• Good morning, everyone. Welcome to Friday morning. .
• It's Stephen Whiteside here from . TheUpTrend. .
• com In the pre market this morning, things are fairly quiet. .
• Stock index futures are slightly above fair value. .
• Commodities are mixed with crude oil higher, while gold is slightly lower. .
• On Friday morning. .
• Now, the VIX is still on a sell signal that's supportive for higher stock prices. .
• The first sign something new is happening is if the VIX were to close above 14. .
• 02, based on the recent trading activity, we really need to see the VIX breakout .
• above 15 before the market is going to take any notice. .
• Now, one of the things that has been a .
• concern for the market has been the regional banking sector, and it actually .
• closed slightly higher yesterday after making a new low on Wednesday. .
• Now, there's a lot of stocks falling out .
• of the sky right now based on their earnings results. .
• And we saw PayPal and SAnap drop recently. .
• This morning we've got Expedia trading down over 15% in the pre market. .
• We also have Pinterest trading lower. .
• Currently it's trading just below the lower channel line. .
• So there is a chance that Pinterest may come back during the day for Expedia. .
• Not sure that's going to happen. .
• Then taking a look at what's working in .
• the opposite direction, Cloudflare had a great day yesterday. .
• If you've got an order in at $93. .
• 75 or at $100, it'll probably get filled this morning as Cloudflare is trading up .
• at the 113 level at the time of this video. .
• Then looking at the S&P 500, it touched 5000 yesterday before a slight pullback. .
• It is trading higher in the pre market this morning. .
• If we're going to break away from 5000, .
• then our next target to the upside is 5156. .
• 25. .
• Now, while all that's going on, remember that the seasonality of the VIX from this .
• point on is to move sharply higher into the month of March. .
• And that, of course, could put enormous .
• downward pressure on the stock market if that were to happen. .
• And of course, from what we're seeing this .
• morning, that isn't happening on Friday morning. .
• Then looking at the Nasdaq, new high for the Nasdaq yesterday, a couple of laggards .
• that we've been watching closely may be coming back. .
• We've got Apple trading in the channel. .
• It poked through the upper channel line on Wednesday. .
• On Thursday there was a small pullback, looking for a close on Friday above 190. .
• And then for Tesla trading in the channel .
• for the past couple of days, looking for a close above 192. .
• 97. .
• If that were to happen, then of course, .
• our first target would be the top of the open gap. .
• Now looking at the Dow 30. .
• New high for the Dow 30 yesterday. .
• Very quiet trading across all the major indices on Thursday. .
• Now, some of the winners in the Dow right now. .
• We've got American Express, we've got Salesforce. .
• We've got Disney popping the other day holding those gains. .
• We've got Home Depot up in the top right hand corner. .
• Small pullback yesterday for Merck. .
• We've got Microsoft making a new high. .
• We've got a small pullback for Procter and Gamble. .
• Small pullback for Walmart on Thursday after hitting a new high on Wednesday. .
• Then we've got the Travelers Group trading sideways right now. .
• A close below 210 . .
• 64 would give us a sell signal on Friday. .
• Really just stuck to the 212. 50 level. .
• If we can make a new high here, then 225 comes into play. .
• And of course, if we pull back, then 200 would be our next target to the downside. .
• Similar situation for Goldman Sachs. .
• It's been in a tight trading range since early December. .
• Looking for a breakout of the January high .
• or a breakdown of the January low to tell us which way this stock wants to go next. .
• Pretty amazing to see a big, huge international banking company like this .
• trading sideways, treading water for so long. .
• Then we're looking at Visa, Visa closing in the channel yesterday. .
• A close below $273. .
• 06 would give us a sell signal on Friday. .
• Then looking at Boeing now we saw Tesla break 200 and continue lower. .
• Boeing so far has been able to hold 200. .
• It is on a buy signal right now, but not going anywhere. .
• A close below 205. .
• 32 would give us a sell signal on Friday. .
• Now we have a short term buy signal right now. .
• The pros have not come in to take control. .
• If we want to see long term investors come .
• back, more conservative investors, then we're looking for a close above 220. .
• Then looking at Cisco. No joy there. .
• No joy for Intel and no joy for three m. .
• Some of the laggards of the Dow still on sell signals at the present time. .
• And you'd think with the Nasdaq and tech .
• stocks doing so well that Cisco and Intel would be doing better. .
• But there are, of course, individual company stories that can hold stocks back. .
• Let's finish off. .
• Looking at the world of commodities and a new low for copper yesterday. .
• Gold pulled back. .
• It's still on a buy signal here. No change. .
• Silver came back on Thursday, trading up into the channel. .
• And then we've got crude oil back on a buy signal. .
• At the same time, natural gas making a new low of course, the current warm weather .
• that we're having is not helpful for natural gas prices and then some winners .
• in the commodity world that we don't usually take a look at. .
• But if anybody's trying to fight .
• inflation, these charts aren't going to help. .
• Where we've got live cattle making a new high for this move, new high for cocoa. .
• So watch out, chocolate bars could be going up in price. .
• Then we've got cotton making a new high for this move. .
• New high for lumber on Thursday before pulling back slightly. .
• And then OJ making a new high on Thursday. .
• Also pulling back at the end of the day. .
• Let me slip in one more chart before we go. .
• I actually had chills go up my spine when I looked at that Cisco chart. .
• It just brought back memories. .
• If you remember back in 2000, Cisco was .
• the Nvidia of its day and it traded up and came down sharply afterwards. .
• And no guarantee Nvidia is going to do exactly the same thing. .
• But it's interesting that in all this .
• time, in 24 years, Cisco has not gotten back to those Dot Com bubble highs. .
• We are in an AI bubble right now. .
• That's exactly what's happening. .
• And at that time, Cisco was the backbone of the Internet. .
• And as far as I know, Cisco is still the backbone of the Internet. .
• That has not changed. .
• But certainly the opportunities for the stock have changed over time. .
• So just to keep that in the back of your mind, we certainly have to. .
• Don't do anything. .
• There's no information here to act on on Friday. .
• I am just reminiscing. .
• Okay, folks, that's all for this morning's presentation. .
• That's all for me for this week. .
• So far, it looks like we're going to have a quiet and positive open on Friday. .
• It'll be interesting to see on which way of 5000 the stock market ends the week. .
• Enjoy your weekend, folks. .
• And it looks like it's going to be nice, warm weather for the weekend. .
• And of course, we've got the Super bowl coming up. .
• Have a great day, folks. .
• And the next time you'll hear my voice is on Monday morning. .