Good morning, everyone. Welcome to Wednesday morning..
Stephen Whiteside here.
from TheUptrend.com. This is going to be a very quick update..
We found a problem in the database last night..
We missed the symbol change for Norton LifeLock,.
and that screwed up some of the symbols in the middle of the US.
database..
Those have now been corrected..
I guess I missed it..
Too much time focused on Apple and Tesla at either end of the database..
I wasn't checking in the middle last night..
Big news from yesterday..
The cryptocurrencies got whacked..
Both bitcoin and ethereum got hit hard..
These are tradable symbols with risk capital..
You certainly don't want to be putting any long term money into these..
I have absolutely no interest in the cryptocurrency market..
I've just added these to the database on the request of some members..
But I certainly don't want to be.
personally involved in the crypto market at all..
Now, Disney is in the news this morning, already on a sell signal..
Came out with earnings..
Next target to the downside is 93.75..
We're trading just below that in the pre market on Wednesday morning..
Another stock in the news this morning is Meta..
Meta is up in the pre market..
We need to close above 103.44..
We're trading at 101 and change..
The bottom of the open gap here is at 101.85..
So we're trading just under that and in the channel,.
not enough to give us a buy signal on Wednesday morning..
Looking at the VIX, the VIX closed higher yesterday..
We're still below the lower channel line..
We need to close on Wednesday above 27 29 to give us a buy signal for the VIX..
If that were to happen, that would certainly be negative for the markets..
There's the Dow continuing to lead the market higher..
The TSX traded up to last week's high and stopped..
And there's the SPY S&P 500 ETF.
trading up and over the upper channel line yesterday, but closing just below it..
So we're looking for a close above 382 76 on Wednesday..
We're looking for a close above 274.51 for the Nasdaq 100 ETF..
They're semiconductors making a new high.
for this move, trading up to the early October highs..
And we're being led higher by Nvidia, not AMD..
Now, if you remember last month,.
we had Nvidia get back on a buy signal that didn't last very long..
But then compare that to what happened to AMD..
And so at that time,.
I mentioned that it looks like the market wants Nvidia a lot more than AMD..
And then if you look and see what's.
happened over the past couple of weeks, there's Nvidia, there's AMD..
Both are on buy signals..
One is outperforming the other. Last up. Energy stocks..
US.
energy stocks closed slightly higher yesterday..
Canadian energy stocks closed slightly lower..
Both are still, of course, trading above the upper channel line..
So not overly concerned on Wednesday morning..
Okay, folks..
That's all for this morning's presentation..
Sorry to keep it so short and sweet, but we did have some technical.
difficulties that we had to deal with this morning..
Enjoy the rest of your day..
Next time you learn to hear my voice.
is on Thursday morning music..
You..