• Good morning, everyone, and welcome to Friday morning. .
• It's Stephen Whiteside here from theuptrend. .
• com. In the pre-market this morning, stock .
• index futures are slightly below fair value. .
• Commodities are mixed with crude oil .
• lower, while gold is up $10 in the pre-market. .
• Now, that being said, we do have payroll numbers coming out at 8:30 this morning, .
• and they could certainly change the direction of the market. .
• Now, the VIX is still on a buy signal. .
• Options traders are obviously concerned. .
• There are a lot of stocks not doing well at the same time. .
• There are a lot of stocks that are very overpriced at the moment. .
• So options traders a little concerned. .
• Looking at the week so far, we've got the Dow down three quarters of a %. .
• We've got the S&P 500 up a little over a third of a %. .
• The Nasdaq is basically unchanged for the week. .
• The TSX, on the other hand, is up on the .
• week, and that has a lot to do with the crude oil or energy and gold stocks. .
• Looking at the TSX Global Gold Index, it is up over seven % so far this week. .
• So if we close at this level, that'll give us a new weekly buy signal. .
• Now, at the same time, this is still a very bearish chart. .
• We recently made a lower high and a lower low. .
• So the first thing that has to happen here is a breakout above that downtrend line. .
• And then the next target, of course, would be the high from late 2023. .
• Then looking at semiconductors, they're up nearly 5% on the week. .
• And that, of course, is what's really in the news at the moment. .
• Now, the stock I get asked about the most .
• is still Apple, and Apple is still on a sell signal. .
• We're still short Apple. .
• That hasn't changed. .
• We're holding the 168. 75 level. .
• We closed at 169 even yesterday. .
• If we break down from here, our next target is 162. .
• 50. If you're long puts or if you're short .
• Apple, hopefully you've locked in some profits here. .
• You don't have to completely buy back your .
• or sell all your puts, but you should lock in some profits. .
• Of course, what we're going to be looking .
• for first is a close above the previous day's high. .
• That hasn't happened yet. .
• Then the second thing that's going to have to happen before we start becoming bullish .
• on the stock is we need to start trading above the open gap. .
• And of course, we're not going to do that on Friday morning. .
• The next most popular stock on our site at .
• the moment is NVIDIA, and it's coming up to the 937. .
• 50 level. .
• It's trading higher in the pre-market this morning, and I'm sure traders want to take .
• it up to the $1,000 level, which, of course, is a big round number. .
• The pros look like they're still content .
• to be buyers here, and they have total control. .
• Compared that to Apple, where they don't have any control at the moment and are not .
• interested in taking control on Friday morning. .
• Then we have Tesla. .
• And Tesla, we were projecting higher prices here, but that open gap has held .
• the market in check, and we've come back down to the previous lows. .
• We're currently holding the 171. 88 level. .
• We haven't broken that yet. .
• If we do, then 156. .
• 25 would be our next target to the downside. .
• Looking up on Friday, yesterday was an .
• inside day, so we did not close above the previous day's high. .
• Again, that would be the first thing that .
• we would look for before we start thinking about buying Tesla. .
• Now, moving into the Canadian market, the most popular stock is Shopify. .
• Still short Shopify. .
• We've got conflicting signals here. .
• We are projecting lower prices, but we do have a pressure zone forming, .
• so we would certainly take a buy signal if one were to show up. .
• You can see we're holding the $100 level. .
• We closed at $ 101. .
• 40 yesterday. .
• I got down as low as $98. 80. .
• And of course, these are numbers off the TSX. .
• Now, if we start breaking down from here, 87. .
• 50 is our next mathematical target. .
• But then, of course, we have the low from right at the start 2024 at $94. .
• 32. .
• Looking up on Friday, and it is .
• mathematically possible to get a buy signal on Friday with a close above $104. .
• 65. If that doesn't happen on Friday, of .
• course, that upper channel line is going to continue to move lower daily. .
• We did not close above the previous day's high yesterday. .
• It came pretty close to it, but did not close above the previous day's high. .
• Now, speaking of technology stocks, the .
• best performing technology stock in Canada is Celesta a year today. .
• It is up over 64%. .
• You can see how investors bought the dips off the FlyPaper channel. .
• And look at that huge spread. .
• So it would be incredibly risky to buy it up at these levels here. .
• Of course, over time, when we get a pullback, then you could consider buying .
• it, but I would certainly not want to jump in to Celestica at this time. .
• You can see, yesterday, we put in a higher high. .
• We closed slightly lower on the day. .
• We did not close above the previous It .
• stays low, so not overly concerned just yet. .
• Now, on a month to date basis, the best .
• performing Canadian stock on the TSX is Seabridge Gold. .
• It's up over 34%. .
• You can see we're well off the right side channel No concern about a sell signal on .
• Friday, but there is a concern about taking money off the table. .
• Now, we came up to the previous high from December, broke through that, headed up. .
• Our next target was 13. 67. .
• If you haven't already locked in some .
• profits, it would be a good thing to do so. .
• You don't have to liquidate a position. .
• Just take a chunk of your position and lock in those profits. .
• Let's continue on and take a look at the miners. .
• Copper was up nicely yesterday, making a new high for this move. .
• Copper miners also making a new high for .
• this move, pulling back off the high, running up to the December, pretty close .
• to the December highs before pulling back, but still looking very strong there. .
• Then looking at the GLD, we moved up to the $200 level. .
• We're trading slightly above that in the pre-market on Friday morning. .
• Then looking at gold stocks on the TSX or in New York, there's the Gold miners ETF, .
• there's the junior gold miners all doing well at the moment. .
• Then looking at the Silver ETF, the SLV, it made a new high for this move. .
• We're coming up to the December highs right now. .
• It'll be interesting to see if we can break through them. .
• You can see that the December highs did not hit our mathematical target of $22. .
• 66. .
• And then looking at the silver miners, .
• the stocks themselves up a little over 2% on Thursday. .
• Then let's finish off looking at the energy sector. .
• We had crude oil pulled back. .
• The USO was down slightly yesterday. .
• Closed below 73. .
• 18 would give us a sell signal on Friday. .
• That would join the gasoline already on a .
• sell signal, and natural gas, which unfortunately rolled over on Thursday. .
• It back on a sell signal as of Thursday's close. .
• Looking at energy stocks on the TSX, you .
• can see we closed at the previous day's low after making a new high on Wednesday, .
• and US energy stocks made a new high on Thursday for this move. .
• So things still looking pretty bullish for stocks in the commodity sectors. .
• Okay, folks, that is all for this morning's presentation. .
• I'm doing this ahead of those payroll numbers, which could certainly change the .
• direction of the market after they come out at 8:30 this morning. .
• Enjoy the rest of your day. Enjoy your weekend. .
• Next time you'll hear my voice is on Monday morning. .