- Good morning, everyone, and
welcome to Wednesday morning. .
- It's Stephen Whiteside
here from theuptrend. .
- com. .
- In the premarket this morning, stock
index futures and gold are trading higher. .
- So after down three days in a row, we are
getting back on our feet, heading into a .
- long weekend, heading into
month end and quarter end. .
- So we may see some quarter end window
dressing this week and this week. .
- I mean Wednesday and Thursday. .
- Friday is when the big economic
numbers come out for the week. .
- But the market will be closed
on Friday for the holiday. .
- Now, we saw major indices
down three days in a row. .
- The Dow, we've got the
S&P 500 trading lower. .
- We've got the Nasdaq trading lower. .
- We've got the TSX 60 trading lower. .
- None generated sell signals so far and .
- they all look like they're going
to open higher on Thursday morning. .
- Now, the VIX was up slightly yesterday,
still trading below the lower channel .
- line, looking for a close
on Wednesday above 14. .
- 20.
And it certainly doesn't look like we're .
- going to see that based on what's going
on in the pre market this morning. .
- Well, we always talk about the fact that .
- it isn't the news, it's how
the market reacts to the news. .
- And you can see that yesterday Krispy .
- Kreme was up nearly 40% on the news that
it's in a new partnership with McDonald's. .
- So Krispy Kreme on its
third day of a buy signal. .
- How did McDonald's investors react? .
- Well, the stock actually
closed the day unchanged. .
- So they were totally unfazed, uninterested .
- in the announcement that Krispy Kreme
investors were certainly excited about. .
- Now, looking at the S&P
500 yesterday, what worked? .
- Well, it was healthcare,
financials and consumer staples. .
- What didn't work?
Well, it was utilities, but not by much. .
- Yesterday was a fairly quiet day. .
- So healthcare still on a sell signal. .
- No change for financials and no change for
consumer staples trading down to the lower .
- channel line for the last
two days and utilities. .
- If it was the big loser yesterday,
you don't really notice it. .
- It traded down to the lower channel line, .
- still on a buy signal
coming into Wednesday. .
- Now, yesterday morning we looked at the
New York most actives and really there's .
- only one trend change from
yesterday's trading action. .
- So Lucid, pulled back yesterday, looking
for a close on Wednesday above $2. .
- 96. .
- Tesla is back on a buy
signal as of Tuesday's close. .
- So we can be buyers at the
open on Wednesday morning. .
- And no change for advanced micro devices. .
- No change for Marathon Digital looking
for a close on Wednesday below $19. .
- 76 to give us a new sell signal. .
- Nio barely moved yesterday. .
- Then we've got micron making a
new high for this move on Tuesday. .
- Nvidia pulled back yesterday, still
trading above the upper channel line. .
- No worries there. .
- Apple inside day yesterday
closing slightly lower on the day. .
- Then we've got Tilray making
a new high for this move. .
- Now, Tilray started out with
a buy signal back on the 15th. .
- You came in on the next
day, which was the 18th. .
- You bought at the open at 1.
81. .
- There were the price targets at the time. .
- You could have locked in
profits at any of those levels. .
- And we did eventually trade up to 234. .
- We've stopped there for
the last three days. .
- We have been able to trade
higher, but not close higher. .
- If we move up from here, 2. .
- 54 is our next mathematical target, and
that's as high as we got back in December. .
- Then, looking at the TSX, the winners were .
- healthcare, consumer
discretionary, and then infotech. .
- And the loser on the day was
energy, down less than 1%. .
- Now, healthcare is a very small sector of
the canadian market, and of course it's .
- being pushed higher by one marijuana
stock right now, consumer discretionary. .
- Still on a sell signal. .
- No change there. .
- No change for infotech. .
- We're still on a buy signal here. .
- The elephant in the room,
of course, is Shopify. .
- Still on a buy signal. .
- Now, last week we were able
to run up and tag the 112. .
- 50 level. .
- So if you add an order in to take partial
profits at that level, it got filled. .
- So congratulations. .
- Above that level, we've got a big open gap .
- that could act as a price magnet
and a potential area of resistance. .
- But 125 is our next mathematical
target if we start trading above 112. .
- 50. .
- Now, energy stocks pulled back but ever
so slightly yesterday, less than 1%. .
- So no concern there. .
- Now, looking at the TSX most active list .
- that we looked at yesterday, small
pullback for Suncor Canopy growth, the .
- marijuana sector, of course,
having big up moves recently. .
- And we started off with targets of 6.
25, 7. .
- 81, 9. .
- 38, and 9. .
- 38 would have taken us up to the
top of that open gap, and 10. .
- 94, the high from early December. .
- And we have blasted all
our, all the way up to 10. .
- 94 so far that is acting as resistance. .
- If we can start closing above it, then 12. .
- 50 and 14. .
- 06 come into play. .
- Then looking at TC Energy,
small pullback there. .
- Small pullback for
canadian natural resources. .
- Manulife. .
- We talked about Manulife
being stuck at the 32. .
- 81 level.
Well, we closed at 32. .
- 83 on Tuesday. .
- TD bank still swimming in the channel. .
- Looking for a close above $81. .
- 64 on Wednesday to give us a buy signal. .
- No joy for bit farms. .
- Power still on a sell signal.
No change there. .
- Holding.
Monday's low. .
- Then we've got Cenovus making a
new high for this move on Tuesday. .
- No joy for Telus making a new closing low. .
- Having an inside day on Tuesday. .
- B2Gold still swimming sideways here. .
- Looking for a close above 3.
52. .
- Remember, if you're following this stock, .
- you're chasing really a
broken stock at the moment. .
- Most gold stocks look something like
Kinross, which was unchanged on Tuesday. .
- Okay, folks, that is all for
this morning's presentation. .
- Have a great day. .
- Next time you'll hear my
voice is on Thursday morning. .