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00:00:00Good Morning, everyone, and welcome to Friday morning.
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00:00:03It's Stephen Whiteside here from theuptrend.com.
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00:00:06In the premarket this morning, things are fairly mixed.
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00:00:08Bank earnings are starting to come out.
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00:00:10So far, the markets received them fairly positively.
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00:00:13At the same time, we've got Boeing down sharply in the premarket this morning, and
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00:00:17that's putting pressure on some of the major indices.
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00:00:21And then we're seeing overall weakness in the technology sector.
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00:00:26Now, if you're with us yesterday, we were
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00:00:28looking at a market that put in a lot of bearish reversals on Wednesday.
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00:00:32Those signals stay in play until we close above Wednesday's high.
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00:00:38And that's what we ended up doing on Thursday.
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00:00:40Both the DOW and the S&P 500 traded up above the highs from Wednesday.
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00:00:47So those bearish reversal signals have been wiped out.
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00:00:50Now, the Nasdaq did not generate a bearish
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00:00:52reversal signal on Wednesday and had a nice reversal on Thursday, up 1.96 %.
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00:01:00And the stocks index, no change in trend there.
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00:01:04It was up 1.34 % on the day, still trading
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00:01:07and closing below the lower channel line, so no change there.
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00:01:11On the TSX, we had an inside day on Thursday, so we're up just a little over
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00:01:15half a % on the day, so no change in trend there.
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00:01:19Now, we've been watching financials
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00:01:21closely and the XLF has been on a sell signal for a couple of weeks now.
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00:01:26Coming into today's trading action, it is
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00:01:29trading higher in the pre market, so are the banks.
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00:01:32We may end up on Friday generating a buy
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00:01:35signal for the bank ETF and for the regional bank ETF as most banks are
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00:01:41trading higher in the premarket this morning.
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00:01:44Now, we do have a lot of premarket action in the banking sector this morning and JP
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00:01:49Morgan, which is on a sell signal at the moment, is going to pop higher.
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00:01:54It looks like it's going to open up around 134.
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00:01:57So that's a huge move for JP Morgan.
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00:02:00Wells Fargo is already on a buy signal trading higher in the premarket as is PNC.
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00:02:07PNCis trading up right at the upper
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00:02:09channel line, so may end the day on a buy signal.
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00:02:12We'll just have to wait and see.
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00:02:14Citibank is coming out with earnings in
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00:02:16just a couple of minutes already on a buy signal.
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00:02:19Looking at Canadian banks, the sector has
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00:02:21been led higher by the Bank of Nova Scotia, and we've got TD, which was the
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00:02:26bank we were most worried about with its large US exposure.
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00:02:30It's been on a buy signal for the last couple of weeks.
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00:02:32Not really moving too much higher, but should trade higher on Friday.
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00:02:37Now, Boeing is a big story in the pre market this morning.
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00:02:41It came in today on a buy signal.
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00:02:43Yesterday was an inside day, but trading
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00:02:46sharply lower down around the $200 level at the moment.
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00:02:50So that's a huge sell off and about 100 points on the DOW.
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00:02:54Looking at the VIX, the VIX made a lower low yesterday.
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00:02:57So on Friday, we're looking for a close above $20.
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00:03:0024 cents.
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00:03:01Coming down to the low that we saw back
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00:03:04right at the end of January there, coming into February, you can see that low.
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00:03:08When we made that low back then, that's
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00:03:12about the time that the US dollar index started to turn around.
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00:03:15That's when the S&P 500 peaked and the TSX started to put in a top.
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00:03:21Took a few weeks to start to break down,
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00:03:24but that's about the time that things started to change.
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00:03:27So just keep an eye on that.
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00:03:30Then we're looking at commodities and we
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00:03:32saw crude oil pull back slightly yesterday.
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00:03:35It's still stuck to the 78.13 level,
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00:03:37trying to get to 81.25 with a possible stop at the high from back in January.
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00:03:44Then looking at natural gas, we're trying
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00:03:46to hold 2.34. The pros look like they're starting to get interested in natural gas.
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00:03:52At least they're not selling against it at the moment.
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00:03:55We'll just have to wait and see over the
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00:03:57next couple of weeks if the pros start to take an interest in natural gas.
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00:04:01Looking at the Canadian energy sector, we closed higher on the day yesterday.
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00:04:06We're trying to break out above
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00:04:0815.63. If we can take out the high from last week, then 16.02 comes into play.
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00:04:14Looking at US energy stocks, we're trying to break out above 87.50. If we can do
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00:04:19that, then 90.63 comes into play, which is where we peaked back in February.
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00:04:26Then looking at gold, gold made a new high for this move, hit 2062.50.
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00:04:31Congratulations if you had a sell order in to take some profits up there.
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00:04:35Then silver continued to move higher.
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00:04:38You can see we're at $25 and then we're starting to move up.
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00:04:42If we look at the weekly chart, you can see that we hit $25.
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00:04:47$28..12 is our next target to the upside and that is certainly doable.
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00:04:51That's where we got to back at the start of 2022.
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00:04:56Looking at gold and silver stocks on the
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00:04:59TSX Global Gold Index, we made a new high yesterday.
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00:05:02We also made a new high for the GDX.
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00:05:06Let's finish off with technology stocks and just a couple.
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00:05:09Not a lot of action in the chip sector at the moment.
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00:05:12So AMD still on a sell signal.
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00:05:15Apple came back sharply yesterday.
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00:05:17It is back on a buy signal, so I'm going
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00:05:18to have to switch from being short to being long again on Friday.
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00:05:23And Microsoft, no change in trend there.
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00:05:26Traded down to the lower channel line for
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00:05:27the past couple of days, but reversed and closed above it.
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00:05:31And no joy for Shopify, still on a sell signal.
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00:05:34That would change on Friday with a close above 63.12. And that's on the TSX.
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00:05:40And last up, we're looking at Tesla.
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00:05:42Tesla had an inside day on Thursday.
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00:05:45We are looking for a close on Friday above
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00:05:47$ 192.22. Okay, folks, that's all for this morning's presentation.
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00:05:53Looks like we're going to get a mixed open on Friday.
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00:05:57The bank sector seems to have made its way
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00:06:01through the first part of earnings season fairly well.
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00:06:04Nobody's been overly concerned about what's been announced so far this morning.
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00:06:10Enjoy the rest of your day. Enjoy your weekend.
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00:06:13Next time you'll hear my voice is on Sunday.