• Good morning, everyone, and welcome to Wednesday morning. .
• It's Stephen Whiteside here from theuptrend. .
• com. .
• In the pre-market this morning, things are fairly quiet. .
• Stock index futures and commodities are slightly below fair value. .
• The market is waiting for a couple of things this morning. .
• First of all, we've got the Fed Minutes coming out later today, and then the world .
• is going to be watching for NVIDIA's earnings after ours. .
• Nvidia sold off yesterday. .
• Not enough to give us a sell signal. .
• We're sitting right on the edge. .
• So a close on Wednesday below, $692. .
• 88 would give us a new sell signal for NVIDIA. .
• Now, the VIX is already on a buy signal. .
• We had a wild day a week ago, and we have not settled down at all. .
• And this is the time and place where the .
• VIX moves up on a seasonal basis, and that, of course, is negative for stocks. .
• Looking for a close on Wednesday below 13. .
• 57 to give us a new sell signal for the .
• VIX, that, of course, would be supportive for higher stock prices. .
• Now, we saw a lot of selling in technology, especially the chip sector .
• yesterday, and that caused the Nasdaq 100 to generate a new daily sell signal. .
• Now, we had one a few weeks ago, and it quickly reversed, and that could certainly .
• be the case once again, but we need to take the signals as they come up. .
• Now, I've been watching Apple closely to see if it could hold the recent lows, and .
• we were down there testing them yesterday and still holding the recent lows. .
• Of course, it opens up a whole new world to the .
• downside if we take to check out the low from a couple of weeks ago. .
• Now, a couple of stocks in the news this morning. .
• First of all, Amazon, which traded through .
• the lower channel line yesterday but did not close below it. .
• We're looking for a close below $166. .
• 99 on Wednesday to give us a sell signal. .
• It's going to be replacing Walgreens in the Dow 30. .
• So just like what you should be doing, the .
• major indices are always upgrading the stocks in those indices, and that's .
• something that you should always be doing, always be upgrading. .
• Now moving on to the Canadian stock .
• market, and we'll start off looking at the seasonality chart for the TSX. .
• This is historically a strong period for the Canadian Stock Market. .
• The reason for that, of course, it's RRSP .
• season and a lot of money enters the market this time of the year, and it .
• usually goes into the most conservative investments, the most conservative stocks. .
• Then after our RRSP season is over, you .
• can see the big dip that we usually get in March. .
• That's usually what happens, but There's no guarantee. .
• But to hear that the TSX is up making .
• multi-year highs at this particular time is not that unusual. .
• Here we are. .
• The TSX is up at resistance. .
• It's been there several times over the past month. .
• You can see that since we entered this .
• zone back in December, we've been stuck between these two lines. .
• Of course, we're looking for a breakout or a breakdown from this .
• particular range, and we're up at the top of the range at the moment. .
• That's also true for the TSX-60. .
• Then we've got mid-caps, small caps, and microcaps all on short-term buy signals .
• right now, but none are trending anywhere at the moment. .
• Now, what worked yesterday, what didn't work? .
• Well, Consumer Staples were the winners, .
• while the big losers was Info direct, just like in the US. .
• When we look at Consumer Staples, the index made a new high yesterday. .
• You can see that Circle K had a great day. .
• We saw Loblaw's continued to move higher. .
• We've got Metro on a buy signal right now. .
• We've got It's George Weston making a new high yesterday. .
• What's not working in this sector, Empire is not working at the moment. .
• It is on a buy signal, but then we saw a pullback yesterday. .
• So a close below $33. .
• 97 on Wednesday would give us a new sell signal for Empire. .
• Then looking at the financials, which should be a strong sector at this .
• particular time, you can see we're on a buy signal making a new high yesterday. .
• All the major banks are on buy signals right now. .
• If we just to walk through them quickly, there is one anomaly, and that is the TD .
• Bank really not pulling its weight at the moment. .
