Good morning, everyone.. Welcome to Thursday morning.. It's Stephen Whiteside here from the
pre-marketuptrend.com in the pre market. this morning, stock index
futures are above fair value.. The market's being led higher
this morning by the Nasdaq.. So, so far, it looks like we may see a. little buying at the open
on Thursday morning.. Now, yesterday morning, I mentioned that I
was going to sit on my hands, even though. I had some new buy signals to deal with
from the previous day's trading action.. Typically on a Fed day, you're
looking at a three part equation.. If you're watching the action yesterday. afternoon, you know that the market was
okay with the 25 basis point rate hike.. That's what they were expecting, and
the market traded a little higher.. Then during the press conference, we saw. some selling, but it actually
came back to unchanged.. And then the last part, of course, is how
does the market react to all of that?. And a lot of people are blaming Janet
Yellen for some of her comments yesterday. afternoon that did eventually cause the
market to sell off going into the close.. So that's what happened.. Wild day for the VIX.. It traded back up into the
channel after making a new low.. We're looking for a close on Thursday. above $26 to give us a new
buy signal for the VIX.. Not expecting that to happen.. Huge wild day for the S&P 500 yesterday,. making a new high before closing
below the previous day's low.. So that is an outside reversal day.. Looking for a close on Thursday below. $389.72, and then looking at
the Ishares for the TSX 60.. We drove right up to the upper channel. line and then reverse closing
below the lower channel line.. So again, an outside reversal day.. And on Thursday, we're looking for a close. above $30.08 to give us a new buy
signal for the Ishares for the TSX 60.. Now, the Nasdaq also had a nice big
reversal day after making a new high,. came all the way down and sat
at the previous day's low.. So not as bearish as it could
be, but we did hit the 312.. 50 level.
So congratulations.. If you had an order in up
there to sell, it got filled.. So you got to lock in some
profits on Wednesday.. Now, what didn't work well, the biggest. losers yesterday was the
regional banks and then US.. Banks, US.. Financials, followed by Canadian
banks and Canadian financials.. So those are still some of the
biggest losers on the day.. What worked?. Well, gold miners on both
sides of the border did well.. Silver miners also did well on Wednesday.. Looking at the top of the most active. list, we've got Tesla still
on a buy signal here.. So if you were waiting to buy Tesla, you
could take that trade today, as long as. you're willing to sell
on a close below 179.. 76 and the second most active stock
was First Republic down over 15%.. Nothing really going on there.. Then looking at Advanced Micro Devices,. making a new high before pulling back,
still closing higher on the day.. And then Nvidia did the similar situation.. Now, I was wrong about Nvidia.. If you were around and the stock popped. back here, I said, I'd
wave off that trade.. It traded sideways for a couple of weeks,. had a little dip, and then
restarted the trend to the upside.. So I was wrong about that.. Ultimately, Nvidia was able to take out
that high and continue to move higher.. Then looking at bank of America, new
closing low for Bank of America.. Looking at the Canadian market, Crescent. Point popped the last couple
of days on very positive news.. Then we've got TC Energy, no joy there,
no joy for Suncor, no joy for Enbridge.. And then we've got the TD bank not making. a new closing low just yet,
but pretty close to it.. So we may be seeing new lows
for the TD bank on Thursday.. Okay, folks, that is all for
this morning's presentation.. So far, it looks like we're going to see a. little buying at the open
on Thursday morning.. Certainly not enough to reverse. yesterday's big down day
that we saw in the market.. Enjoy the rest of the day.. Next time you'll hear my voice is. on Friday morning, our channel..