Stock Market Timing Television - 05052023
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00:00:01Good Morning, everyone, and welcome to Friday morning.
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00:00:03It's Stephen Whiteside from the uptrend.c
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00:00:05om with today's look at North American stock market trends.
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00:00:09In the premarket this morning, stock index
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00:00:10futures and commodities are trading up above fair value.
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00:00:14That has a lot to do with Apple.
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00:00:16We'll take a look at that in a second.
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00:00:18What we're seeing in the premarket is
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00:00:20certainly not going to unwind the damage that has been done so far this week.
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00:00:25Let's start off today's presentation looking at some premarket activity.
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00:00:30Today it's all about Apple.
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00:00:31Now, Apple traded through the lower
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00:00:33channel line yesterday, did not close below it.
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00:00:36So we're coming into Friday still on a buy
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00:00:38signal, currently trading above the recent high from the other day up at 169.48. Of
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00:00:44course, that number is fluctuating every second.
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00:00:47If we can get over 170, then 175 comes into play.
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00:00:51We recently took some money off the table at 168.
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00:00:5575.
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00:00:56Would love to sell some more shares at 175.
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00:01:00Now, Shopify was up in the premarket yesterday.
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00:01:04It performed a lot better after the market opened than it was doing in the premarket.
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00:01:10Now we came into Thursday's trading action on a new sell signal from Wednesday's
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00:01:15close on both the New York and Toronto listing.
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00:01:18Of course, if you had an order in to sell, if you actually took that sell order, you
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00:01:24would have got filled at the open on the TSX.
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00:01:26That was $73 yesterday.
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00:01:28If you waived off that sell order, sell
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00:01:30signal because you saw that the stock was trading higher in the premarket, then of
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00:01:35course you may have had some price targets in.
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00:01:37This is the chart from the day before.
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00:01:40Our next price target was
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00:01:4268.75 followed by the high from early February at 73.03. You may have put an
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00:01:48order in up there or you may have put your next order in at 68.
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00:01:5275. I hope you had orders in at both places.
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00:01:56Then our next target above that was 81.25.
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00:02:00Of course, looking three lines up from where we're trading on Wednesday, that is
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00:02:06certainly expecting a very aggressive move.
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00:02:10What do you know?
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00:02:11We almost hit 81.25, got as high as 81.20.
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00:02:15If you had an order at 68.75 or 73.03, they certainly got filled at the open.
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00:02:21We actually opened at 73 and then very quickly those two orders got filled.
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00:02:27Your order at 75 got filled, but if you had an order in at 81.25, we're still
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00:02:33waiting to fill that and that could happen on Friday.
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00:02:37Now, the midterm chart, of course, gives you a little more breathing room and
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00:02:42compare that to the right side chart, you wouldn't have got all the way down to the
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00:02:47lower channel line from Wednesday's trading action.
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00:02:50We did indicate that we're potentially going to see some weakness there.
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00:02:55That, of course, has completely reversed
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00:02:57and now we're looking at strength to the upside.
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00:03:01Now, Regional Banks continued to move lower yesterday.
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00:03:04They were down 5.45 % and making a new low for this move.
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00:03:10Looking at our panic zone chart, of
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00:03:11course, we look for shorting opportunities off the top of the panic zones.
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00:03:15We don't look for shorting opportunities down here.
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00:03:17That's when you often see short squeezing
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00:03:22take place because the public gets interested in shorting down here.
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00:03:26They don't get interested in shorting up here.
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00:03:28This is where you make all the money.
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00:03:30This is where you take on all the risk.
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00:03:32Now, when we look at this regional bank ETF, you can see that we were expecting a
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00:03:37bottom here, and the chart started to turn blue, but we couldn't get more money to
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00:03:43come back in, which is a good thing as this particular ETF has continued to move
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00:03:48lower, it looks like we're setting up to create another Pressure Zone here.
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00:03:52So we may be getting close to the bottom, but we're still seeing aggressive selling.
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00:03:58Pacwest was down over 50 % yesterday, making a new low for this move.
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00:04:03Now, we don't cover all of the Regional Banks that are publicly traded.
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00:04:07We try to focus on the ones that were
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00:04:09included in any of the major indices or ETFs.
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00:04:13We see Comerica down again yesterday, down over 12 %.
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00:04:18We've got Zion Bancorp down over 12 %.
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00:04:21Bank of California made a new low for this move yesterday, down nearly 7 %.
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00:04:28Now, looking at the VIX, the VIX continued to move higher.
