-
00:00:00Good morning, everyone. Welcome to Thursday morning.
-
00:00:02It's Stephen Whiteside here from the
-
00:00:04Uptrend.com. In the pre market this morning, things are fairly mixed.
-
00:00:08We got the Dow futures slightly below fair
-
00:00:10value, while the S&P 500 and the Nasdaq are slightly above.
-
00:00:14Commodities are also mixed, with crude oil trading higher this morning, while gold
-
00:00:18and natural gas are trading lower in the pre market on Thursday morning.
-
00:00:24Lets start off this morning's presentation with a quick look at the US.
-
00:00:27Market and things were fairly quiet yesterday.
-
00:00:30Dow Diamond still in the Channel a closed
-
00:00:33above Wednesday's high on Thursday would give us a new buy signal.
-
00:00:37Similar situation for the S&P 500, which had an inside day, as did the Nasdaq 100.
-
00:00:44Something new yesterday.
-
00:00:45We saw Microsoft gap lower.
-
00:00:47So Microsoft joining Apple and Tesla already on major declines.
-
00:00:53But both of those stocks had inside days on Wednesday.
-
00:00:56Inside day for Apple, inside day for Tesla.
-
00:00:59So I'm not going to take too much away from what happens this week.
-
00:01:04It's still a holiday shortened week.
-
00:01:05A lot of people are still on vacation.
-
00:01:08Things will get back to normal next week,
-
00:01:10and then that's when I would certainly expect the market to show its hand.
-
00:01:14Right now, the hand is very neutral.
-
00:01:17Now moving over to the Canadian market, we
-
00:01:20saw the TSX trade up to the upper channel line yesterday, as did the TSX 60.
-
00:01:25Notice that on both indices we've got a nice open gap here, which could act as a
-
00:01:30price magnet and an area of resistance going forward.
-
00:01:33Now there's a little more positive
-
00:01:35activity in the mid caps and the small caps.
-
00:01:38Not so much for the micro caps just yet,
-
00:01:41with the venture exchange just sitting on the edge of a new daily buy signal.
-
00:01:46Now starting off with energy.
-
00:01:47Energy, of course, was the big market
-
00:01:49leader in 2022, not so much in 2023 so far.
-
00:01:54And we made a new low for this move on Wednesday.
-
00:01:58And the biggest player in the Canadian
-
00:02:01energy market is Suncor, which is on its second day of a sell signal.
-
00:02:05Still holding support here at $40.
-
00:02:07And there's a nice open gap over here to
-
00:02:10the left that could potentially act as support on the way down.
-
00:02:14If the market wants to continue lower on
-
00:02:17Thursday morning, we do have crude oil trading higher, so we may not see a lot of
-
00:02:21selling pressure for the major energy players on Thursday morning.
-
00:02:26Looking at Canadian banks, we are back on a buy signal as of Wednesday's close.
-
00:02:31The big volume leader yesterday was the TD
-
00:02:34Bank, which is now back on a daily buy signal.
-
00:02:37Looking at financials themselves, they're also back on a buy signal.
-
00:02:42Of course, financials include the banks, but they also include some other companies
-
00:02:46which have been doing much better than the banks recently.
-
00:02:49There's Canaccord Genuity making a new
-
00:02:52high yesterday, new high for this move for Great West and we've talked about the fact
-
00:02:57that the insurance companies are much more in fashion right now than the banks are.
-
00:03:02And there's Industrial Alliance making a new high yesterday.
-
00:03:07We had Manualife making a new closing high yesterday, and we had Sun Life still on a
-
00:03:12buy signal here trying to break out to higher highs.
-
00:03:16And just a reminder, all of these insurance stocks are up at the top of the
-
00:03:20Panic Zones, so any new buying activity should be considered high risk.
-
00:03:25Remember, low risk trades come off the
-
00:03:27bottom of the panic zones where the Pressure Zones have formed.
-
00:03:30Those are low risk trades up at the top of the Panic Zones.
-
00:03:33Those are high risk trades.
-
00:03:36Moving on to Infotech, we're on our second
-
00:03:38day of a buy signal here and we've got Shopify.
-
00:03:41The big winner from 2021 is now back on a buy signal as of Wednesday's close.
-
00:03:48BlackBerry also moving up yesterday, it was one of the big winners on the TSX.
-
00:03:53We're looking for a close above $5.03 on
-
00:03:56Thursday to give us a buy signal for BlackBerry.
-
00:03:59Looking at the industrials, they're
-
00:04:01sitting right on the edge of a new buy signal.
-
00:04:04Two major players in the industrial sector, of course, are the railroads.
-
00:04:08We've had an inside day yesterday for
-
00:04:10Canadian National, and we had a nice bullish day for Canadian Pacific.
-
00:04:15Close above 100 and 355 would give us a
-
00:04:19buy signal for Canadian Pacific on Thursday.
-
00:04:22Moving on to gold stocks making a new high
-
00:04:24for this move yesterday being led higher by Barrick Gold and Agnico-Eagle.
-
00:04:29But the big winner was Kinross.
-
00:04:31And Kinross, in percentage terms, was the
-
00:04:34biggest winner on the TSX Composite index from Wednesday's trading action.
-
00:04:39Okay, folks, that's all for a quick look at the Canadian stock market.
-
00:04:42Again, it's a holiday shortened week.
-
00:04:45I'm not overly excited about what happens either way this week.
-
00:04:49I'd be much more interested to see how the
-
00:04:51market reacts to things next week when everybody is back from vacation.
-
00:04:57Enjoy the rest of your day, folks.
-
00:04:59Next time you'll hear my voice is on Friday morning.
-
00:05:31Thank you.