy signal, and that made copper miners pop, the best .
• performing sector in the sectors that we follow. .
• We had Freeport up, rolled over going into the close, and did .
• not generate It's not a buy signal, but filled the open gap. .
• We'll have to see if it can continue to move higher today. .
• On the TSX, Foran mining was up yesterday, new closing high for that stock. .
• Then looking at the world of gold, the .
• gold miners had a wild day, whether you're looking in Toronto or in New York. .
• Traded up through the upper .
• channel line before reversing and closing lower on the day, even though the price of .
• gold was only down $10 and still in the recent trading range, so no change there. .
• Looking at Barrick and Newmont, they both had wild days. .
• Again, no change in trend for either of those stocks. .
• Then looking at the price of silver, which .
• was actually higher yesterday, still on a sell signal here. .
• At the same time, silver miners had a wild day and closed lower on the day. .
• Looking at Pan American Silver or First Majestic, both trading lower on the day .
• after having outside reversal days for both stocks. .
• Taking a look at crude oil, looking at the USO, we made a new high for this move and .
• looking to see if we can take out the December high. .
• Gasoline prices were higher yesterday. .
• Natural gas prices were higher. .
• We made a new low on Wednesday before reversing and moving up on Thursday. .
• The pros are in control at the moment, so .
• that might bode well for natural gas, which made a higher low this week. .
• Now, looking at energy stocks on the TSX, .
• we're looking for a close above 15.46 for the XEG. .
• In New York, we're looking for a close above 81.84 for the XLE. .
• And then looking at Synovus on the TSX, .
• we're looking for a close above 20.92. For Conoco Philips, we're looking for a close .
• on Thursday above 110.74. At the same time, Baker Hughes went in the opposite .
• direction on Wednesday, making a new low for this move. .
• And looking at Bayex, we traded right up .
• to the upper channel line and closed on it. .
• So any higher close would give us a buy signal on Thursday. .
• Crescent Point, looking for a close on Thursday above 8.84. We closed at 8.81. So .
• again, right on the edge of a new daily buy signal. .
• Okay, folks, that is all for this morning's presentation. .
• Looks like we're going to have a mixed open on Thursday morning. .
• Have a great day, and the next time you'll hear my voice is on Friday morning. .