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It looks like we are going to see some buying
It looks like we are going to see some buying at the open on Thursday morning
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Lets us start off a little housekeeping this morning to
Lets us start off a little housekeeping this morning to better serve our Global audience
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This video is not only available in English, but Arabic
This video is not only available in English, but Arabic Chinese French and Spanish to watch the video and those languages you need to sign up to our free pre-market video newsletters, and you can do that
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Typically coming into a 3D long weekend is bullish for
Typically coming into a 3D long weekend is bullish for the market and coming up to month-end is typically bullish for the market
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Now, in a bear Market that may not move the
Now, in a bear Market that may not move the needle up too much, but it should stop the market from heading lower this week
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Let's I start off with a quick review of Wednesday's
Let's I start off with a quick review of Wednesday's trading action of the TSX is still in the channel up 39
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Then we had the Dow diamonds trading right up to
Then we had the Dow diamonds trading right up to the upper channel line
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And then we have the S&P 500 closing in the
And then we have the S&P 500 closing in the middle of the channel, but the big winner was the NASDAQ up 14%
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Now, there's a big difference between the Dow generating, a
Now, there's a big difference between the Dow generating, a Buy Signal and the NASDAQ generating a Buy Signal
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If we get the NASDAQ back on a by signal,
If we get the NASDAQ back on a by signal, that is an indication that the risk-on trade is back on
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But so quickly, take a look at the ark, invest
But so quickly, take a look at the ark, invest ETF, family, and nothing going on here this week, so far, that doesn't mean it can't change between now and the end of the week
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But no, indication that the market is looking to pick
But no, indication that the market is looking to pick up any of these ETFs at the moment
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Now, the makeup of her portfolio has changed and reflected
Now, the makeup of her portfolio has changed and reflected on the website, her biggest holding now is Roku and you can see a monthly chart of Roku
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See what that's been doing so far in 2020, to
See what that's been doing so far in 2020, to a zoom, is your next biggest holding and that it popped yesterday
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And then, of course, we have Tesla, that's our third
And then, of course, we have Tesla, that's our third biggest holding and Tesla still on a cell signal, no change, still holding 6:25
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If we start to break that, then I move down
If we start to break that, then I move down to 500 would be our next Target to the downside
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Let's take a look at some chip stocks and I
Let's take a look at some chip stocks and I watch the semiconductor index every day
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We had in March that we had a couple of
We had in March that we had a couple of pops up, which quickly reverse we've talked about those and waive those off over the past few weeks
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So we're just looking to see if they'll take control
So we're just looking to see if they'll take control this week, AMD, a pop last week is still on it by signal but came back in the channel
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I were down in the pre-market this morning, but not
I were down in the pre-market this morning, but not enough to give us a cell signal
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Taiwan semiconductor is the biggest stock in this sector and
Taiwan semiconductor is the biggest stock in this sector and it is currently on a cell signal
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So nothing going on there at the moment, notice the
So nothing going on there at the moment, notice the pop back in March was rather subdued
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I don't fall this talk on a regular basis, but
I don't fall this talk on a regular basis, but it is the biggest player in the sector
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Let's take a look at the ride-sharing apps and that
Let's take a look at the ride-sharing apps and that we haven't talked about these stocks since lift collapsed and nothing going on here
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Do not look like they're interested in all in the
Do not look like they're interested in all in the lift on Thursday morning
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I would certainly there's no interest from the pros to
I would certainly there's no interest from the pros to go back and take control of uber on Thursday morning
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And we used to watch the Fang stocks on Netta,
And we used to watch the Fang stocks on Netta, moved up slightly yesterday
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It's still got an open Gap there to fill before,
It's still got an open Gap there to fill before, we get back on a by signal that looking at Amazon Amazon putting a new low on Tuesday and then moved up to the lower Channel 9
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I certainly there's a mathematical possibility of a Buy Signal
I certainly there's a mathematical possibility of a Buy Signal on Thursday at the pro surf showing some interest but they're not ready to take control on Thursday morning
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Then we're looking at the alphabet in alphabet close to
Then we're looking at the alphabet in alphabet close to slightly lower yesterday
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I'm still short this stock on the weekly charts were
I'm still short this stock on the weekly charts were looking for moved out 1875
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Of course, you have to take into account the big
Of course, you have to take into account the big round number of 2000 that could certainly act as potential support on the way back down
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Then looking at Netflix and Netflix is going to generate
Then looking at Netflix and Netflix is going to generate a Buy Signal here soon
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It's a fan support at the 18750 level and that
It's a fan support at the 18750 level and that seems to be a place that investors are comfortable with at the moment
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They're getting pretty close to taking control, but I would
They're getting pretty close to taking control, but I would not use the right side chart for this particular stock at this time because I buy signal can be set off by gravity
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I would want to give it more room and yes,
