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Stock index, Futures are trading below fair value, Dow futures
Stock index, Futures are trading below fair value, Dow futures currently down 180 points
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So we are looking for a little bit of selling
So we are looking for a little bit of selling at the open on Wednesday morning
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Now we have the Vicks back on a cell signal
Now we have the Vicks back on a cell signal as of Tuesday's close at typically, I'd be really excited about this
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But the recent history shows that we're not likely to
But the recent history shows that we're not likely to sustain a rally for any length of time here
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So, not overly excited about this, we did get the
So, not overly excited about this, we did get the spider ETF back on a by signal
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Ran up to 375 and stopped closed at 37113 yesterday
Ran up to 375 and stopped closed at 37113 yesterday at the cues for the NASDAQ did not generate a bicycle yesterday traded up into the open
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Gap did not get up there to 8125 level so
Gap did not get up there to 8125 level so still waiting for the q's the icers for the TSX
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It's a traded up to 250 for the past couple
It's a traded up to 250 for the past couple of days in the pre-market this morning
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If you are long Netflix, I would be selling half
If you are long Netflix, I would be selling half of my position this morning in to that
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I Gap open cuz I don't think it's a going
I Gap open cuz I don't think it's a going to be able to hold those levels for very long
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It's still on a cell signal that would change with
It's still on a cell signal that would change with a close above 23450
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To 250 is our next Target to the upside 200
To 250 is our next Target to the upside 200 is our psychological area of support
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We traded down towards that last week, I doubt, I
We traded down towards that last week, I doubt, I think 2206, our next, mathematical Target below the 200 psychological support area is 187 50
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Now, couple of stocks that I'm currently short Apple traded
Now, couple of stocks that I'm currently short Apple traded up to the upper channel on yesterday, but did not hold those gains
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So still looking for clothes above the upper channel line
So still looking for clothes above the upper channel line and a similar situation for Amazon
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Amazon closing, just below the upper Channel 9 And sticking
Amazon closing, just below the upper Channel 9 And sticking with technology stocks who got Shopify back on a bicycle on both sides of the Border
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Again, you know, with all these by signals confidence is
Again, you know, with all these by signals confidence is low last couple of times we had by signals
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They fade away fairly quickly and put in a lower
They fade away fairly quickly and put in a lower highs and so we'll have to wait and see
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Remember we just put in a lower low last week?
Remember we just put in a lower low last week? A new 52-week low at so with all of these stocks and I'm just using shopify's an example, cuz a lot of stocks look just like this,
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the first tell will be, do we take out the
the first tell will be, do we take out the high from a couple of weeks ago? If we can take that out and and start to change the pattern from a series of lower highs and
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lower lows to actually making a higher high and that
lower lows to actually making a higher high and that might impress, some people in the market will just have to wait and see
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But right now all of these by signals look like
But right now all of these by signals look like they're going to fade away fairly quickly
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Let's finish off this morning's presentation, looking at those megatrends
Let's finish off this morning's presentation, looking at those megatrends and the US dollar dipped into the channel yesterday, but still closed above the upper Channel 9, no change there
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I no real change for the Euro, just to close
I no real change for the Euro, just to close up a tick, Canadian dollar traded up to the upper channel line
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But then pulled back into closed, lower on the day,
But then pulled back into closed, lower on the day, and there's the Japanese Yen, making a new low
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That's probably the lowest of the biggest spread between the
That's probably the lowest of the biggest spread between the US dollar, and the Japanese Yen, since 1990, there were looking at the bond yields
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So after treading water for over a week, and we
So after treading water for over a week, and we finally broke down and coppers back on a cell signal
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So there really waiting for something to add some volatility
So there really waiting for something to add some volatility to the gold market and then silver closing a higher Yesterday by less than half a purse
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I still live trading below the lower Channel, then moving
I still live trading below the lower Channel, then moving on to energy, we had crude oil, come down
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I almost 3% on the day back on a cell
I almost 3% on the day back on a cell signal, and then we've got natural gas, make your new low for this move on Tuesday
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I would from Tuesday's trading action and I would certainly
I would from Tuesday's trading action and I would certainly not want to be aggressive here once again
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If you want to take any new buy signals, take
If you want to take any new buy signals, take a partial position and you know from the buy signals we got yesterday you can always wait and see if we get another close above the upper
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00:00:00Good morning everyone. Welcome to Wednesday morning.
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00:00:02It's Stephen Whiteside here
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00:00:04from theuptrend.com with today's look at North American stock market trends.
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00:00:08In the premarket this morning stock index futures are trading below fair value.
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00:00:12dooff future is currently down 180 points.
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00:00:14So we are looking for a little bit of selling at the open on Wednesday morning.
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00:00:19Now we have the VIX back on a cell signal as of Tuesday's close.
