Good morning, everyone, and
welcome to Tuesday Morning.. It's Stephen Whiteside here from the. uptrend.com in the pre market this
morning, things are fairly quiet.. Stock index futures are slightly below
fair value, being led lower by the Nasdaq.. In the world of commodities,
things are mixed.. Crude oil and natural gas are up slightly,. while we've got Gold down $11 in
the pre market on Tuesday morning.. Now, we don't have any major comic
numbers coming out this morning.. Unlike the rest of the week.. The VIX had an inside day on Monday, so. we're looking for a close above $15.19
to give us a buy signal on Tuesday.. That, of course, would
be negative for stocks.. Lot of news out regarding Apple on Monday,
but didn't really move the stock much.. They're still trying to
close that open gap.. We are up another dollar
in the pre market.. Last time I checked, Monday
was all about Tesla.. Tesla, I guess, got an upgrade on old
news, but there it is popping higher, and. that helped lead the
Nasdaq higher yesterday.. Looking at big cap tech stocks, we've got. Amazon trading up sharply
yesterday, up to the previous high.. Now, our mathematical target was 143 75.. We got as high as 143 62.. Is that significant?. Well, the previous high was 143 63.. So hopefully you had an order in just. below that level, and it
got filled on Monday.. So congratulations.
Looking at meta.. Meta was up yesterday, coming
up to the 312 50 level.. Microsoft was up on Monday.. No change there.. Big move up for BlackBerry on Monday.. And this will probably scare a lot of. investors to just not just trade
and not follow BlackBerry anymore.. We had a huge move down last week.. Now another huge move up this week.. Not enough to give us a
buy signal on the TSX.. We're still looking for a close on Tuesday
above $7.17. Shopify was up yesterday, so. still closing above the
upper channel line.. No change there.. What didn't work on Monday?. Well, Nvidia was down.. It's still on a sell signal.
No change there.. And we still have semiconductors
on a sell signal.. Starting to break down
below last week's low.. Now in the pre market this morning, Oracle
is in the news and it made a new high for. this move yesterday, up
challenging the previous high.. But in the pre market this morning, we're. trading off sharply, trading down
here at 114 and change level.. So we'll have to see how the market
deals with it when the market opens.. Looking at the rest of the major index
ETFs, we've got the Dow trading higher. yesterday, not enough to
give us a buy signal.. We still have the S&P 500 on a buy signal.. The ishares for the TSX 60.
No joy.. They were up yesterday, not
enough to give us a buy signal.. That would change on Tuesday with a close. above $30.64.
Now, what really worked on monday were the. marijuana stocks and starting off with the
ETFs, the alternative Harvest ETF was up. over 17%, while the Horizon's Marijuana
Life ETF was up over 8% on the day.. Now, looking at the stockhouse bullboards,
you can see the two most popular stocks. that traders there follow is Tilray and
Canopy Growth, and they ended up being two. of the most actively
traded stocks on Monday.. Tilray in New York is up
testing last week's high.. Our next mathematical target is 352.. If you want higher targets, you can
go take a look at the weekly charts.. If we look at Canopy Growth, which I. believe was the most actively traded stock
on the TSX on Monday, was up over 81% on. the day, and you certainly
don't see that very often.. Our next two targets were
156 and 195 and then 234.. We hit 234 yesterday and
pulled back slightly.. If we can take that out, then 273
is our next target on Tuesday.. And then CureaLeaf Holdings was up nicely. yesterday, up over 13%,
heading towards 742.. That's our next target.
We got as high as 732 on Monday.. Let's finish off this morning's. presentation taking a look
at the world of commodities.. Starting with the energy sector.. Both crude oil and natural gas had a small. pullback on Monday, unlike the
stocks, which were hit a lot harder.. Looking at the XEG in Toronto, you can see. we traded it down to the lower channel
line yesterday, so a close below. yesterday's low on Tuesday
would give us a sell signal.. A little more room to go
for the XLE in New York.. We're closing at the upper channel line
now on the TSX, the most actively traded. energy stock on Monday was Canadian
Natural Resources, trading down to the. lower channel line and
closing just below it.. So we're back on a sell signal for
Canadian Natural Resources, unlike Suncor,. which traded down to the lower channel
line yesterday, so a close below. yesterday's low would give
us a sell signal on Tuesday.. In New York, ConocoPhillips traded down to. the lower channel line, so
looking for a close below 119.. 60.
And diamondback also traded down to the. lower channel line, looking for
close on Tuesday below 151.. 80.. Then looking at gold and silver.. Starting with the price of gold,
we were up 4.50 yesterday.. We're down $9 - $10 in the pre
market this morning, so no joy.. There certainly no joy
for the price of silver.. And then we don't have any buy signals
for the major gold and silver ETFs.. Whether you're looking at the GDX gold
miners ETF we traded up into the channel. yesterday, a close above 29.04
would give us a buy signal on Tuesday.. Looking in Toronto for the XGD, we're
looking for a close above $17.11, and then. looking at the silver miners
closing at the lower channel line.. So not expecting a potential buy signal on
Tuesday, we would need a close above 25.. 98.
Not expecting that to happen.. Now, the most actively traded gold stock. on the TSX was B2Gold closing
right at the upper channel line.. So any higher close on Tuesday
would give us a buy signal.. Kinross was the next most actively traded
stock on the TSX inside day yesterday.. No change in trend.
Of course.. In New York, the biggest gold
miner in the US is Newmont.. It traded up into the channel, so
looking for a close above 39 30.. Now B two gold and Kinross are also the
most actively traded stocks in the US.. Followed by Barrick in New York.. We need a close above $16.15 to
give us a buy signal on Tuesday.. Not expecting that to happen.. Okay, folks, that is all
for Tuesday morning.. Stock index futures are still slightly
below fair value, so so far it does not. look like we're going to see a lot of
buying at the open on Tuesday morning.. Have a great day.. Next time you'll hear my voice
is on Wednesday morning..