Stock Market Timing Television - 06212023

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Good morning everyone and welcome to Wednesday morning.
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It's Stephen Whiteside here in the pre
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market this morning things are fairly quiet.
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Stock index futures are slightly below
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fair value, but not enough that anyone will notice.
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Commodities are also mixed and very quiet in the pre market, so not looking for a
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lot of excitement at 9:30 Wednesday morning.
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Now the VIX moved up yesterday, but not enough to give us buy signal.
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That would happen on Wednesday with a
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close above 15.03. And of course if that were to happen, that would change our
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outlook on the market from short term bullish to short term bearish.
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Now the VIX of the VIX is on a buy signal
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right now and moved away from the channel yesterday.
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So that could be an early warning signal.
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We'll just have to keep an eye on that.
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Now the Dow was down just under three
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quarters of a percent yesterday, it traded and closed in the channel.
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So we certainly have a mathematical
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possibility of a sell signal on Wednesday with a close below 338 three.
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Then what didn't work on the Dow?
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Well, the biggest loser was intel with a big outside reversal day.
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We saw some aggressive selling in Nike
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which pulled us back into the channel, and some very aggressive selling in Boeing,
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which is now back on a daily sell signal as of Tuesday's close.
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The S&P 500 was down on the day just a little over half a percent.
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Still trading and closing above the upper channel line.
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The Nasdaq on the other hand, was down just a little over a quarter of a percent.
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And those big cap tech stocks are still holding us up.
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Semiconductors pulled back into the
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channel, so a close below 212.16 would give us a sell signal on Wednesday and
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that certainly wouldn't help the overall market.
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Nvidia and Tesla both closed higher on the
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day, new closing high for Nvidia and a big new closing high for Tesla.
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Then looking at regional banks, they are
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back on a sell signal as of Tuesday's close.
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And of course we're not trading the
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regional banks, we're just keeping an eye on them.
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But yeah, we're back on a sell signal.
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Not a good sign for the overall market.
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Now looking at the Canadian market, we are
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back on a sell signal as of Tuesday's close.
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Being Led lowered by gold stocks, followed by materials, then the energy sector and
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then the global mining stocks all pulled back yesterday.
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So commodities not helping the Canadian market at all.
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Now looking at gold stocks, the biggest
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one of course is Barrack, which made a new closing low yesterday.
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We also saw a big aggressive selling in Wheaton.
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Then looking at Manual Life, the most
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actively traded stock on Monday, we were looking to see if it could hold $25.
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It did not.
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So looking for Manual life to continue lower from here.
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And the most actively traded stock
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yesterday was CIBC, which is now back on a sell signal as of Tuesday's close.
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We also saw Suncor sell off.
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It is also back on a sell signal as of Tuesday's close.
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Now we've been keeping a close eye on the TD bank, which is still on a buy signal.
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And of course it moved up to the top of the open gap and started to pull back.
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Not an aggressive pullback so far on
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Wednesday we're looking for a close below 79.19, otherwise we're looking to see if
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we can break out above 81.25. Let's finish off today's presentation.
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Looking at commodity prices and we saw a
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small pullback for copper, but still on a buy signal.
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No change there.
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Gold had a new closing low yesterday, so
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we are down a couple of dollars in the pre market, but not aggressive selling.
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Then looking at silver.
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Silver rolled over on Tuesday.
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It had been on a buy signal for the month of June and that ended yesterday.
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Then looking at the energy sector, we had a small pullback in crude oil.
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No change in trend.
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And a big reversal day for natural gas.
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Putting in a bearish reversal.
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That's where we topped back in May with a bearish reversal signal.
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The pros did take control.
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Natural gas is actually up in the pre market this morning.
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Not enough to erase yesterday's losses,
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but we're not seeing continuation to the downside on Wednesday morning.
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And then looking at corn.
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Corn to making a new high yesterday before closing unchanged.
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And Wheat moved up and made a new high for this move on Tuesday.
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Okay folks, that is all for this morning's presentation.
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We're looking for a fairly quiet open at 9:30 Wednesday morning.
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Have a great day.
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Next time you'll hear my voice is on Thursday morning.

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