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00:00:04Good morning, everyone, and welcome to Wednesday morning.
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00:00:06It's Stephen Whiteside here from TheUpTrend.
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00:00:08com In the pre-market this morning, things are fairly quiet.
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00:00:11Stock index futures and commodities are trading below fair value.
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00:00:15Dow Futures currently down 130 points.
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00:00:18We do have some economic numbers coming
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00:00:20out at 8:30 this morning that could change the direction of the market.
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00:00:23And then we also have energy inventories coming out later in the morning.
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00:00:28Moving on, looking at the We have VIX.
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00:00:30The VIX is still on a sell signal.
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00:00:31That's supportive for higher stock prices.
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00:00:34In the pre-market, and we've seen a lot of
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00:00:36gaps higher and lower during earnings season.
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00:00:40And here's one stock gapping sharply
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00:00:42higher this morning, and that is Beyond Meat.
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00:00:45It's up over 60% last time I checked, and
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00:00:48that would be trading right off the top right-hand corner of the screen.
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00:00:53So quite an impressive move for Beyond Meat in the pre-market.
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00:00:57Now, we've got Bitcoin and Ethereum making new highs this morning, and that is going
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00:01:01to help all the crypto-related stocks on Wednesday.
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00:01:06We've got Bitfarm making a new high yesterday.
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00:01:08We've got Coinbase making a new high.
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00:01:11We've got a new high for Marathon.
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00:01:13We've got a new high for MicroStrategy,
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00:01:15and I would assume those stocks are going to continue to move higher on Wednesday.
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00:01:22Now, I've been watching Apple closely.
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00:01:24It's still trying to hold support here.
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00:01:25Once again, it traded through the 181.
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00:01:2925 level yesterday, but recovered going into the close.
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00:01:33And a lot of people are paying attention
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00:01:35right now because we are sitting on the 200-day moving average.
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00:01:38So we are watching Apple closely, seeing if it can hold here or if it's going to
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00:01:43start to break down and open up to some new price targets to the downside.
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00:01:48Then looking at Meta, Meta is still closing above the upper channel line.
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00:01:52No change there.
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00:01:53Looking at Microsoft, we may have put in a lower high here.
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00:01:56Looking for a close on Wednesday below $404 97.
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00:02:01And NVIDIA is still on a buy signal here last week.
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00:02:04We actually generated a sell signal.
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00:02:07We wait for the close to confirm a sell signal, and then we're
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00:02:11going to take that sell signal and do something with it the next morning.
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00:02:15You come in the next morning and you find out that NVIDIA is gapping higher in the
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00:02:20pre-market, so you can either take that sell signal and just go with it and lock
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00:02:25in profits there, or just ignore the sell signal and just hold on.
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00:02:29And we're We've still got a partial
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00:02:31position in NVIDIA coming into Wednesday's trading action.
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00:02:35Then looking at Tesla, we're still on a
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00:02:37buy signal here, still dealing with the open gap at $206.
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00:02:4077.
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00:02:41You can see we're still dealing with our mathematical resistance at $203.
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00:02:4613.
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00:02:47If we can take out that open gap, then 218.
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00:02:5175 comes into play.
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00:02:53Then what worked yesterday, well, it was
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00:02:56biotechs were the big winners two days in a row, followed by US retail.
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00:03:00And speaking of retail, Macy's announced
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00:03:04it was closing 150 stores yesterday, and that seemed to help the stock not hurt
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00:03:09it, and it certainly helped the retail sector.
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00:03:12Then we've got money still going into the mid Caps in the Russell 2000 and the
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00:03:17micro-caps, and that's a good sign for the market going forward.
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00:03:20But we are incredibly overbought here,
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00:03:24and this is a seasonally weak period for the stock market.
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00:03:27So it'll be interesting to see how this
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00:03:28works itself out Of course, we're going to take the signals as they come up.
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00:03:33Let's finish off looking at the world of commodities.
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00:03:36Copper is still on a buy signal.
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00:03:37Copper mining is still on a buy signal.
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00:03:40The price of gold and the GLD are still on buy signals.
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00:03:44Unfortunately, nobody wants gold mining stocks at the moment, and even the juniors
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00:03:48are still on a sell signal, so no change there.
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00:03:51Then looking at silver, we're back on a sell signal for silver and for the SLV.
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00:03:56Then looking at the silver miners, no joy there.
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00:03:59Down at the bottom of the range.
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00:04:02Next up, looking at the energy sector,
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00:04:04we've got both crude oil and natural gas moving up on the same day.
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00:04:08And is that positive for energy stocks?
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00:04:10No, energy stocks actually pulled back on the day.
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00:04:13So no change in trend for energy stocks based on Tuesday's trading action.
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00:04:19Okay, folks, that is all for this morning's presentation.
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00:04:22So far, it looks like we're going to see a
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00:04:23little selling at the open on Wednesday morning.
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00:04:26Have a great day, folks.
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00:04:27Next time you'll hear my voice is on Thursday morning.