Good morning everyone.. Welcome to Thursday morning.. It's Stephen Whiteside here from
theuptrend.com well, yesterday was an. inside day for the North American markets
and you want to make a habit of not. spending a lot of time analyzing a
market after it's had an inside day.. There's nothing new to really discuss.. You've had some things go up, some things
go down, but for the most part, market. participants were just
staring at the ceiling.. On Wednesday.. The VIX played ping pong between the
channel lines once again on Wednesday.. We need to close above 19.94 on
Thursday to give us a new buy signal.. Looking at the Ice shares for the TSX
60, we had an inside day on Wednesday.. When we look at who won and who lost, we
did have some winners in the Canadian. market on Wednesday, unlike the US market,
but Consumer Staples was the big winner.. There was really a turnaround
day for that sector.. You can see that. Circle K was down at the previous lows on
Tuesday, and then on Wednesday we had a. nice big move up, not enough
to give us a buy signal.. Still looking for a close above 60.. 89 on Thursday.. You can see that we closed at 60.
86.. So right on the edge of
a new daily buy signal.. That's not the case for Lob Laws, which. was up 2.23%. New low for Metro yesterday
before recovering, closing the day up. 1.2%. And then Weston's was up
1.83% after making a new low.. So really a turnaround day for that
sector, not a day for new buy signals.. And this is a pretty
bearish chart pattern.. You can see that Western has
put in a lower high recently.. There's the previous low and
then a new low on Wednesday.. So that's a pretty bearish chart pattern.. Let's see if this particular stock
can get back on a buy signal soon.. Now looking at the US market inside day
for the Dow, inside day for the S and P. 500, inside day for the Nasdaq, and
an inside day for the Russell 2000.. So you really don't want to spend much
time analyzing what happened yesterday.. Now taking a look at what happened sector
wise in the US market on Wednesday, you. can see there were no winners and there
was one big loser which stood out like a. sore thumb, and that was
communication services.. And that had a lot to do with one stock.. Apparently Alphabet had a demo that went. bad yesterday and that caused
the stock to sell off sharply.. We traded through the lower channel
line but did not close below it.. Still looking for a close on Thursday
below 99.,sector-wisethattake32.. Now looking up on Thursday morning, we've
got Disney leading the market higher.. It is coming into
Thursday's trading action.. Still on a buy signal.. We were stuck at the 112.. 50 level for the past few days.. Our next target to the upside is 118.. 75 and last time I checked, we were. trading right up at that
level this morning.. So if you've got an ordering at 118 75 or. around there, that should get
filled this morning at the Open.. So congratulations.. OK, that is all for this
morning's presentation.. You want to make a habit of not over. analyzing a market or a stock
that has an inside day.. An inside day is a pause day.. It's a day of indecision.. It's when a lot of traders put their hands
in their pockets and stare at the ceiling.. They're waiting for more information.. They're waiting for more price
action before they jump back in.. And so now on Thursday, we're looking to
see if the market can push out above. Tuesday's high or down
below Tuesday's low.. So far, it looks like we're
making a run for Tuesday's highs.. That's all for this morning's
presentation, folks.. Thank you very much for
your time and attention.. And the next time you'll
hear my voice is on Sunday.. We'll talk to you on Sunday.. We're going to do a presentation on Sunday
morning because, of course, Sunday is a. Super Bowl Sunday and it's going to be
hard to find people to watch our. presentation at our usual
time on Sunday afternoon.. So we'll have to change things
up a little this weekend.. Enjoy the rest of your day.. And again, next time you'll hear
my voice is on Sunday morning.. Thank you..