Good morning, everyone, and
welcome to Thursday morning.. It's Stephen Whiteside
here from theuptrend.com.. Well, the futures are trading lower this. morning and markets are
down around the world.. We are expecting some selling at
the open on Thursday morning.. Now, the VIX popped yesterday.
It had a wild day.. It traded down to the lower channel line. and then closed above the previous
day's high, giving us a buy signal.. That, of course, is not good for
the stock market going forward.. Now, gold popped yesterday, but
unfortunately, while it was up over $13. yesterday, it's down over
$24 in the premarket.. And that's also true for silver.. Now, gold came into yesterday on a buy. signal, unlike silver, which
ended the day on a buy signal.. And of course, if you're going to trade. silver, you're going to ignore that buy
signal and wait for the next close above. the upper channel line based on what we're
seeing in the premarket this morning.. Now, sticking with commodities, we
saw crude oil pull back yesterday.. It is down again in the
premarket this morning.. So looking at the USO, we need a close. below 79.08 on Thursday
to give us a sell signal.. That would join gasoline, which
ended Wednesday on a sell signal.. And we've got natural gas sitting
right on the lower channel line.. So any lower close today would generate
a sell signal for natural gas.. Looking at the major stock market indices,. we've got the S&P 500 and the Nasdaq 100
both making new lows for this move,. joining the semiconductors, which
also made a new low for this move.. And as we mentioned earlier,. the semiconductors have broken
down below the August lows.. Looking at the iShares for the TSX60,. we're back on a cell signal
as of Wednesday's close.. So that was a quick up and down move.. And then looking at what's really been. working lately, and that's
the insurance sector.. And that is true on both
sides of the border.. Whether you're looking at the Great West. Life or Manulife or Sun Life,
they're all still doing very well.. And then looking at AIG on New York.. Then we've got Chubb, then MetLife, all. examples of insurance companies
doing well at the moment.. So this is certainly not the time and
place to be buying insurance stocks.. If you've been trading them higher, of. course, you want to make sure you've
locked in some profits because it looks. like we're probably coming to the end
of this move for the insurance sector.. What didn't work yesterday?. Well, on the TSX-60, the
big loser was Shopify.. On the TSX, it was Newvy.. On the Dow 30 and the
Nasdaq-100, it was Intel.. Then on the Nasdaq-100 right behind Intel,. we had Google back on a sell
signal as of Thursday's close.. The big loser on the S&P
500 was Zebra Technologies.. Let's finish off this morning's
presentation, taking a look at some of. those big cap tech stocks
we've been following.. Apple had a big reversal day on Wednesday.. It is trading lower in the premarket this
morning, so no change in trend there.. No change in trend for Microsoft.. The big down day on Wednesday.. Then looking at NVIDIA, new closing low. for this move for nVidIA, we're not too
far away from retesting the August low.. Then we've got to Meta
still on a buy signal.. That would change on Thursday with a close. below 298.68. And then last
up, we're looking at Tesla.. Tesla is still on a buy signal.. That would change on Thursday
with a close below 260.. 44, and we are trading below that
level in the premarket this morning.. Okay, folks, that is all for
this morning's presentation.. So far, the market looks like it wants to. do some selling at the open on Thursday
morning, but we do have some economic. numbers coming out at 8:30, including
jobless claims, which could. certainly change the direction of
the market before it opens at 9:30.. Now have a great Thursday, folks.. Next time you're going to hear
my voice is on Friday morning..