Good morning, everyone, and
welcome to Tuesday morning.. It's Stephen Whiteside
here from theuptrend.. com.. In the pre-market this morning,
things are fairly quiet.. Stock index futures are trading
right around fair value.. Crudol is slightly lower, while gold is up. a couple of dollars in the
pre-market on Tuesday morning.. Now, the VIX continued to move lower, day. closing just below the lower channel
line, so we are back on a sell signal.. That's supportive for higher stock prices.. Now, last week, the VIX was able to trade
up towards 15.63 before pulling back.. And so 15.63 has been
resistant since early November.. We're really going to have to break out
above that level before the rest. of the stock market is going
to start to pay attention.. One stock that was in the news from. Monday's trading action, Arthur Daniels
Midland dropped over 24% on Monday.. That's the biggest loss,
one day loss, I believe, since 1929.. You can see that the pros gave up control. in the middle of December, so they
weren't expecting anything positive.. I'm sure they were not
expecting a 24% drop in one day.. Now, sticking with commodities,
Crude oil moved up yesterday.. It's back on a buy signal.. Natural gas, unfortunately, went in the. opposite direction, making
a new low for this move.. Energy stocks in Toronto were up just a
couple of pennies after making a new low.. Energy stocks in the US were also up.. In both cases, we do not have new buy. signals for the energy sector coming
into Tuesday's trading action.. Looking at the miners, the price of copper. closed lower yesterday,
still on a sell signal.. Copper miners made a
new low for this move.. Gold was down $7 yesterday, it's up
$4 in the pre-market this morning.. That's not going to give us a buy signal.. Gold miners in New York made a new low.. Gold miners in Toronto
also made a new low on Monday.. Looking at the price of
silver, it was down yesterday.. Trying to hold support at $22.. Silver miners made a new low yesterday
and then closed up a penny on the day.. Looking at the US market, everything was. up on Monday except consumer staples,
utilities, and consumer discretionaries.. We saw the DOW make a new high yesterday,. a new high for the S&P 500 and
a new high for the Nasdaq 100.. We also saw the Russell 2000 and Russell. Microcaps back on buy
signals as of Monday's close.. Looking at sectors, financials
made a new high for this move.. We've got US Bank stocks
back on a buy signal.. And once again, it's US Insurance
companies leading the financials higher.. That's a theme that's been
going on for quite a while now.. Technology stocks made
a new high yesterday.. Semiconductors were up nicely, and we've. got Communication Services
making a new high.. We've also got the Transports back
on a buy signal as of Monday's close.. Now, Apple continued to move higher on
Monday, so The open gap has been filled.. We hit our next price target of 193.75.. So congratulations if you
had an order in there.. If we can start closing above yesterday's
high, then $200 is our next price target.. What didn't work?. Well, Tesla continued to move lower on
Monday, making a new low for this move.. Looking at the Canadian market, we're
still waiting for a buy signal for the TSX. and the TSX-60, while mid-caps did
generate a buy signal on Monday.. We did not see as many gainers in the. Canadian market as we
did in the US market.. What worked on Monday, well, it was real. estate, followed by health
care, followed by financials.. The financials are back on a
buy signal as of Monday's close.. We've got the TMX continuing
to move higher here.. We've got a new high for
this move for CI Financial.. We've got Onyx making a
new closing high yesterday.. The Royal Bank is still on a sell signal,
generated a sell signal last week.. We're pulled back into the channel
yesterday, looking for a close on Tuesday. above 133.76.
We did pull back last week on the midterm. chart, not enough to
give us a sell signal.. So we are coming into February.. February, it should be a pretty
good month for financials.. Okay, folks, that is all for
this morning's presentation.. So far, it looks like we're going to
have a quiet open on Tuesday morning.. Have a great day.. The next time you'll hear my
voice is on Wednesday morning.. Morning..