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00:04:30It is back on a buy signal as of Thursday's close.
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00:04:34It is the Nasdaq that's still holding the market up.
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00:04:36It is still on a buy signal coming into Friday's trading action.
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00:04:40And of course, it is moving up in the premarket for the triple Qs.
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00:04:44We're looking for a close below 316.02 on Friday.
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00:04:49Next up, let's take a look at the most
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00:04:51actively traded stocks from Thursday's trading action.
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00:04:54We have already looked at a couple of them.
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00:04:57Starting off in New York, we're looking at Advanced Micro Devices.
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00:05:00And this is the chart from the second.
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00:05:03We actually closed just above the upper channel line.
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00:05:05We were looking for a close above 89.78.
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00:05:09We closed at 89.91. So that's a buy signal, except you come in the next day
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00:05:15and you see that we're going to open up below the lower channel line, so you don't
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00:05:19take that buy signal and so you're still sitting short Advanced Micro Devices.
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00:05:24Yesterday was a wild day.
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00:05:26We traded up, we traded above the upper
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00:05:28channel line, but settled down just above the lower channel line.
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00:05:31So we're still looking for a close on
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00:05:33Friday above 89.44. Looking at PacWest, we already talked about this stock.
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00:05:40Then we've got Tesla.
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00:05:41Tesla has been trading water for a couple of weeks now.
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00:05:44Looking for a close on Friday above 166.71 to give us a buy signal.
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00:05:50Shopify, we've already looked at.
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00:05:52Then we've got Bank of America making a
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00:05:54new low for this move, but not a new low altogether.
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00:05:59Then we're looking at Ford still on a sell signal that would change on Friday with a
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00:06:04close above $12.08. Then we've got CBS or what's now called
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00:06:09Paramount gapping sharply lower yesterday, closing right at the low of the day.
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00:06:15So investors very angry at this particular stock.
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00:06:19Then we've got Apple, which we talked about.
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00:06:21Then we're looking at SoFi, making a new
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00:06:23low for this move before recovering, actually closing up on the day.
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00:06:28Then we've got KeyCorp, again, another one
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00:06:31of the Regional Banks making a new low for this move.
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00:06:34Then Wells Fargo making a new low for this move.
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00:06:37And our last stock in this list is
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00:06:39Carnival, currently on a buy signal, had a wild day yesterday, closed in the channel,
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00:06:45looking for a close below $9.12. Next up, let's take a look at the TSX most
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00:06:51actively traded stocks from Thursday's trading action.
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00:06:56Starting off with Embridge.
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00:06:57Embridge is on a sell signal but is not going down easily.
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00:07:01Closing back in the channel yesterday, looking for a close on Friday above
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00:07:0653.66. Then looking at Shopify, we talked about this earlier.
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00:07:11Then next up, we're looking at Suncor,
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00:07:13making a new low for this move, taking out the low from March.
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00:07:17That's a bearish sign.
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00:07:19Then looking at K 92, back on a buy signal as of Thursday's close.
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00:07:24Then we've got Barrick making a new high for this move, hitting our next price
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00:07:28target at 28.13. Now we're up at the top of the projected trading range.
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00:07:32You can either do the math or go to the weekly chart.
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00:07:36This chart was published last weekend, so we hit 28.13 yesterday.
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00:07:41Now 31.25 is our next target to the upside.
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00:07:44Is that a legitimate target?
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00:07:45Well, it was where we peaked out back in
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00:07:48the spring of 2022, so it's certainly a legitimate target to the upside.
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00:07:54Looking at the TD Bank, and of course, we
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00:07:56talked about the fact that short sellers have been targeting the TD Bank.
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00:08:00Well, they've been targeting it in vain.
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00:08:02We traded higher yesterday, traded through
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00:08:05the upper channel line, did not close there.
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00:08:07We need to close on Friday above 82.55 to give us a buy signal.
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00:08:12Cenovus Energy making a new low yesterday
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00:08:14before recovering, actually closing up two cents on the day.
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00:08:18Then we're looking at both manual life and
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00:08:20Sun Life, both back on sell signals as of Thursday's close.
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00:08:25Athabasca Oil Sands making a new low for this move.
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00:08:28Also seeing a new low for Canadian Natural Resources and a new low for CIBC, which is
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00:08:34now starting to trade below the low from March.
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00:08:38Okay, folks, that's all for me for this morning.
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00:08:40Next time you'll hear my voice is on the weekend.
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00:08:43Have a great day, have a great weekend, and we'll talk to you again soon. you..