Good morning, everyone, and
welcome to Thursday morning.. It's Stephen Whiteside here from T. heUpTrend.com In the premarket this
morning, things are fairly quiet.. Both the stock index, futures, and. commodities are trading
right around fair value.. We are waiting for employment numbers to
come out at 8:30 this morning, and they. could certainly add to
the premarket volatility.. Now looking at the VIX, the VIX is still. on a daily sell signal that's
supportive for higher stock prices.. That would change on Thursday with a close
of above 13.60.. Now the Nasdaq did end Wednesday on a
daily sell signal, and that had something. to do with Big Cap Tech stocks like Apple
and Amazon pulling back on Wednesday, but. it had a lot more to do with energy
stocks, which were down sharply.. You can see Constellation Energy
down nearly five % on the day.. Energy stocks continued to move lower on. Wednesday on the back of lower
crude oil and natural gas prices.. If we look at the iShares for the TSX. Energy Sector, we were looking to
see if support at 16 would hold.. As you can see, yesterday, we
crashed right through that.. We also made lower lows for U.S.. Energy stocks on Wednesday.. Now looking at the TSX, it got pulled down. with weakness in energy stocks and we
made an outside reversal on Wednesday.. We are one day away from a new daily sell. signal if the market wants
to continue lower from here.. Now last week, we were looking at the. energy bullboard and looking at the
stocks that people were following.. We see Baytech making a
new low for this move.. We see Crescent Point making a new
low and Athabasca making a new low.. We do have Valeura Energy back on a sell. signal as of Wednesday's close,
joining the big caps, Cenovus Energy, and. Suncor, which were down again yesterday
with Suncor down over five and a half %,. which is quite a large
move for that stock.. Okay, that's all that I
wanted to cover this morning.. We're waiting to see those
employment numbers come out.. Otherwise, the major indices for the most. part are still on buy signals, and we've
had no major sign of weakness so far.. Enjoy the rest of your day.. Next time you'll hear my
voice is on Friday morning..