I would want to give it more room and yes, you're leaving money on the table, but there's probably a better chance of success
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If we get a midterm by signal here, then just
If we get a midterm by signal here, then just the right side by signal
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In Trend yesterday, was an inside day for this stock
In Trend yesterday, was an inside day for this stock and a trade up to fill that open Gap
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And I'm sure a lot of people are looking that
And I'm sure a lot of people are looking that as a possibility that we got Twitter and Twitter is still has a deal with the Elon Musk and nothing's going on with that at the moment
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But I'm sure a lot of people are just buying
But I'm sure a lot of people are just buying Twitter shares to hold on to them to see how this works
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I think most of the risk has been taken out
I think most of the risk has been taken out of this stock at the present time, and then they're The Biggest Loser on the NASDAQ was decks, It's a medical device maker, and certainly no change
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It's got supply chain problems at the moment, but that
It's got supply chain problems at the moment, but that doesn't seem to be concerning investors
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My next major Target for the downside in the weekly
My next major Target for the downside in the weekly chart is 125, but it's still holding 13750 investors seem very comfortable with it at that level
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And of course if it starts to break that and
And of course if it starts to break that and hit head down to 12, That's a very bad sign for the stock market
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They're certainly the potential for a Buy Signal and that
They're certainly the potential for a Buy Signal and that would certainly be a bright spot for the market and certainly helped the market
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I'm looking at the sales forces, looks like it's putting
I'm looking at the sales forces, looks like it's putting in a bottom here with some nice support and a close above 16451 on Thursday, would give us a Buy Signal another Technology stock in
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If you see something like that, and you still want
If you see something like that, and you still want to play the stock, you need to give it some room and, you know, you can bracket your orders
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Whether you want to be a buyer if the stock
Whether you want to be a buyer if the stock moves up, or in this case is seller, if the stock moves down, but I certainly wouldn't want to be buying or selling a stock that looks
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Because the market has no idea what's going to happen
Because the market has no idea what's going to happen to the stock and at the end of the day, the stock collapsed
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It's not the most volatile chip stock and it hasn't
It's not the most volatile chip stock and it hasn't been doing well over the past few years
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So it's not something I look at on a regular
So it's not something I look at on a regular basis, just a couple of more
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What's my favorite technology company? And my favorite technology company
What's my favorite technology company? And my favorite technology company is cloudflare
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I don't usually a trade that this particular stock, but
I don't usually a trade that this particular stock, but the stock has been instrumental in our online success
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We've never had a single major problem with our website
We've never had a single major problem with our website that was caused by something external
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And, you know, we've had Hardware problems over the years,
And, you know, we've had Hardware problems over the years, but nothing to do with external threats, attacking our website, and it seems to be holding $50 right now
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That's certainly wouldn't be the worst trade in the world
That's certainly wouldn't be the worst trade in the world and then not PayPal 22 years of dealing with PayPal, not a single problem in all these years
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I move up to a hundred dollars doesn't seem unreasonable
I move up to a hundred dollars doesn't seem unreasonable and that of course, would be a 33% gain
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Of course, you're not going to buy it at 75
Of course, you're not going to buy it at 75 and sell it to 100 and 100
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You're going to get something in between, but does that
You're going to get something in between, but does that would be a nice trade whenever it starts? And the stock that we get asked about the most is Shopify and it is still on a cell
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Still trading below, the lower channel line on both sides
Still trading below, the lower channel line on both sides of the Border
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We're going into a long weekend and month end and
We're going into a long weekend and month end and so it's not unexpected at all
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00:00:08Good morning, everyone and welcome to Thursday morning.
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00:00:10Stephen Whiteside here from TheUptrend.com
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00:00:12In the pre-market this morning
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00:00:14Stock index
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00:00:15Futures are above fair value.
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00:00:16So far
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00:00:17it looks like we are going to see some buying at the open on Thursday morning.
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00:00:26this video is not only available in English, but Arabic, Chinese, French and Spanish. To watch the video and those languages you need to sign up to our free pre-market video newsletters, and you can do that.
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00:00:38at our website, TheUptrend.Com
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00:00:40
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00:00:41Now coming into this week's trading action
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00:00:44we were expecting the market to have a bullish bias.
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00:00:46Typically coming into a 3 Day long weekend is bullish for the market, and coming up to month-end is also typically bullish for the market.
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00:00:55Now, in a bear Market that may not move the needle up too much, but it should stop the market from heading lower this week.
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00:01:03And so far that, that's exactly what we've witnessed.
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00:01:05Let's I start off with a quick review of Wednesday's trading action. On the TSX is still in the channel up .39%.
