-
00:00:01Good morning, everyone.
-
00:00:02Welcome to Thursday morning.
-
00:00:04It's Stephen Whiteside here from the pre-marketuptrend.com in the pre market
-
00:00:07this morning, stock index futures are above fair value.
-
00:00:11The market's being led higher this morning by the Nasdaq.
-
00:00:14So, so far, it looks like we may see a
-
00:00:16little buying at the open on Thursday morning.
-
00:00:20Now, yesterday morning, I mentioned that I was going to sit on my hands, even though
-
00:00:24I had some new buy signals to deal with from the previous day's trading action.
-
00:00:30Typically on a Fed day, you're looking at a three part equation.
-
00:00:34If you're watching the action yesterday
-
00:00:36afternoon, you know that the market was okay with the 25 basis point rate hike.
-
00:00:41That's what they were expecting, and the market traded a little higher.
-
00:00:45Then during the press conference, we saw
-
00:00:47some selling, but it actually came back to unchanged.
-
00:00:51And then the last part, of course, is how does the market react to all of that?
-
00:00:56And a lot of people are blaming Janet Yellen for some of her comments yesterday
-
00:01:01afternoon that did eventually cause the market to sell off going into the close.
-
00:01:06So that's what happened.
-
00:01:08Wild day for the VIX.
-
00:01:09It traded back up into the channel after making a new low.
-
00:01:12We're looking for a close on Thursday
-
00:01:14above $26 to give us a new buy signal for the VIX.
-
00:01:18Not expecting that to happen.
-
00:01:20Huge wild day for the S&P 500 yesterday,
-
00:01:24making a new high before closing below the previous day's low.
-
00:01:27So that is an outside reversal day.
-
00:01:30Looking for a close on Thursday below
-
00:01:32$389.72, and then looking at the Ishares for the TSX 60.
-
00:01:38We drove right up to the upper channel
-
00:01:39line and then reverse closing below the lower channel line.
-
00:01:43So again, an outside reversal day.
-
00:01:45And on Thursday, we're looking for a close
-
00:01:47above $30.08 to give us a new buy signal for the Ishares for the TSX 60.
-
00:01:55Now, the Nasdaq also had a nice big reversal day after making a new high,
-
00:02:00came all the way down and sat at the previous day's low.
-
00:02:04So not as bearish as it could be, but we did hit the 312.
-
00:02:0850 level. So congratulations.
-
00:02:09If you had an order in up there to sell, it got filled.
-
00:02:12So you got to lock in some profits on Wednesday.
-
00:02:16Now, what didn't work well, the biggest
-
00:02:17losers yesterday was the regional banks and then US.
-
00:02:20Banks, US.
-
00:02:21Financials, followed by Canadian banks and Canadian financials.
-
00:02:25So those are still some of the biggest losers on the day.
-
00:02:30What worked?
-
00:02:30Well, gold miners on both sides of the border did well.
-
00:02:34Silver miners also did well on Wednesday.
-
00:02:37Looking at the top of the most active
-
00:02:40list, we've got Tesla still on a buy signal here.
-
00:02:43So if you were waiting to buy Tesla, you could take that trade today, as long as
-
00:02:48you're willing to sell on a close below 179.
-
00:02:5076 and the second most active stock was First Republic down over 15%.
-
00:02:56Nothing really going on there.
-
00:02:58Then looking at Advanced Micro Devices,
-
00:03:01making a new high before pulling back, still closing higher on the day.
-
00:03:05And then Nvidia did the similar situation.
-
00:03:08Now, I was wrong about Nvidia.
-
00:03:10If you were around and the stock popped
-
00:03:12back here, I said, I'd wave off that trade.
-
00:03:14It traded sideways for a couple of weeks,
-
00:03:16had a little dip, and then restarted the trend to the upside.
-
00:03:19So I was wrong about that.
-
00:03:21Ultimately, Nvidia was able to take out that high and continue to move higher.
-
00:03:26Then looking at bank of America, new closing low for Bank of America.
-
00:03:31Looking at the Canadian market, Crescent
-
00:03:33Point popped the last couple of days on very positive news.
-
00:03:37Then we've got TC Energy, no joy there, no joy for Suncor, no joy for Enbridge.
-
00:03:44And then we've got the TD bank not making
-
00:03:47a new closing low just yet, but pretty close to it.
-
00:03:50So we may be seeing new lows for the TD bank on Thursday.
-
00:03:55Okay, folks, that is all for this morning's presentation.
-
00:03:58So far, it looks like we're going to see a
-
00:03:59little buying at the open on Thursday morning.
-
00:04:02Certainly not enough to reverse
-
00:04:05yesterday's big down day that we saw in the market.
-
00:04:09Enjoy the rest of the day.
-
00:04:11Next time you'll hear my voice is
-
00:04:12on Friday morning, our channel.