Morning Market Outlook 01052024
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    • 00:00:00
      Good morning everyone, and welcome to Friday morning.
    • 00:00:03
      It's Stephen Whiteside here from the uptrend.com. In the pre market this
    • 00:00:07
      morning, stock index futures are down across the board.
    • 00:00:10
      Commodities are mixed with crude oil
    • 00:00:11
      higher, while gold is slightly lower on Friday morning.
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      Now I'm doing this video ahead of the payroll numbers that come out at 830 this
    • 00:00:19
      morning and they could certainly add to the pre market volatility.
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      Looking at the VIX, we're going to remain short term bearish on the market as long
    • 00:00:28
      as the VIX does not close below 12.77 on Friday.
    • 00:00:33
      Now the DOW 30 and the TSX 60 are still holding up.
    • 00:00:37
      No change in trend for either of those.
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      The S&P 500 already on a sell signal, no change there.
    • 00:00:43
      Big reversal day yesterday for the energy sector on both sides of the border.
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      We're still on buy signals, no change there.
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      Then looking at technology stocks with the Nasdaq 100 continuing to move lower, the
    • 00:00:57
      Equal Weighted and the Next Generation are both down as well.
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      Not as much yesterday as the Nasdaq 100, but chip stocks continue to lead the tech
    • 00:01:07
      sector lower with semiconductors down 1.73% on the day.
    • 00:01:13
      Then looking at the big elephant in the room, Apple.
    • 00:01:16
      Apple continued to move lower on Thursday, making a new low for this move.
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      Looking at Canadian Infotech, we actually closed higher yesterday.
    • 00:01:26
      Didn't get any help from BlackBerry but did get a lot of help from Shopify which
    • 00:01:31
      was up on the day after making a new low for this move.
    • 00:01:35
      Now looking at the TSX, most actives from Thursday's trading action, we've got the
    • 00:01:39
      TD Bank still on a buy signal, no change there.
    • 00:01:42
      TC Energy continued to move higher on Thursday.
    • 00:01:46
      Baytex had a pullback, still on a buy signal, no change there.
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      Then we had Cenovus come down and
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      Cenovus is now back on a sell signal as of Thursday's close.
    • 00:01:56
      Bank of Nova Scotia still on a buy signal
    • 00:01:58
      here, that would change on Friday with a close below $62.80. Then Manulife still on
    • 00:02:05
      a buy signal, that would change on Friday with a close below $28.77. New high for
    • 00:02:11
      this move for Suncor ran up, hit the next price target of $45.
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      31. Congratulations if you're long.
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      Suncor.
    • 00:02:19
      Then looking at Enbridge, new high for Enbridge on Thursday.
    • 00:02:23
      Looking at First Quantum, a small pullback yesterday, down just 1.81% on the day.
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      So no major change there.
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      And then Bitfarms, Bitfarms been trading
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      around the lower channel line for the last couple of days.
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      Looking for a close on Friday below $3.71.
    • 00:02:43
      Let's finish off this morning's presentation.
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      Taking a look at the US most actives from
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      Thursday's trading action and Quantumscape.
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      The battery company had a huge update, up over 40%.
    • 00:02:54
      Obviously you're not going to chase that.
    • 00:02:57
      Then Tesla had an inside day.
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      No change there.
    • 00:03:01
      Marathon digital still on a buy signal here.
    • 00:03:04
      That would change on Friday with a close
    • 00:03:05
      below $22.92. Then we saw Walgreens gap lower on the day.
    • 00:03:12
      Trying to recover going into the close, but still a big loss for Walgreens.
    • 00:03:17
      Back on a sell signal.
    • 00:03:19
      Advanced Micro Devices, no change in trend there.
    • 00:03:22
      Amazon, no change in trend.
    • 00:03:24
      No change in trend for Ford.
    • 00:03:26
      Then we've got Pure Storage.
    • 00:03:28
      And on Tuesday, Pure Storage actually ended on a sell signal.
    • 00:03:32
      You come in the next morning, you check the spread in the pre market, you find out
    • 00:03:37
      it's going to open up up there so you don't take that sell signal.
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      So no change in trend for Pure Storage.
    • 00:03:43
      Then we've got intel still on a sell signal, no change there.
    • 00:03:47
      Pfizer, still on a buy signal, no change there.
    • 00:03:50
      And then we've got Palantir still on a
    • 00:03:53
      sell signal, making a new low for this move on Thursday.
    • 00:03:56
      So no change in trend for Palantir.
    • 00:03:59
      Okay folks, that is all for this morning's presentation.
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      So far. It looks like the market wants to do a
    • 00:04:05
      little selling, but that could change when those employment numbers come out at 830.
    • 00:04:09
      Have a great day, have a great weekend.
    • 00:04:11
      Next time you'll hear my voice
    • 00:04:13
      is on Monday morning channel.

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