Well, good morning, everyone.. Welcome to Friday morning.. It's Stephen Whiteside here from The. UpTrend.com. Let me take you back 24
hours, and I certainly screwed up.. I sent out the wrong link yesterday.. Apparently, copying and pasting is more. complicated than people make it out to be,
and I still have to learn how to do that.. I apologize for that.. The easiest way to deal with that, of
course, is just hit reply on any email. you've received from us and
let us know what's broken.. A lot of people did that yesterday.. Some people filled out support tickets.. You don't have to do that.. Just contact us any way you can, the. easiest way you can, and we'll get the
problem fixed as quickly as possible.. So, again, I apologize for that.
Today.. We're expecting some inflation numbers
to come out at 830 this morning,. the PPI.. That could add some
volatility to the market.. And then, of course, everybody's waiting
to see what the Fed does next week.. In after hours trading, we had Costco out.. It was down slightly, so
no major change there.. It's still on a sell signal.. And Lululemon was out with earnings,
and people didn't like that at all.. And so we're trading down at
just under the 350 level.. That would certainly give us a sell
signal if that's where we end.. At the end of the day, this
has been a profitable trade.. You've had lots of opportunities to
take some profits along the way.. And even if you have to get out at that. level on Monday, that is still
going to be a profitable trade.. Now, I made some weekly charts this. morning taking a look at what's
been going on this week.. The S&P 500 ETF is down 2.62%. Here's the. numbers we're going to be watching closely
on Friday to see if the market, even. though it is going to be volatile on
Friday, we're looking to see if we take. out the high of the week
or the low of the week.. Looking at the Nasdaq 100 ETF,
we're down 2.97% on the week.. And again, here's the numbers we're going. to be looking at this week's
high, this week's low.. What do we do on Friday?. We could have an inside week on Friday.. We'll just have to wait and see.. And then looking at the Ishares for the. TSX 60, we're down 2.37% high
the week up there at 31.. 26.. Of course, our mathematical
resistance is at 31.. 25.
And then the low of the week is at 30.. 50.
And you can see that 30.. 50 is acting as support.. We came down hard the other day, and that. has continued to act as support
on both Wednesday and Thursday.. Now, why is the TSX stuck there?. Well, it's the 200 day moving average
that is currently acting as support.. Then if we look at the Nasdaq 100 ETF, you. can see that we closed back
in the channel on Thursday.. We're holding support at 281.
25.. If you look back here, what
was resistance on the way up?. Access support on the way down.. So that's a very important level
of support if that breaks.. And we're looking for a move down to 265.. 63.. And of course, there's an open gap there
that could potentially act as resistance.. The Nasdaq 100 is also stuck in the
Flypaper Channel, and unlike the Dow and. the TSX, it has not been able
to break out above that so far.. That would be a very bullish sign if we
could start not only breaking out above. the flypaper channel, but
breaking away from it.. Now, looking at the S&P 500 ETF,
we're still on a sell signal here.. Moved up into the channel yesterday.. We're finding support at the 100 day
moving average at the present time.. Now moving on to the VIX.. The VIX made a new high for this move
yesterday before pulling back, looking for. a close on Friday below $20..86.
Then looking at the US.. Dollar index, it basically treaded water. on Thursday, as did bonds
having an inside day.. We saw the price of gold
move up $2.30 on Thursday.. Crude oil continued to move higher while. natural gas moved up, still trading
below the lower channel line.. Then looking at Canadian banks, this
chart looks a lot different than the US.. Bank chart.. But again, Canadian
banks are moving lower.. On Thursday, they were led
lower by the Bank of Montreal.. Now, when we look at US. Banks, this chart looks very spastic.. But the one thing is true is we
are on a sell signal right now.. Now, of course, banks are part of the. financials, and the financial
chart looks much more organized.. And of course, it includes not only banks,. but insurance companies,
brokerage firms, et cetera.. And so you can see we're
holding support there at 34.. 50.
We've done that for the last three days.. So it'd be interesting to
see how Friday closes out.. One US.. Financial stock that got hit hard
yesterday is Lincoln National.. It's in the insurance business,
making a new low for this move.. And as you can see, it's had a rough
ride over the past month or so.. Let's finish off today's presentation,. looking at some of Warren
Buffett's top holdings.. I recently added the Warren
Buffett list to the website.. You can see that Coca Cola and Kraft
are doing fairly well right now.. There's a new closing high
for Kraft on Thursday.. Of course, he also owns some bank stocks.. He's got Bank of America and Citigroup
as part of his top holdings.. Now, he also has some holdings in
which I am trading against him.. I am currently short Amazon, I'm currently
short Apple, and I'm currently short Visa.. So all of those three last stocks, of
course, are on sell signals at the moment.. That's the only reason
I'm short the stocks.. I don't hate them.
I don't think they're going bankrupt.. I have no idea what their next quarterly
earnings are going to be like.. But right now they're on sell signals
and that is why I'm short those stocks.. So there's some of Warren
Buffett's top holdings.. Okay, folks, that is all
for today's presentation.. It is a risk off situation.
Of course.. We've been talking about
that over and over again.. We need the technology
stocks to start to lead.. We need some of the small caps to start to. lead before any major
changes are going to happen.. In the overall tone of the stock market,. we have inflation numbers
coming out at 830.. The market is going to overreact to those.. Of course the real numbers are going to
come out next week when the Fed has their. meeting and everybody thinks that they're
going to add another 50 basis points.. Have a great day on Friday, folks.. Enjoy your weekend.. Next time you'll hear
my voice is on Sunday..