Good morning everyone.
Welcome to Thursday morning.. Stephen Whiteside here
from TheUpTrend.com. And in this. presentation we're going to focus
more on the Canadian stock market.. But to get there, we're going
to look at some US charts.. First, in the Premarket this morning,
things are rather mixed.. We've got the Nasdaq down sharply,
while the Dow is up over 200 points.. That has a lot to do
with one stock this morning.. Here's the US.
Dollar index.. It's continuing to move lower.. That can be supported
for higher gold prices.. It isn't on Thursday morning.. We've got gold flat in the pre market
this morning, but there's gold rising.. It looks like we've put in a nice
bottom here at the 1625 level.. That looks like a double bottom.. Hopefully, if we can get up and over 1687.50,. we may be able to head
up towards 1750 this time.. Now, yesterday was all about a couple. of tech stocks getting whacked,
including Google and Microsoft.. And then last night we had Meta come out. and it is down sharply
in the pre market this morning.. This number is going to be different. by the time you see this video,
but we are down just above $100.. So that is quite a haircut.. And that's one of the reasons the Nasdaq
is down in the Premarket this morning.. Now, the reason the Dow is up
in the Premarket this morning is. that Caterpillar came out with earnings
and is trading up above $200.. If you had an ordering to sell at 200,. it's going to get filled at the open no
matter where the stock opens above 200.. So if it opens up at 205, your $200
order will get executed at that price.. Then we've been talking about the fact. that Dow has been leading the markets
higher over the past couple of weeks.. Compare that to the Nasdaq and we can see. that the Nasdaq had a pullback yesterday
still above the upper channel line,. so nothing to be worried
about on Thursday morning.. But if things continue the way they are. in the pre market, we may have
something to worry about on Friday.. Now, Apple is still on a buy signal,
had a pullback yesterday,. closed at the previous day's low,
so nothing's broken yet.. And Tesla actually slithered up and closed. just above the upper channel line
yesterday, giving us a buy signal again.. In this environment, I wouldn't be
in a rush to jump back into Tesla.. I'd wait for another close
above the upper channel line.. And then looking at the VIX.. The VIX broke down yesterday,
broke down below support at 2000 and 813.. So that's a good sign
for the overall market.. Might not help the technology sector,
but the rest of the market may be able. to work off of the VIX continuing
to move lower at the present time.. Next up, let's take a look
at the Canadian market.. And we're still dealing
with the early october highs.. There's the TSX Composite Index
itself trying to deal with 19,375.. If we can start closing above that,
then 20,000 comes into play for the TSX. 60, we're dealing with
the early October highs.. We ran up, made a new high yesterday. and then pulled back,
trying to get up to 1187.50.. That is our next target.. Then midcaps again, still dealing
with that early October high.. If we can start breaking out and closing. above 1125, then 1156.25 is our next target.. Not as much joy for the small caps.. They still haven't tested
the early October high.. And then less enthusiasm
for the microcaps.. Still holding around the target area.. 593.75, that is still
holding the market in check.. If we can start breaking away from that,
then 625 is our next target.. To the upside now,. it's still all about energy stocks,
even though natural gas and crude oil. haven't really been
trending higher at the moment.. We've got energy stocks
making new highs yesterday.. We've got gold stocks on their
fourth day of a buy signal.. Bank stocks are still on a buy signal
here, but not really trending.. Similar situation for financial services.. Compare that to the industrials that are. starting to break out above
those early October highs.. And then we had telecom
stocks popping yesterday.. A lot of it had to do
with Shaw and Rogers.. If you're involved in this story,
if you know the story,. it all started way back here in that 2021,
and we saw that big gap higher.. If I was involved in Shaw,. if I owned Shaw at that time, I would have
sold at the time that it gapped higher.. I wouldn't be sitting around waiting all
this time to see how things work out.. There's lots of other things
you can do with your money.. There's also a good chance that the deal. wouldn't get approved and the stock
would come right back down.. So the way that I always work it is if I'm
involved in a stock gets a takeover offer,. I take the money and I run
as quickly as possible.. Let's finish off today's presentation.. Taking a look at the TSX volume leaders
from Wednesday's trading action.. If you go to the volume leaders drop down. on the website for either
the Canadian market or the US.. Market, we switch back and forth. from listing the volume
leaders by actual volume.. And then every other day we
do the price volume leaders.. So you take the price of the stock,. multiply it by the volume,
that gets you your rankings.. And so last night it was price times. volume, and that gives you
the biggest cap stocks out there.. So the number one stock
on the list was Embridge.. It's on its fourth day of a buy signal,
making a new high for this move,. and it is still dealing
with those early October highs.. Similar situation for the Royal Bank.. Now, if you look at this particular stock.. If you go back here,
you can see how wide the channel was back. here, and that's when
the stock was really trending.. It started to widen out here.. And we've been trading sideways
for a couple of weeks now.. So just visually,
anytime that you're looking at a chart,. if you've got a nice thin channel like
this, the stock is probably trending.. If it's starting to get wide,
then it has stopped trending.. And that is certainly
the situation for the Royal Bank.. Little more trend in the bank
of Montreal at the moment.. And it's starting to break out
above the early October highs.. TD bank hasn't done that yet.. A lot of resistance overhead for the TD. bank, as we've mentioned
several times before then.. A nice big update
for Canadian National Railways.. It's been on a buy signal
for over a week now.. Nice big move up yesterday.. And then you can look back and see. the highs from back in August would
be a legitimate target to the upside.. Then we've got the suncorn making a new. high yesterday, trying
to break out above 46 88.. $50 would be our next target above that.
Is that realistic?. Well, we can go over here and see that we. were trading back there
back in June of this year.. So that is certainly a realistic
target if we can take out resistance.. Now.. One of the banks not participating
right now is the Bank of Nova Scotia.. A close above yesterday's high
would give us a new buy signal.. Then we're looking at Trans Canada Energy.. It is still on a buy signal here.. No change there.. Still hasn't broken out above
that high from a couple of weeks ago.. And then we're looking
at CIBC in a similar situation.. Still on a buy signal here.. And then Shopify,
I thought I'd bring this one up.. It's been on a buy signal
for over a week now.. Again, trying to get out above this.. We have a pattern of lower
highs and lower lows.. There's the recent lower low.. Now we're looking to see if we can break
that pattern and make a higher high.. And so far, shopify has
not been able to do that.. And then speaking of gold stocks, the
first gold stock on the list is Barrick Gold.. And Barrick Gold is on its
second day of a buy signal.. So looking to see if we can run back up. and test the highs from
a couple of weeks ago.. Okay, folks, that's all for this
morning's presentation.. It looks like the Canadian market is going. to have a fairly quiet
open on Thursday morning.. Have a great day.
Next time you'll hear my voice. is on Friday morning.. .