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00:00:00Good Morning, everyone, and welcome to the first trading day of March.
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00:00:04In the pre market this morning, things are fairly quiet.
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00:00:07Stock index futures are slightly
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00:00:09above fair value, but DOW futures are currently up just about 80 points.
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00:00:12So not a lot of excitement in the premarket on Wednesday morning.
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00:00:18Let's start off today's presentation
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00:00:20with a quick recap of February's trading action.
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00:00:24The DOW actually led the major indices higher, down a little over 4 %.
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00:00:29And then we've got the S&P 500 down 2.61 %.
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00:00:33The Nasdaq, which of course has
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00:00:36not participated in most of the gains that we've seen over
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00:00:40the past few months, is just under half a % on the month.
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00:00:45Then looking at the Russell 2000, down 1.81 %.
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00:00:48The TSX was down 2.63 %.
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00:00:51The TSX 60 was down a little more at 2.78 %.
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00:00:56What didn't work? Well, on the TSX, the big loser was
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00:01:00Cannabis, down nearly 15 %, while gold stocks were down 12.75 % on the month.
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00:01:07In the US, the big loser was the XAU, down just under 15 % on the month,
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00:01:13and then followed by energy stocks at down 6.94 % for the month of February.
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00:01:22Getting back to our daily charts.
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00:01:24Yesterday morning at this time, we were
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00:01:25looking at a couple of stocks that were trading in the premarket, starting off
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00:01:30with Target, which did trade above the upper channel line during the day, but
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00:01:34then pulled back into the channel, closing up a tick over 1 % on the day.
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00:01:40Then we were looking at a couple of Canadian banks and Bank of Montreal ended
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00:01:43the day down 1.5 %, while the Bank of Nova Scotia was down 5.72 % on the day.
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00:01:51Not something you see very often in the Canadian banking sector.
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00:01:56Moving on to the VIX.
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00:01:57The VIX traded lower yesterday.
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00:01:59We need to close below $20.33 to give us a sell signal on Wednesday.
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00:02:05And that, of course, would be supportive for higher stock prices.
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00:02:08What wouldn't be supportive?
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00:02:10A breakout above the 200 day moving
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00:02:12average or a breakout above the fly paper channel.
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00:02:15And so both of those things are holding the VIX in check at the moment.
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00:02:20Now, the DOW ended the day yesterday just down at the lows of February.
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00:02:27We saw the S&P 500 move down yesterday.
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00:02:30The Nasdaq was lower.
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00:02:32The stocks index actually ended the day
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00:02:34slightly higher, up just under three quarters of a % on the day.
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00:02:39Nvidia, still holding up, has not been able to make
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00:02:43new higher highs from the big pop last week, but it is still holding up.
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00:02:48Now, there's nothing guaranteed, but the market is looking to
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00:02:52see if the US dollar can start to pull back.
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00:02:55That could help the stock market move higher.
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00:02:57Also, the bond market, if it it stopped moving lower.
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00:03:01That could help the stock market.
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00:03:0430 year bond closed down just a couple of ticks
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00:03:08yesterday, making a new low for this move and bond yields continue to hold up.
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00:03:13So none of those have changed.
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00:03:15The price of gold
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00:03:17had a nice move up yesterday and it's holding the 1812.50 level.
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00:03:21So we are finding some support there.
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00:03:23We also saw the price of silver reverse after making a new low.
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00:03:28Crude oil traded back in the channel looking for a close on Wednesday above 75.
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00:03:3363 and natural gas moved up again.
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00:03:372.34 looks like a nice place to put a bottom in
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00:03:41here and we're looking up at 3.13 and3.91 as potential targets to the upside.
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00:03:49Let's finish off today's presentation
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00:03:50looking at the most actively traded stocks that we looked at on Tuesday morning.
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00:03:55Starting in the US, we've got Tesla coming down just a little less than
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00:04:011 %, so no major movement there, closing right at the upper channel line.
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00:04:05Now, we haven't seen any new money come
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00:04:07into this stock over the past couple of weeks, and the pros may start to sell just
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00:04:11because they're bored and want to try to put their money
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00:04:15somewhere else that could continue to move higher.
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00:04:18That does not mean that we're going to see aggressive selling.
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00:04:21We just may see a sell signal and a little downward pressure.
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00:04:24We'll just have to wait and see.
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00:04:26But obviously, given all the other
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00:04:28negativity we've seen lately, Tesla has held up very well.
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00:04:33Amc made a new high yesterday before reversing down over 6 %.
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00:04:38Last time I checked, it was down again another 6 % in the premarket, so hopefully
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00:04:43had a chance to lock and some profits on the way up.
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00:04:47Ford Inside Day yesterday, then Fisker
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00:04:50made a new high for this move before pulling back.
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00:04:54We saw Inside Day yesterday for FuboTV, and then very quiet trading for AMD.
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00:05:01We need a close above 81.18 on Wednesday to give us a buy signal.
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00:05:05Very quiet trading for Apple as well.
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00:05:07Looking for a close above 51.11
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00:05:11and very quiet trading for Amazon, still closing below the lower channel line.
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00:05:16Moving on to the Canadian market.
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00:05:18Yesterday morning, I remember saying that
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00:05:20Manulife might go down with the rest of the Canadian financial sector as we were
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00:05:24seeing that premarket weakness in Canadian banks.
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00:05:27That was not the case.
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00:05:29Manulife. Manulife closing higher on the day.
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00:05:32So looking for a close below $26.35
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00:05:35on Wednesday to give us a buy signal for Manulife.
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00:05:38No joy for Embridge, no change for Suncor, pulling back in the channel on Tuesday.
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00:05:45Barrick moved up with the rest of the gold
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00:05:47sector looking for a close above $22.73 to give us a buy signal on Wednesday.
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00:05:53At the Athabasca oil sands making a new high for this move before pulling back.
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00:05:57We were trying to get to 3.13, got to 3.12 before reversing.
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00:06:02Then looking at Canadian Natural Resources
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00:06:04trading up to the upper channel line once again.
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00:06:07So a close above yesterday's high would give us a buy signal on Wednesday.
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00:06:11Tc Energy moving back under the lower channel line.
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00:06:15Once again, Cenovus Energy is trading up to the upper channel line.
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00:06:18So a close above yesterday's high would give us a new buy signal.
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00:06:22And then Crescent Point also trading above
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00:06:25the upper channel line before pulling back.
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00:06:29And so a close above $9.
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00:06:3059 cents would give us a buy signal on Wednesday.
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00:06:34Okay, folks, that is all for today's presentation.
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00:06:37Looking for some buying at the open on Wednesday morning, but certainly not
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00:06:42seeing a lot of enthusiasm out there in the premarket.
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00:06:45Have a great day, folks.
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00:06:46Next time you'll hear my voice is on Thursday morning.