• It is on a buy signal at the moment, but as you can see, we pulled back on Tuesday. .
• And then the regional banks, Canadian Western Bank, had a big update yesterday. .
• It's back on a buy signal, joining Laurentian Bank already on a buy signal. .
• Then looking at the industrials, and the .
• biggest component in the industrials is the railroads. .
• And so we do have CN and CP both still on buy signals right now. .
• That's holding up the industrial sector. .
• Now, one stock in the industrial sector, .
• and I don't know why it's in the industrial sector, but TELUS International .
• has had a great run over the past couple of weeks. .
• You can see it's had a great run since the low back in late October. .
• Then looking at Info Tech, we're on a sell signal right now. .
• Of course, that has a lot to do with Shopify, but a lot of the most traded .
• Infotec stocks are not doing well at the moment. .
• There's light speed, there's open text. .
• We've got Blackberry still on a sell signal, no change there. .
• No joy for Enghouse still on a sell signal. .
• New low yesterday for Quarterhill before closing higher on the day. .
• Certainly no change in trend there. .
• And then Shopify still on a sell signal from last week. .
• No change in trend for Shopify. .
• A couple of stocks in the infotech sector that are still working, CGI and Celestica. .
• Celestica trading in the channel yesterday. .
• A close below 49. .
• 74 would give us a sell signal on Wednesday. .
• And Bitfarm, which had a huge up week last .
• week, made a new high yesterday before pulling back. .
• So no change in trend for Bitfarm. .
• Let's finish off looking at the world of commodities. .
• And we've been watching energy stocks on a buy signal for the past week, made a new .
• high for this move yesterday before pulling back. .
• We still have Baytex, Crescent Point, Athabasca all still on buy signals. .
• No change there. .
• Then looking at the most actively traded Canadian energy stock, we've got Suncor, .
• which has a very interesting chart pattern here. .
• We've got something for everyone. .
• We've got higher lows, which are bullish. .
• We've got lower highs, which is bearish. .
• We're working ourselves into a triangle .
• here, looking to see which way we're going to break out. .
• The energy sector is currently on a buy .
• signal, so we're hoping it breaks out to the upside. .
• Let's finish off looking at the world of gold. .
• Gold stocks traded up to the upper channel .
• line yesterday, so there's the potential for a buy signal on Wednesday, but gold's .
• down just a few pennies in the pre-market this morning. .
• Still waiting for Barrick, looking for a close on Wednesday above $20. .
• 07, and that would join a Agnico Eagle already on a buy signal. .
• No joy for B2Gold. .
• Dundee Precious Metals was the top performer on the TSX yesterday. .
• Third day of a buy signal, big pop there. .
• Then looking at Endeavor Mining, no change. .
• Looking for a close on Wednesday above $22. .
• 57. .
• Now, Franco-Nevada, not a stock we talk about very often, but .
• has been trading sideways for a couple of months now. .
• When this happens, it's often good just to stand back a bit and take a look at .
• the midterm chart or even look at the weekly chart to see what it's going to .
• take to really change the direction for this stock. .
• And as you can see, we've had a lot of our early warning signals over the past couple .
• of months, but we really haven't been able to break out above 150. .
• And so that's what we're looking for right now is to break out above to tell us that .
• investors think that something new is starting to happen for this stock. .
• Otherwise, it's been dead in the water for a couple of months now. .
• Then looking at Kinross, no joy here. .
• We need to close above $7. .
• 13 on Wednesday to give us a buy signal. .
• Okay, folks, that is all for this morning's presentation. .
• Looking for a fairly quiet open this .
• morning as the market gets ready to digest the minutes from the last Fed meeting. .
• Then, of course, a lot of technology investors are going to be waiting for the .
• NVIDIA earnings which come out after the market closes later today. .
• Have a great day, folks. .
• Next time, you'll hear my voices on .
• Thursday morning, and at that time, we'll take a closer look at the US stock market. .