Well, good morning everyone, and welcome to Tuesday Morning..
It's Stephen Whiteside here from theuptrend.com in the premarket.
this morning, stock index futures are slightly above fair value..
So, so far it looks like we're gonna see.
some buying at the Open on Tuesday morning..
Now, this is a holiday shortened week, so we're expecting to have a slight.
bullish buyer by us going into the long weekend..
Things should get very quiet on Wednesdays..
A lot of people use Wednesday as a travel day..
The US markets are going to be closed on Thursday, open a half day on Friday..
We're going to be taking advantage of that and taking off on Thursday and Friday..
We'll be back on Saturday with our weekend update..
Looking at the VIX, we traded down to last.
week's lows yesterday, looking for a close on Tuesday above 25.30..
The US dollar index going in the opposite.
direction, trading up into the channel, looking for a close above 108.57..
So there's two indicators moving in the opposite direction..
Then looking at Tesla, tesla making a new low yesterday,.
so we're probably looking at the Peter Principle in play here..
Obviously it's not Tesla having the problem, it's Twitter..
And Elon Musk is certainly having a hell.
of a time trying to get a handle on Twitter..
Now, Home Capital was up 57% yesterday,.
so congratulations to anyone who owns Home Capital..
Not a stock I've ever been involved in..
If I was in this situation and I walked in today and saw this nice big gap up,.
I would be certainly taking money off the table today and walking away..
Looking at the I shares for the TSX 60, we traded down to the lower channel line.
yesterday, looking for a close below 30.35 on Tuesday..
It was the energy stocks that really put a damper on the Canadian market yesterday..
Wilde traded all the way down to $16.
before recovering, but still closing below the lower channel line,.
so giving us a new sell signal on Monday for the energy sector..
At gold stocks trading water yesterday, so still on a buy signal, no change there..
And healthcare was down sharply yesterday..
Back on a sell signal..
You can see that we made a low back in July, we made a high back in August,.
and we've been trading between those two levels ever since..
Looking at the US market, it's very quiet yesterday..
There's the Dow still sitting above the upper channel line..
We've got the SPY sitting right.
on the channel, and we've got the Nasdaq trading back in the channel..
So looking for a closed blow, 278.13..
Not very concerned about that from what.
we're seeing in the Premarket this morning..
And then there's the eyeshares for the Russell 2000..
Riding the lower channel line, looking for a close blow, 181.58..
Then. What worked yesterday?.
Well, consumer staples were the big winners..
The big losers were energy services.
and the semiconductors trading right at the upper channel line..
Let's finish off looking at commodity prices, starting with the metals..
Copper's down again..
So, second day of a sell signal for copper..
Gold was down again yesterday..
We need a close below 1744.99 trading slightly higher in the pre market this morning..
And then silver sitting right on the edge of a new cell signal, a closed below 21.02.
would do that for us on Tuesday..
Looking at energy,.
crude oil went all the way down to $75. 75.27, I believe was the low and reversed..
And so 75 still acting as support for crude oil..
The natural gas traded higher yesterday..
We're trying to break out of the high from a couple of weeks ago..
If we can do that, look two lines up..
That takes us up to 8.59 And 8.59..
Yes, there's lots of support up there.
at 8.59, which should act as resistance on the way back up..
Okay, folks, that's all for this morning's presentation..
Expecting a fairly quiet day on Tuesday. Have a great day..
Next time you'll hear my voice is on Wednesday morning..