Good Morning, everyone, and
welcome to Friday morning.. It's Stephen Whiteside
here from theuptrend.com.. In the premarket this morning, stock
index futures are above fair value.. So so far, it looks like we're going to. see some buying at the
open on Friday morning.. Well, Thursday turned
out to be a wild day.. We saw a lot of symbols make new lows. yesterday before reversing,
going into the close.. Of course, we knew in the pre market
that Salesforce was going to pop.. That helped the DOW move higher yesterday.. Interesting, it opened near the high of. the day up there at 195, closed near
the low of the day, down near 185.. It shows up as a bearish reversal signal. and it may turn out to be
a major top for this particular stock.. We'll just have to wait and see what
follow through we get on Friday.. Another stock in the news
yesterday, of course, was Tesla.. Tesla is back on a sell signal as
of Thursday's close.. It is trading slightly
higher on Friday morning.. So if you're going to sell it, you'll get. a higher price this morning
than you would have yesterday.. Now, with yesterday's big reversal, I. wanted to take a look at some
of the weekly index charts.. And I just made these up this morning
just to see where the market was heading.. And as of Thursday's close, the TSX is
up a little over half a % on the week.. So is the DOW.. The S&P 500 is only up a little over a. quarter of a % on the week,
still trading in the channel.. And then the Nasdaq is the big winner so
far this week, up 0.63 % on the week.. Now back to the daily
charts, looking at the VIX.. The VIX moved down yesterday.. It's back on a sell signal which is
supportive for higher stock prices.. But some of the other indicators
we've been watching have not changed.. We saw a new low yesterday
for the TLT and the XBB.. So bonds are not supporting. a higher stock market move and bond yields
continue to move higher on Thursday.. And then currencies, the US dollar. index moved up yesterday, the
euro was down on the day.. So neither bonds or currencies. are confirming the bullish
signal that the VIX gave yesterday.. The DOWnorand  moved up
into the channel yesterday.. The S&P 500 hit the lower
channel line, as did the Nasdaq.. The semiconductors have been trading in
the channel for the past couple of days.. Nvidia is still holding up.. It's still on a buy signal.. And the big winner yesterday was. Intel, which was up
nearly three and a half % on the day.. I would not be following
or trading Intel myself.. Then looking at the iShares, they
closed in the channel yesterday.. The big winner was the energy sector.. Now, the energy sector peaked back here in
late January, put in a lower high in. February, a low in early February,
then a lower low in late February.. So that is a bearish chart pattern.. We'll have to see if that is broken if the. energy sector can continue
to move higher and make a higher high.. Now, what worked yesterday on the TSX?. Nutrien was the big winner yesterday
on the TSX 60 followed by Shopify.. And again, here's one of those stocks that. made a new low yesterday before
reversing and closing higher on the day.. Now, this week has been all
about banks on the TSX.. And you can see the Bank of
Montreal made a new low yesterday.. We have Bank of Nova Scotia
claw its way back.. Still has a ways to go before it gets
back into that open gap.. Then we've got CIBC, which
popped the other day.. Back on a buy signal,
still on a buy signal.. Things would change on Friday
with a close below. 61.57. And then we've got the National
Bank also popping on Wednesday.. It closed higher on Thursday and so back
on a buy signal for the National Bank.. Royal Bank, big reversal day yesterday. inside reversal day, didn't take
out the previous day's high.. Then we've got the TD Bank making
a lower low on Thursday.. Let's finish off today's presentation
looking at my five stocks.. Apple made a new low
yesterday, as did Amazon.. Then we had CME making a big move
up yesterday back into the channel.. We would get a new buy signal on Friday
with a close above. 187.36. If you've been with us for any
length of time, you know a few months ago,. the CME group was my big dog and really
traded sideways for quite a long time.. And currently it's the big winner.. So you can never tell ahead of time which. one of your stocks is going to be the
best performer or the worst performer.. You just have to let them do
what they're going to do.. Goldman Sachs made a new low yesterday.. We got an order fill at 343.75, bought
some shares back on our short position.. Then Visa had a fairly quiet day on
Thursday, an inside day for Visa.. Okay, folks, that is all for
this morning's presentation.. Have a great day, have a great weekend.. We've got a big storm coming today,
so that should be interesting.. I'm going to go out and do some
grocery shopping this morning.. Next time you'll hear
my voice is on Sunday..