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Good morning everyone, and
welcome to Thursday Morning..

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It's Stephen Whiteside here from the.

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uptrend.com in the pre market this
morning, things are fairly quiet..

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We've got stock index futures
slightly above fair value..

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The market is waiting for employment
numbers to come out at 830..

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And then we've also got some other.

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economic numbers coming out
between 8:30 and 10:00 A.m.

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that could add to pre market volatility..

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Let's start off today's presentation,
looking at weekly charts..

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I just printed these off this
morning to see where we are sitting..

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The DOW is up just a third
of a percent on the week..

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The S&P 500 is up zero point 84%,
so getting close to 1% gain so far..

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The high from earlier
this year was up at 4195..

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44.
So as we get closer to 4200, we know that.

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there is resistance up there as the
recent high did not retest the 4195..

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44 level..

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So, so far we're still
heading in that direction..

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We'll have to see what the market does
if it can get back to that level..

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Then looking at the Nasdaq, the Nasdaq
continues to lead the market higher..

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And as you can see, we're getting
very close to the high from 2022..

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Looking at the Russell 2000,
we're up nearly 2% on the week..

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Not sure if you saw this headline the.

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other day, but Apple is now worth more
than all of the Russell 2000 put together..

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Now Apple is not my friend at the moment..

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For the last couple of weeks,
we've been trying to hit 175..

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That's our next price target..

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We've got as high as 174.
59..

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And remember, what we call price targets,
the rest of the world calls resistance..

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And resistance is holding
Apple in check at the moment..

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Looking down on Thursday, and Apple has.

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traded in the channel for
the past couple of days..

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We need a close below 170..

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45 to kick us out of the remainder
of our Apple position on Thursday..

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Then looking at the Canadian market, the.

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TSX is down 0.6%. So a
little over half a percent..

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And that has a lot to
do with mining stocks..

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And the Venture Exchange is down
just a tick, under 1% for the week..

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Now, we've seen a lot of pops and
drops over the last couple of weeks..

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That tells me that investors are on edge..

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They're not willing to put money into
stocks ahead of earnings reports..

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One that was a real mystery on Tuesday
was Home Depot, which led the DOW lower..

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And then on Wednesday, complete
reversal and it led the DOW higher..

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So investors really squeamish right now..

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And that is a sign, of course, of a.

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possible recession, of
possible bank failures..

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There's all kinds of stuff going on..

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And of course, there could be a black
swan out there that we're not aware of..

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Looking at technology stocks, again,.

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they're leading the market
higher on Wednesday..

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And we see that semiconductors came back a.

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couple of days ago and they
had a big update on Wednesday..

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Now, when we look at the winners and.

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losers from Wednesday, it was the
regional banks were the biggest winners..

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And look down, see how far you have to get
on our list of ETFs before we get to a.

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Canadian sector that
moved up on Wednesday..

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So Regional Banks, the big winners on.

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Wednesday, up over 7% on the day, being
led higher by Comerica, the top performing.

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stock on the SP 500, and
the second was Zion's..

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Both back on buy signals
as of Wednesday's close..

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Canadian Western Bank, the only real.

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regional bank in Canada, has been on a
buy signal for a couple of weeks now..

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So no change in trend there..

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And then looking at the SPDR Bank, ETF.

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back on a buy signal, spider
Financials back on a buy signal..

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Then looking at Canadian banks, no change..

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We were on a buy signal..

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Then it reversed and we're
still on a sell signal..

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And the Canadian financials are
also still on a sell signal..

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Now, we recently talked about the TD Bank..

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It was in the news,
the media was reporting that the TD Bank.

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was the biggest shorted
bank stock in the world..

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That was April 5..

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So we don't know exactly when they
put on those short positions..

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I just concerned that when somebody sees a.

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headline like this that they also
might want to short the TD Bank..

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And of course, anytime we talk about
shorting, what we're talking about is.

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we're coming off the
top of the panic zones..

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The early warning signal has gone off the.

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chart, has start to turn
color from blue to red..

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We get a sell signal on
the right side chart..

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That is when you short a stock down
here is when the public shorts a stock..

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Why?.

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Because now they've got enough
psychological support to help them.

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psychologically pull the
trigger and short a stock..

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Now, April 5 was right in here and that's.

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when the news reports came out and the
stock started to move up from that point..

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So a lot of times it's buy
the rumor, sell the news..

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And if the news was that there were
billions of dollars of TD Bank stock.

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shorted, that that was the news and you
buy the rumor and you sell the news..

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And if the news was that the stock has
been shorted, how do you sell that?.

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Well, you buy the stock, you do
the opposite of the news story..

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And that's exactly what happened so far..

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Let's finish off looking at commodities..

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We've got the USO back on a buy signal,
we've got Gasoline back on a buy signal..

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That's rather unfortunate
as we get towards the summer, we don't.

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want to see gasoline prices rising
going into the summer, do we?.

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Now, natural gas is also on a buy signal,.

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so no change in trends for
gasoline or natural gas..

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We've got a big move up though in
crude oil back on a buy signal..

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That should help the energy stocks, which.

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were up yesterday, but still on a sell
signal for the Ishares for the TSX Energy.

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sector and the SPDR ETF
for the US energy sector.

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both up nicely on Wednesday, but
not enough to give us a buy signal..

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Now the price of gold has
been coming down this week..

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It is sitting just below 2,000..

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You can see that this is where
the recent lows were put in..

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If we look at what the pros and the public
are doing, nobody really wants gold to.

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move away from $2,000, but it
is starting to slip below it..

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The price of silver a little more
committed to trading below $25..

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As you can see, the pros gave up control a.

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few days ago and so silver traders more
comfortable with the silver below 25..

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When we look at the price of gold and
silver, they both declined quite a bit.

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from the start of February
into late February..

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And what was going on at that time?.

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Well, the US dollar was rising and
look at what's going on right now..

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The US dollar has started to move up..

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So that could be the reason that precious.

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metals have been pulling back
over the last couple of days..

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And of course, with precious metals.

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falling, it's harder to see
gold and silver stocks rise..

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And so there's the GDX making
a new low for this move..

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There's the XGD also making a new
low for this move on Wednesday..

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Okay folks, that is all for
this morning's presentation..

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Have a great day..

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Next time you'll hear my
voice is on Friday morning..