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00:00:00Good morning, everyone. Welcome to Tuesday morning.
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00:00:02It's Stephen Whiteside here with today's
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00:00:04edition of Stock Market Timing Television.
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00:00:06In the pre market this morning, stock index features are above fair value.
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00:00:10So, so far it looks like we may see some buying at the open on Tuesday morning.
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00:00:15Let's start off today's presentation,
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00:00:17looking at a couple of stocks that that are active in the premarket this morning.
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00:00:21Starting with Take Two Interactive, it was continuing to hold support at 106.25 up to yesterday's close, but last night it came out with earnings.
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00:00:30And this morning in the pre market, it's trading down over 17%.
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00:00:35Another stock out with earnings is Lyft.
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00:00:37It was on a sell signal yesterday,
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00:00:40and it is trading down nearly 17% in the pre market this morning.
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00:00:45So a couple of stocks getting hit hard, both of them already on sell signals.
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00:00:50Let's move on and take a look at the VIX.
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00:00:52The VIX closed slightly lower yesterday,
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00:00:55not making a new low, but still closing slightly lower.
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00:00:58That is still bullish for stocks.
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00:01:00Things would change on Tuesday with a close above 27.61.
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00:01:05Then, looking at the Dow Diamonds, we closed higher yesterday.
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00:01:09We're still trying to take out last week's high.
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00:01:11A close below 318.20 would give us a sell signal on Tuesday.
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00:01:16And our next target to the upside is 335.94.
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00:01:20Now, the big winner on the Dow was
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00:01:22Walgreens, up over 4% on the day, making a new high for this move.
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00:01:28Looking at the SPY S&P 500 ETF,
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00:01:31we were able to trade back into the channel yesterday.
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00:01:34I need a close above 382.78 to give us a buy signal.
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00:01:39And then looking at the queues
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00:01:40for the Nasdaq 100, we're looking for a close on Tuesday above 275.45.
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00:01:46Now, I guess on a positive note, apple didn't make a new low yesterday.
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00:01:50Apple was lower in the morning and then
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00:01:52in the afternoon recovered close slightly higher on the day.
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00:01:55So that's one for the bulls.
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00:01:57I'm still short Apple, looking to see if it can break those October lows.
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00:02:01And then a stock that did break
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00:02:03the October low and actually closed below $200 is Tesla.
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00:02:07And so $200 is no longer psychological support.
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00:02:11And then the big winner yesterday for technology stocks was Meta.
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00:02:15Meta up just over six and a half percent on the day.
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00:02:19Apparently this is in reaction to rumors
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00:02:22or news that Meta is going to be laying people off.
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00:02:24Unless they're laying off Mark Zuckerberg,
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00:02:27I don't think this is going to be helpful long term for the stock.
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00:02:31Moving on to the Canadian market, it was very quiet yesterday.
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00:02:34We had an inside day for the Ishares for the TSX 60.
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00:02:37If we can take out last week's high, then 30 47 is our next mathematical target.
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00:02:43To the upside, BlackBerry came back yesterday.
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00:02:46It is back on a buy signal.
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00:02:47Joining Shopify.
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00:02:49Shopify is traded through the lower
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00:02:50channel for the past two days, but has not closed below it.
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00:02:54So we are still on a buy signal here then.
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00:02:56The big winner yesterday was Real Estate.
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00:02:59Anything to do with REITs,
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00:03:00and that's because of one stock, and that was Summit.
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00:03:03Summit came into yesterday on a daily buy signal.
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00:03:06And congratulations to anyone who owns Summit.
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00:03:10Let's finish off looking at commodity prices.
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00:03:13And we got a pop and copper on Friday and pullback yesterday.
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00:03:17Still on a buy signal.
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00:03:18No change there.
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00:03:19Gold is still on a buy signal inside day yesterday.
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00:03:23A lot more interest in silver right now.
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00:03:25Silver is right up at resistance at 21.25.
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00:03:29If we can take out that high from October, then 22.50 would be our next target
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00:03:36to the upside, then let's finish off with energies.
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00:03:39Crude Oil made a new high yesterday before pulling back.
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00:03:4293.75 is our next target.
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00:03:45That stopped us in August.
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00:03:46Of course, if we can take out 93.75, then $100 starts to come into play.
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00:03:52And unfortunately, natural gas had a bad day yesterday.
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00:03:56Yeah, it traded higher and closed higher, but that was a big bearish reversal day.
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00:04:00And so we'll have to see if we get any fall through to the upside today.
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00:04:04It's still closed higher on the day, but that's a pretty ugly reversal.
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00:04:08So let's hope that natural gas can keep
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00:04:11going from here, but we are looking at a very bearish bar.
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00:04:16Okay, folks, that is all for today's presentation.
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00:04:18I'm not sure how much volatility we're going to get today.
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00:04:21It is election day in the US.
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00:04:23Traders might sit on their hands today and wait to see how things work out tonight.
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00:04:29Have a great day, folks.
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00:04:30Next time you'll hear my voice is
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00:04:31on Wednesday morning music you.