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00:01:13
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00:01:14Then we had the Dow Diamonds trading right up to the upper channel line.
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00:01:18So most likely to generate up buy signal on Thursday.
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00:01:21And then we have the S&P 500 closing in the middle of the channel, but the big winner was the NASDAQ up 1.4%.
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00:01:28closing just above the lower channel line.
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00:01:32Now, there's a big difference between the Dow generating a Buy Signal and the NASDAQ generating a Buy Signal.
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00:01:37If we get the NASDAQ back on a buy signal, that is an indication that the risk-on trade is back on.
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00:01:44And that makes it a lot easier to make money in the stock market.
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00:01:47
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00:02:00No indication that the market is looking to pick up any of these ETFs at the moment.
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00:02:08Now, the makeup of her portfolio has changed and reflected on the website. Her biggest holding now is Roku and you can see a monthly chart of Roku.
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00:02:18See what it's been doing so far in 2022, Zoom is her next biggest holding and that popped yesterday.
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00:02:25It's back on the Buy Signal as of Wednesday's close.
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00:02:28And you can see what Zoom has done over the past couple of years.
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00:02:32And then, of course, we have Tesla. That's her third biggest holding and Tesla still on a sell signal. No change, still holding 6:25.
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00:02:41If we start to break that, then I move down to 500 would be our next Target to the downside.
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00:02:47Next up.
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00:02:48Let's take a look at some chip stocks. I watch the semiconductor index every day
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00:02:52just to keep track of the overall health of the technology sector.
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00:02:56If people aren't buying chips,
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00:02:58that's not a good sign going forward.
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00:03:00Now, the SOX index is still on a sell signal that has not changed.
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00:03:04You can see the nice pick up move
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00:03:06we had in March. Then we had a couple of pop ups, which quickly reversed. We have talked about those and waive those off over the past few weeks.
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00:03:14Now, the pros have not taken control.
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00:03:17They're pretty close.
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00:03:18So they've been here before.
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00:03:20So we're just looking to see if they'll take control this week. AMD had a pop last week. It is still on it buy signal but came back in the channel
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00:03:29over the past couple of days.
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00:03:30We are down in the pre-market this morning, but not enough to give us a sell signal.
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00:03:34Now a stock that is in the news
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00:03:36this morning is NVIDIA.
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00:03:37And of course, these numbers are going to change.
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00:03:39We are down over 4% of the pre-market.
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00:03:41And of course that is not going to change anything.
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00:03:43Nvidia is still on a sell signal.
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00:03:47Taiwan Semiconductor is the biggest stock in this sector and it is currently on a sell signal.
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00:03:52So nothing going on there at the moment, notice the pop back in March was rather subdued.
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00:03:57So not a good indication for this particular stock.
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00:04:02I don't follow this stock on a regular basis, but it is the biggest player in the sector.
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00:04:07Next up.
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00:04:09Let's take a look at the ride-sharing apps. We haven't talked about these stocks since Lyft collapsed and nothing is going on here.
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00:04:16We're putting in lower lows this week.
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00:04:18The pros
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00:04:19do not look like they're interested in all in the Lyft on Thursday morning.
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00:04:23And that's also true of Uber
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00:04:26which appears to be putting in a bottom here.
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00:04:28There is no interest from the pros to go back and take control of Uber on Thursday morning.
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00:04:36Let's reminisce a bit and go back in time to when things were simpler
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00:04:40and we used to watch the Fang stocks. Meta moved up slightly yesterday.
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00:04:45It's still got an open Gap there to fill before, we get back on a buy signal. Then looking at Amazon. Amazon put in a new low on Tuesday and then moved up to the lower channel line
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00:04:55on Wednesday.
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00:04:56Certainly there is a mathematical possibility of a Buy Signal on Thursday. The pros are showing some interest but they're not ready to take control on Thursday morning.
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00:05:06Then we're looking at the Alphabet. Alphabet closed slightly lower yesterday
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00:05:10after making a new low on Tuesday.
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00:05:13I'm still short this stock on the weekly charts were looking for moved down to 1875.
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00:05:19Of course, you have to take into account the big round number of 2000. That could certainly act as potential support on the way back down.
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00:05:26Moving back to the Daily charts.
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00:05:29Our next Target is at 2031 25.
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00:05:31We got a couple of dollars away from that on Tuesday, but did not hit it.
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00:05:36So we're trying to take money off the table at that level.
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00:05:39And of course, if that level brakes are next
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00:05:42Mathematical Target is 1875.
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00:05:44Then looking at Netflix. Netflix is going to generate a Buy Signal here soon.
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00:05:49It's going to do that because of gravity more than anything else.
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00:05:53It's found support at the 187.50 level and that seems to be a place where investors are comfortable with at the moment.
