Stock Market Timing Television - 20221122
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  • 00:00:00
    Well, good morning everyone, and welcome to Tuesday Morning.
  • 00:00:02
    It's Stephen Whiteside here from theuptrend.com in the premarket
  • 00:00:06
    this morning, stock index futures are slightly above fair value.
  • 00:00:09
    So, so far it looks like we're gonna see
  • 00:00:11
    some buying at the Open on Tuesday morning.
  • 00:00:13
    Now, this is a holiday shortened week, so we're expecting to have a slight
  • 00:00:18
    bullish buyer by us going into the long weekend.
  • 00:00:20
    Things should get very quiet on Wednesdays.
  • 00:00:22
    A lot of people use Wednesday as a travel day.
  • 00:00:25
    The US markets are going to be closed on Thursday, open a half day on Friday.
  • 00:00:29
    We're going to be taking advantage of that and taking off on Thursday and Friday.
  • 00:00:34
    We'll be back on Saturday with our weekend update.
  • 00:00:38
    Looking at the VIX, we traded down to last
  • 00:00:40
    week's lows yesterday, looking for a close on Tuesday above 25.30.
  • 00:00:45
    The US dollar index going in the opposite
  • 00:00:47
    direction, trading up into the channel, looking for a close above 108.57.
  • 00:00:52
    So there's two indicators moving in the opposite direction.
  • 00:00:56
    Then looking at Tesla, tesla making a new low yesterday,
  • 00:00:59
    so we're probably looking at the Peter Principle in play here.
  • 00:01:02
    Obviously it's not Tesla having the problem, it's Twitter.
  • 00:01:06
    And Elon Musk is certainly having a hell
  • 00:01:10
    of a time trying to get a handle on Twitter.
  • 00:01:13
    Now, Home Capital was up 57% yesterday,
  • 00:01:16
    so congratulations to anyone who owns Home Capital.
  • 00:01:20
    Not a stock I've ever been involved in.
  • 00:01:22
    If I was in this situation and I walked in today and saw this nice big gap up,
  • 00:01:29
    I would be certainly taking money off the table today and walking away.
  • 00:01:34
    Looking at the I shares for the TSX 60, we traded down to the lower channel line
  • 00:01:37
    yesterday, looking for a close below 30.35 on Tuesday.
  • 00:01:42
    It was the energy stocks that really put a damper on the Canadian market yesterday.
  • 00:01:48
    Wilde traded all the way down to $16
  • 00:01:50
    before recovering, but still closing below the lower channel line,
  • 00:01:54
    so giving us a new sell signal on Monday for the energy sector.
  • 00:01:59
    At gold stocks trading water yesterday, so still on a buy signal, no change there.
  • 00:02:04
    And healthcare was down sharply yesterday.
  • 00:02:06
    Back on a sell signal.
  • 00:02:07
    You can see that we made a low back in July, we made a high back in August,
  • 00:02:12
    and we've been trading between those two levels ever since.
  • 00:02:15
    Looking at the US market, it's very quiet yesterday.
  • 00:02:17
    There's the Dow still sitting above the upper channel line.
  • 00:02:21
    We've got the SPY sitting right
  • 00:02:23
    on the channel, and we've got the Nasdaq trading back in the channel.
  • 00:02:26
    So looking for a closed blow, 278.13.
  • 00:02:29
    Not very concerned about that from what
  • 00:02:32
    we're seeing in the Premarket this morning.
  • 00:02:34
    And then there's the eyeshares for the Russell 2000.
  • 00:02:36
    Riding the lower channel line, looking for a close blow, 181.58.
  • 00:02:42
    Then. What worked yesterday?
  • 00:02:43
    Well, consumer staples were the big winners.
  • 00:02:46
    The big losers were energy services
  • 00:02:48
    and the semiconductors trading right at the upper channel line.
  • 00:02:53
    Let's finish off looking at commodity prices, starting with the metals.
  • 00:02:57
    Copper's down again.
  • 00:02:58
    So, second day of a sell signal for copper.
  • 00:03:01
    Gold was down again yesterday.
  • 00:03:03
    We need a close below 1744.99 trading slightly higher in the pre market this morning.
  • 00:03:09
    And then silver sitting right on the edge of a new cell signal, a closed below 21.02
  • 00:03:13
    would do that for us on Tuesday.
  • 00:03:17
    Looking at energy,
  • 00:03:18
    crude oil went all the way down to $75. 75.27, I believe was the low and reversed.
  • 00:03:25
    And so 75 still acting as support for crude oil.
  • 00:03:29
    The natural gas traded higher yesterday.
  • 00:03:31
    We're trying to break out of the high from a couple of weeks ago.
  • 00:03:34
    If we can do that, look two lines up.
  • 00:03:36
    That takes us up to 8.59 And 8.59.
  • 00:03:40
    Yes, there's lots of support up there
  • 00:03:43
    at 8.59, which should act as resistance on the way back up.
  • 00:03:48
    Okay, folks, that's all for this morning's presentation.
  • 00:03:51
    Expecting a fairly quiet day on Tuesday. Have a great day.
  • 00:03:54
    Next time you'll hear my voice is on Wednesday morning.

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