Good morning, everyone..
Welcome to Tuesday Morning and the first day of November in the pre market..
This morning, stock index futures are above fair value..
Apparently, people are expecting the Chinese.
government to change their tune on the COVID restrictions..
And that put a bit into the Hong Kong market..
It overnight and helped the rest.
of the Asian and European markets move up this morning..
Now, this is the first day of the two day Fed meeting, so not expecting a lot.
to happen between now and 02:00 P.m. Wednesday afternoon..
Sometimes it does, sometimes it doesn't..
But typically we don't get a lot of volatility between now and then..
And then, of course,.
after 02:00 P.m. Wednesday afternoon, that's when volatility expands..
Now, the Dow had its biggest monthly gains.
in 45 years, and we've been watching the Dow lead the market higher all month..
And then Jim Kramer came out and said,.
hold your nose and sell to brace for possible market turndown..
So we'll just have to wait and see how things work out..
Yesterday was a very quiet day in the market..
See that little tick?.
That was the S&P 500, that was the TSX, and that was the Dow..
And so we're, of course,.
expecting volatility to expand after 02:00 P.m. Wednesday afternoon..
Things got very quiet yesterday..
Getting ready for the Fed meeting..
Next up, let's take a look at the big.
winners and losers for the month of October..
And often you'll find some of the biggest.
losers turn out to be some of the biggest winners..
And we've often talked about the mathematics of loss,.
but here we've got Bombardier leading the Canadian stock market higher,.
up 61.79% for the month, back on a monthly buy signal..
Then we've got Till rate up 46.05%..
And not really the start of anything..
We'll just have to wait and see..
Need a couple of months in a row to tell us that something new is happening here..
Then we've got a company that's been.
on a monthly buy signal for a while now, and this is Precision Drilling,.
up 43.72% on the month, looking to see if it can take a run.
at those recent highs from a couple of months ago..
Then in the US market, we've got Dexcom up 49.96%, back on a monthly buy signal..
Then we've got Norwegian Cruise Lines, up 48.68%, still on a monthly sell signal..
And then we've got Halliburton..
Big reversal month for Halliburton..
Halliburton back on a buy signal with a gain of 47.93%..
Now on the biggest losers list in the US, looking at the S&P 500,.
Generac Holdings a big loser, down another 34.93% for the month..
Then we've got Meta down another 31.34% for the month..
And then we've got Silicon Valley Bank down another 31.22%. So all of those.
stocks on the losers list already on a monthly sell signal..
So no change there..
Then looking at the Canadian market, it was New Flyer the bus company down.
another 27.51%. Then we've got K92 Mining, the gold mining stock..
It's on its third month of a sell signal, so down another 21.65%. And then we're looking.
at Converge Technology, down another 15.07% for the month..
Now, what worked in the Canadian market,.
it was Cannabis stocks up just under 25% for the month..
You'd hardly notice it on a chart..
Then you're looking at the Energy sector up by 21.87% for the month..
And then in the US..
It was the Energy sector up just under 25%, followed by the DOW Transports which were.
up 12.65%. An inside month for the transports..
Still on a monthly sale signal..
Looking at the VIX..
And the VIX had an inside day yesterday..
Looking for a close on Tuesday above 29.89..
That would change our mood on the market..
And of course we're expecting that volatility from the Fed meeting..
So anything could happen over the next couple of days..
Of course, if we don't get that close.
on Tuesday above 29.89, that upper channel line is going to continue to move lower..
Let's finish off today's presentation..
Looking at commodities and we saw crude oil pull back into the channel..
A close below 84.43 would give us a sell signal this morning..
I see crude oil is trading up a little last time I checked..
And there's natural gas back on a buy signal..
We're seeing a little pullback for natural gas in the premarket this morning..
Then we're looking at the copper..
Copper's back on a sell signal as of Monday's close..
Joining Gold, already on a sell signal..
Gold still trying to hold 1625..
If that breaks, then 1562.50 is our next target..
Then looking at silver..
Silver closed slightly higher yesterday..
So still on a buy signal..
No change there..
And last up, we're looking at the price.
of wheat, which got a pop yesterday on news that Russia is going to stop.
exporting Ukrainian wheat and we don't know how long that's going to last..
Okay folks, that's all for this morning's presentation..
Looking for some buying at the open..
Not looking for a lot of dramatic activity today..
Expect things to be fairly normal within.
the normal ranges on Tuesday and then into Wednesday..
And then of course,.
we expect Volatility to expand after 02:00 p.m. Wednesday afternoon..
Enjoy the rest of your day..
Next time you'll hear my voice is on Wednesday morning..