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00:00:23Typically I'd be really excited about this but the recent history shows that we're
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00:00:29not likely to sustain a rally for any length of time here.
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00:00:33So not overly excited about this.
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00:00:35We did get the SPY ETF back on a buy
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00:00:38signal, ran up to 375 and stopped closed at 371.13 yesterday.
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00:00:44The QQQ's for the Nasdaq did not generate a buy signal yesterday.
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00:00:48Traded up into the open gap did not get up to the 281.25 level.
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00:00:52So still waiting for the queues.
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00:00:54The iShares for the TSX 60 did generate a buy signal yesterday.
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00:00:58We did run up and hit 28.91.
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00:01:00Closed at 28.83 yesterday.
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00:01:03So we are on a buy signal again.
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00:01:06Not that confident about any new buy signals here.
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00:01:10We are in a bear market now.
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00:01:12Netflix is in the news this morning.
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00:01:14It's traded up to 250 for the past couple of days in the pre market.
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00:01:18This morning it is trading up in the high
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00:01:21two hundred and sixty s and so that's a nice pop if you are long netflix I would
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00:01:27be selling half of my position this morning into that gap open because I don't
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00:01:33think it's going to be able to hold those levels for very long.
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00:01:36Then we've got Tesla in the news, it's reporting earnings tonight.
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00:01:39It's still on a sell signal.
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00:01:41That would change with a close above
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00:01:42234.52. 250 is our next target to the upside 200 is our psychological area of support.
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00:01:50We traded down towards that last week, got down I think to 206.
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00:01:55Our next mathematical target below the 200 psychological support area is 187.50.
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00:02:01Now a couple of stocks that I'm currently short, apple traded up through the upper
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00:02:05channel line yesterday but did not hold those gains.
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00:02:08So still looking for close above the upper
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00:02:10channel line and a similar situation for Amazon.
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00:02:14Amazon closing just below the upper
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00:02:16channel line. And sticking with technology stocks we've
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00:02:20got Shopify back on a buy signal on both sides of the border.
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00:02:23Again with all these buy signals confidence is low.
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00:02:27Last couple of times we've had buy signals they faded away fairly quickly and put
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00:02:32in lower highs and so we'll have to wait and see.
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00:02:36Remember we just put in a lower low last week, a new 52 week low.
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00:02:40So with all these stocks and I'm just
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00:02:42using Shopify as an example because a lot of stocks look just like this.
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00:02:47The first tell will be do we take out the high from a couple of weeks ago?
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00:02:50If we can take that out and start to change the pattern from a series
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00:02:55of lower highs and lower lows to actually making a higher high.
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00:02:59That might impress some people in the market.
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00:03:01We'll just have to wait and see.
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00:03:02But right now, all of these buy signals
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00:03:04look like they're going to fade away fairly quickly.
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00:03:08Let's finish off this morning's presentation.
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00:03:10Looking at those megatrends.
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00:03:11And the US dollar dipped into the channel
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00:03:14yesterday, but still closed above the upper channel line.
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00:03:16No change there, no real change for the euro.
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00:03:19Just closed up a tick.
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00:03:21Canadian dollar traded up to the upper
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00:03:23channel line, but then pulled back and closed lower on the day.
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00:03:27And there's the Japanese yen making a new low.
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00:03:30I understand that that's probably the lowest or the biggest spread between
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00:03:34the US dollar and the Japanese yen since 1990.
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00:03:38Then we're looking at bond yields.
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00:03:40They made a new high yesterday, bonds made a new low.
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00:03:43Then we've got copper actually ending the day on a sell signal.
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00:03:47So after treading water for over a week, we finally broke down.
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00:03:51And coppers back on a sell signal,
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00:03:53joining gold, which closed up a couple of bucks yesterday.
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00:03:57Had another inside day,
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00:03:58so they're really waiting for something to add some volatility to the gold market.
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00:04:04And then silver closing higher yesterday by less than half a percent.
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00:04:08Still trading below the lower channel line.
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00:04:11Then moving on to energy.
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00:04:12We had crude oil come down almost 3% on the day, back on a sell signal.
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00:04:17And then we've got natural gas making a new low for this move on Tuesday.
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00:04:22Okay folks, that's all for this morning's presentation.
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00:04:25We've got stock index futures lower.
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00:04:27We have a bunch of new buy signals.
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00:04:29I would from Tuesday's trading action,
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00:04:31I would certainly not want to be aggressive here.
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00:04:33Once again, you've heard me say this for month after month,
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00:04:37that there's no reason to use margin or to jump in with both feet.
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00:04:41If you want to take any new buy signals, take a partial position.
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00:04:44And from the buy signals we got yesterday, you can always wait and see if we get
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00:04:49another close above the upper chin line on Wednesday.
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00:04:53Enjoy the rest of your day.
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00:04:54Next time you'll hear my voice is on Thursday morning.