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00:06:02A move back up to 250, to the bottom of that open the Gap
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00:06:06is certainly doable.
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00:06:07The pros are not doing anything at the moment.
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00:06:11They're getting pretty close to taking control, but I would not use the Right Side chart for this particular stock at this time because a buy signal can be set off by gravity.
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00:06:20I would want to give it more room, and yes, you're leaving money on the table, but there's probably a better chance of success
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00:06:27if we get a midterm buy signal here, then just the right side buy signal.
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00:06:31Next up.
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00:06:32Let's take a look at
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00:06:33some stocks in the news.
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00:06:34And of course, we saw Snap drop
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00:06:36the other day. That certainly wasn't a change
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00:06:38in Trend. Yesterday was an inside day for this stock. A trade up to fill that open Gap would be reasonable.
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00:06:43And I'm sure a lot of people are looking that as a possibility. Then we have Twitter. Twitter still has a deal with Elon Musk and nothing's going on with that at the moment.
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00:06:55But I'm sure a lot of people are just buying Twitter shares to hold on to them to see how this works out.
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00:06:59If you want to do that
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00:07:01I think most of the risk has been taken out of this stock at the present time. And then they're The Biggest Loser on the NASDAQ was DexCom, It's a medical device maker, and certainly no change
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00:07:13in Trend.
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00:07:15Apple is In the news.
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00:07:16It's got supply chain problems at the moment, but that doesn't seem to be concerning investors.
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00:07:22My next major Target for the downside on the weekly chart is 125, but it's still holding 137.50. Investors seem very comfortable with it at that level.
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00:07:32And of course if it starts to break that and it heads down to 125, that would be a very bad sign for the overall stock market.
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00:07:38If it can regroup here
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00:07:39there is certainly the potential for a Buy Signal and that would be a bright spot for the market
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00:07:47If it gets back on its feet. A couple of other stocks
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00:07:50I'm looking at. Salesforce looks like it's putting in a bottom here with some nice support and a close above 16451 on Thursday would give us a Buy Signal. Another Technology stock in.
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00:08:03the DOW 30 is Cisco and nothing going on here.
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00:08:05But I do want to show you this.
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00:08:07This is not something we usually see in a Dow 30 stock.
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00:08:10Look at all that mess.
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00:08:11Here the stock was trading sideways.
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00:08:14Investors had no idea what to do with it.
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00:08:16If you see something like that, and you still want to play the stock, you need to give it some room and, you know, you can bracket your orders.
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00:08:23Whether you want to be a buyer if the stock moves up, or in this case is seller, if the stock moves down, but I certainly wouldn't want to be buying or selling a stock that looks
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00:08:33like this.
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00:08:33You just want to walk away.
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00:08:35Because the market has no idea what's going to happen to the stock and at the end of the day, the stock collapsed.
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00:08:41I next up until is Intel. I don't really follow it but it is in the DOW 30.
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00:08:46It's not the most volatile chip stock and it hasn't been doing well over the past few years.
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00:08:52So it's not something I look at on a regular basis. Just a couple of more.
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00:08:57Somebody asked me yesterday,
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00:08:58what's my favorite technology company? And my favorite technology company is Cloudflare.
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00:09:03I don't usually a trade that this particular stock, but the stock has been instrumental in our online success.
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00:09:11Since we signed up with Cloudflare as a customer.
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00:09:14We've never had a single major problem with our website that was caused by something external.
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00:09:19Of course, we've done internal damage.
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00:09:22And, you know, we've had Hardware problems over the years, but nothing to do with external threats attacking our website. It seems to be holding $50 right now.
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00:09:33It may move up to fill that open Gap at 75.
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00:09:35That's certainly wouldn't be the worst trade in the world. Then PayPal. For 22 years of dealing with PayPal, not a single problem in all these years.
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00:09:45PayPal is holding supported at 75.
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00:09:50A move up to a $100 doesn't seem unreasonable and that of course, would be a 33% gain.
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00:09:57Of course, you're not going to buy it at 75 and sell it to 100 .
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00:10:02You're going to get something in between. But that would be a nice trade whenever it starts? And the stock that we get asked about the most is Shopify, and it is still on a sell
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00:10:11signal.
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00:10:12Still trading below, the lower channel line on both sides of the Border.
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00:10:15Okay.
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00:10:16That's all folks.
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00:10:17That's all for this morning's presentation.
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00:10:19Have a great day.
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00:10:20It looks like the markets going to open up on Thursday morning.
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00:10:23Again.
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00:10:23We're going into a long weekend and month end and so it's not unexpected at all
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00:10:29that the market gets an nice pop this week.
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00:10:31Enjoy the rest of your day.
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00:10:33Next time you hear my voice is on Friday morning.