- Good morning, everyone, and
welcome to Tuesday morning. .
- It's Stephen Whiteside
here from TheUpTrend. .
- om. .
- In the pre-market this morning,
things are fairly quiet. .
- Stock index futures are trading
a little below fair value. .
- Commodities are mixed with crude oil flat, .
- while gold is slightly higher
on Tuesday morning. .
- Now, this is an extremely
busy week for the market. .
- We've got a Fed meeting starting today. .
- We've got lots of earnings coming out, and .
- we also have lots of
economic numbers coming out. .
- So it could certainly end
up being a volatile week. .
- Now, historically, we are
coming into month end. .
- Usually has a bullish bias to it, but that .
- just might not be the case this
week with all that's going on. .
- Now, moving on to the Canadian market. .
- The TSX is trading up at the top of the
panic zones right now, and this is a very .
- high-risk time to be putting
new money into the market. .
- But we are on a short-term buy signal. .
- We saw some weakness recently. .
- Our chart, which is designed for swing .
- traders, our right-side chart,
currently on a buy signal. .
- That would change on Tuesday
with a close below 20,902. .
- Now, in our database, we also have a .
- midterm chart, which is more designed for
position traders, and it certainly gives .
- the market a little more room
to breathe down towards 20,600. .
- We'll be watching these charts closely .
- over the next few weeks to see if
we do get any new sell signals. .
- But right now, the market
is still pointing higher. .
- We've got the TSX on a buy signal, the
TSX-60, mid-caps, small caps, but .
- unfortunately, micro-caps
haven't caught up yet. .
- That could certainly happen on Tuesday. .
- What worked, what didn't work on Monday? .
- Well, Infotex, just like in the US, led .
- the market higher while energy
stocks were down on the day. .
- That's crazy because if you were watching
the news yesterday, there's a lot .
- happening in the Middle
East and not all good. .
- We did see a new high for this move
for crude oil before reversing. .
- Now, it reversed but didn't close below .
- the previous day's low, so not
as bad as it could have been. .
- The first sign, something new, of course, .
- is if we close below the
previous day's low on any chart. .
- Looking for a move up to 81.25 this week, .
- which would take us back up to
what was support back in October. .
- And then from there we would expect to .
- move up to 87.50. That is not
happening on Tuesday morning. .
- Now, looking at the HOU, the Leveraged
ETF, it had an inside day yesterday. .
- And then looking at energy stocks, the XEG .
- also had an inside day on Monday,
so no change in trend for those. .
- Suncor closed down slightly yesterday. .
- Canadian Natural Resources has been in the
channel for the last three days, so .
- certainly the possibility of a sell signal
on Tuesday with a close below 84.93. .
- Now, we're not expecting a trend change
for Whitecap or Bayex or Cenovus . .
- They're all holding up fairly well. .
- And then moving on to technology stocks. .
- This is where all the
money made on Monday. .
- A new high for the index,
new high for the XIT ETF. .
- Then we've got Celestica making
a new closing high yesterday. .
- We had Shopify up over 2%. .
- Then we've got Bitfarm's
back on a buy signal there. .
- A new high for Constellation
software, new high for CGI. .
- Then we've got Dye & Durham back on
a buy signal as of Monday's close. .
- New high for Enghouse here. .
- And We've got Lightspeed back on
a buy signal as of Monday's close. .
- Then we're looking at Open Text
making a new closing high yesterday. .
- What didn't work, unfortunately, the most
followed stock on the stock house .
- billboards, Pyrogenesis, is on its second
day of a sell signal, so no joy there. .
- Okay, folks, that's all I
wanted to cover this morning. .
- The winners in the tech sector, .
- unfortunately, the losers yesterday,
and not by much less than 1%. .
- That was the energy sector, and hopefully,
things can turn around .
- for that sector, which is still on
a buy signal at the present time. .
- Have a great day, folks. .
- Next time you'll hear my
voice is on Wednesday morning. .
- Morning. .