Canadian Stock Market Timing 20230105
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    • 00:00:00
      Good morning, everyone. Welcome to Thursday morning.
    • 00:00:02
      It's Stephen Whiteside here from the
    • 00:00:04
      Uptrend.com. In the pre market this morning, things are fairly mixed.
    • 00:00:08
      We got the Dow futures slightly below fair
    • 00:00:10
      value, while the S&P 500 and the Nasdaq are slightly above.
    • 00:00:14
      Commodities are also mixed, with crude oil trading higher this morning, while gold
    • 00:00:18
      and natural gas are trading lower in the pre market on Thursday morning.
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      Lets start off this morning's presentation with a quick look at the US.
    • 00:00:27
      Market and things were fairly quiet yesterday.
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      Dow Diamond still in the Channel a closed
    • 00:00:33
      above Wednesday's high on Thursday would give us a new buy signal.
    • 00:00:37
      Similar situation for the S&P 500, which had an inside day, as did the Nasdaq 100.
    • 00:00:44
      Something new yesterday.
    • 00:00:45
      We saw Microsoft gap lower.
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      So Microsoft joining Apple and Tesla already on major declines.
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      But both of those stocks had inside days on Wednesday.
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      Inside day for Apple, inside day for Tesla.
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      So I'm not going to take too much away from what happens this week.
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      It's still a holiday shortened week.
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      A lot of people are still on vacation.
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      Things will get back to normal next week,
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      and then that's when I would certainly expect the market to show its hand.
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      Right now, the hand is very neutral.
    • 00:01:17
      Now moving over to the Canadian market, we
    • 00:01:20
      saw the TSX trade up to the upper channel line yesterday, as did the TSX 60.
    • 00:01:25
      Notice that on both indices we've got a nice open gap here, which could act as a
    • 00:01:30
      price magnet and an area of resistance going forward.
    • 00:01:33
      Now there's a little more positive
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      activity in the mid caps and the small caps.
    • 00:01:38
      Not so much for the micro caps just yet,
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      with the venture exchange just sitting on the edge of a new daily buy signal.
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      Now starting off with energy.
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      Energy, of course, was the big market
    • 00:01:49
      leader in 2022, not so much in 2023 so far.
    • 00:01:54
      And we made a new low for this move on Wednesday.
    • 00:01:58
      And the biggest player in the Canadian
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      energy market is Suncor, which is on its second day of a sell signal.
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      Still holding support here at $40.
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      And there's a nice open gap over here to
    • 00:02:10
      the left that could potentially act as support on the way down.
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      If the market wants to continue lower on
    • 00:02:17
      Thursday morning, we do have crude oil trading higher, so we may not see a lot of
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      selling pressure for the major energy players on Thursday morning.
    • 00:02:26
      Looking at Canadian banks, we are back on a buy signal as of Wednesday's close.
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      The big volume leader yesterday was the TD
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      Bank, which is now back on a daily buy signal.
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      Looking at financials themselves, they're also back on a buy signal.
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      Of course, financials include the banks, but they also include some other companies
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      which have been doing much better than the banks recently.
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      There's Canaccord Genuity making a new
    • 00:02:52
      high yesterday, new high for this move for Great West and we've talked about the fact
    • 00:02:57
      that the insurance companies are much more in fashion right now than the banks are.
    • 00:03:02
      And there's Industrial Alliance making a new high yesterday.
    • 00:03:07
      We had Manualife making a new closing high yesterday, and we had Sun Life still on a
    • 00:03:12
      buy signal here trying to break out to higher highs.
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      And just a reminder, all of these insurance stocks are up at the top of the
    • 00:03:20
      Panic Zones, so any new buying activity should be considered high risk.
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      Remember, low risk trades come off the
    • 00:03:27
      bottom of the panic zones where the Pressure Zones have formed.
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      Those are low risk trades up at the top of the Panic Zones.
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      Those are high risk trades.
    • 00:03:36
      Moving on to Infotech, we're on our second
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      day of a buy signal here and we've got Shopify.
    • 00:03:41
      The big winner from 2021 is now back on a buy signal as of Wednesday's close.
    • 00:03:48
      BlackBerry also moving up yesterday, it was one of the big winners on the TSX.
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      We're looking for a close above $5.03 on
    • 00:03:56
      Thursday to give us a buy signal for BlackBerry.
    • 00:03:59
      Looking at the industrials, they're
    • 00:04:01
      sitting right on the edge of a new buy signal.
    • 00:04:04
      Two major players in the industrial sector, of course, are the railroads.
    • 00:04:08
      We've had an inside day yesterday for
    • 00:04:10
      Canadian National, and we had a nice bullish day for Canadian Pacific.
    • 00:04:15
      Close above 100 and 355 would give us a
    • 00:04:19
      buy signal for Canadian Pacific on Thursday.
    • 00:04:22
      Moving on to gold stocks making a new high
    • 00:04:24
      for this move yesterday being led higher by Barrick Gold and Agnico-Eagle.
    • 00:04:29
      But the big winner was Kinross.
    • 00:04:31
      And Kinross, in percentage terms, was the
    • 00:04:34
      biggest winner on the TSX Composite index from Wednesday's trading action.
    • 00:04:39
      Okay, folks, that's all for a quick look at the Canadian stock market.
    • 00:04:42
      Again, it's a holiday shortened week.
    • 00:04:45
      I'm not overly excited about what happens either way this week.
    • 00:04:49
      I'd be much more interested to see how the
    • 00:04:51
      market reacts to things next week when everybody is back from vacation.
    • 00:04:57
      Enjoy the rest of your day, folks.
    • 00:04:59
      Next time you'll hear my voice is on Friday morning.
    • 00:05:31
      Thank you.

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