Good morning, everyone, and welcome to Thursday morning. .
It's Stephen Whiteside here from theuptrend. .
com. .
In the pre-market this morning, ahead of jobless claims that are coming out at 8:30 .
this morning, we've got stock index futures trading higher across the board. .
Commodities are mixed while gold is sharply higher, crude oil is pulling back .
slightly, and cryptos are down in the pre-market on Thursday morning. .
Well, Wednesday turned out to be a happy .
Fed day, and we saw the VIX continue to move lower. .
We saw new high for the Dow, for the S&P 500, for the TSX-60. .
And what led the market higher yesterday .
was actually what we were focused on yesterday morning. .
Gold and silver and all the mining stocks moved up sharply. .
The big winner was the silver miners up over 4 %. .
We saw US gold stocks on the GDX up over 4 %. .
Again, both of them are trading back up to the recent high. .
With gold up in the pre-market this .
morning, we may continue to make higher highs today. .
Copper stocks were up over 3 %, back to the recent high. .
We also had a reversal for Canadian gold .
stocks on the XGD, also up nearly 3 %, back up to the recent high. .
So it looks like we should be able to put in higher highs on Thursday. .
Now, after the mining stocks led the market higher, it was US regional banks .
back up to the upper channel line, US banks back on a buy signal, really being .
led higher at the moment by Citigroup, which made another new high on Wednesday. .
Canadian financials made a new high yesterday. .
Canadian banks made a new high on the back .
of a handful of banks, CIBC and National Bank, were making new highs on Wednesday, .
while the TD Bank is still in the doghouse. .
No change in trend for the TD Bank. .
Now, the Nasdaq 100 is back on a buy signal as of Wednesday's close. .
We're still waiting for the next .
generation Nasdaq stocks to get back on a buy signal. .
Couldn't do so on Wednesday. .
Semiconductors were up nicely yesterday. .
Otterly enough, Intel barely moved. .
We were watching a trade in the channel in the pre-market. .
All the news and hype that came out of the .
big investment out there in Arizona But at the end of the day, Intel barely moved. .
Now, there was a lot of interest in the .
mid-cap and small-cap stocks on both sides of the border. .
If we look at the US, the Russell 2000 is back on a buy signal. .
The small-caps and the micro Caps, all .
back on buy signals as of Wednesday's close. .
Now, what led the Canadian market higher on the TSX-60 was Shopify up over 4%. .
Lithium Americas was the big winner on the TSX itself. .
On the Dow, it was Boeing, which is risen from the dead. .
Still on a sell signal here. .
That would change on Thursday with a close above $189. .
92. Then on the Nasdaq 100, it was DoorDash up .
over 5%, and then on the S&P Paramount was up over 11 % on the day. .
Let's finish off this morning's presentation, taking a look at the .
Magnificent Seven, starting off with Alphabet. .
Not a lot of excitement for Alphabet after it gapped higher the other day and went up .
to the previous gap that was formed at the end of January. .
Then we're looking at Amazon. .
Not a lot of excitement for Amazon from yesterday's Fed announcement. .
Then we've got Apple on its second day of a buy signal. .
Unfortunately, it's pulling back in the pre-market this morning. .
Apparently, Apple is going to have some legal difficulties. .
Then we've got Meta back on a buy signal. .
Now, if you're watching this presentation, .
I assume you're a short-term trader and you're reacting to daily market activities .
and want to keep as close to the market as possible. .
In that case, the Daily Right Side chart is probably appropriate for you. .
If you're a more conservative investor, .
especially if you're trying to capture dividend income, you You probably want to .
step back a bit and use the Mid Term chart. .
And the Mid Term chart is a bit slower to .
react, and that reduces the noise, the amount of trading that you do. .
But you do get in a little later and you .
get out a little later than the Right Side chart. .
But In this example, if we go back, you .
can see that we had a buy signal in early December back here. .
Then we had a sell signal at the end of December, and we had a sell signal .
recently in March, and now we're back on a buy signal. .
And if we compare that to the Mid Term chart where we just had a buy signal in .
early December, and we have not had a sell signal since. .
A sell signal would be the first close below the Tether Line here. .
Now, of course, if you consider yourself a long term investor, then you We didn't be .
reacting to daily charts at all and just focused on the weekly charts. .
And the Weekly Right Side chart gave us a buy signal here right at the end of 2022, .
and we've been on a buy signal ever since for Meta. .
So use the chart that's appropriate to your goals, your activity level, and how .
much you want to really be involved in the market. .
You can watch the market every day, but you don't need to react to daily price .
movements depending on what your goals are at the end of the day. .
Now, looking at Microsoft, Microsoft was up nicely yesterday, nearly 1% on the day. .
And then we're looking at NVIDIA, very quiet trading for NVIDIA on Thursday. .
And last up, we're looking at Tesla. .
Tesla traded up into the channel yesterday, a close above $177. .
71 on Thursday would give us a new buy signal for Tesla. .
Okay, folks, that is all for this morning's presentation. .
The market often overreacts to what happens at the Fed meeting, and the market .
often changes directions a couple of days after the Fed meeting. .
So we'll just have to wait and see if .
yesterday was the beginning of the end or the end of the beginning. .
Only My time will tell. .
And next time, you'll hear my voices on .
Friday morning, and at that time, we'll take a closer look at the energy sector. .
Enjoy the rest of your day, and we'll talk to you soon. .