Stock Market Timing Television - 20221118

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Good morning, everyone. Welcome to Friday morning.
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It's Stephen Whiteside here from theuptrend.com in the pre market
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this morning, stock index futures are above fair value.
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Dow futures currently up about 180 points, while yesterday the VIX traded
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in the channel but ended the day closing slightly lower.
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A close above 25.71 would give us a buy signal on Friday.
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The US. Dollar index climbed slightly higher
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yesterday, looking for a close above 109.29 on Friday.
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Not expecting that to happen.
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Now, the market reversed off intraday lows yesterday.
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Remember, we were starting off on a very
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negative tone on Thursday morning, but the markets recovered.
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There's the Dow Diamonds closing up $0.03 after dipping in the channel.
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The SPY ETF and the Q's both dipped
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into the channel but recovered at the end of the day.
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There's the iShares for the Russell 2000
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bouncing off the lower channel line, closing in the middle of the channel.
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And there's the iShares for the TSX 60
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trading in the channel and then recovering and going into the close.
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So the market had a nice recovery yesterday.
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If you remember,
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we were looking at the crude oil yesterday, looking for support at 81.25.
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We got that the crude oil actually closed at 81.40 yesterday.
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So if we start breaking down from here, then $75 is our next target.
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Now, energy stocks, they also recovered nicely yesterday.
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There's the iShares for the TSX energy sector closing just two cent above
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the lower channel line, but a much bigger recovery in the US.
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Where the SPDR energy ETF actually closed slightly higher on the day.
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Now, yesterday we were talking about
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Tesla, and Tesla is still holding last week's low.
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So that gives us some hope.
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On Friday, we're looking for a close above 201.44.
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It was down another just a little over 2% yesterday.
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Now, I know some Tesla nuts that think Tesla is the only stock you need in your
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portfolio, and I would strongly argue against that.
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Yes, it has potential to go back up.
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Yes, it is certainly a tradable
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instrument, but is not a be all and end all.
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If you want a reference point,
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if you want to get a good reading, it's a dated book now,
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but it still talks about the same things that are going on today,
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and that's the book is called Crossing the Chasm by Jeffrey Moore.
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And it talks about all the innovative
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companies that have led the world in technology.
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And of course, they don't actually end up being the winners in the end.
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And you can go back in time.
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You can look at Xerox,
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you can look at personal computers, you can look at cell phones.
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There's all kinds of technology references that we can go back and look at.
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And Tesla has certainly been the leader
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in the electric vehicle space and automated selfdriving,
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but they probably will not be the winner in the end.
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Now, speaking of Tesla, ARK Innovations was in the news yesterday.
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If you had a choice,
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if you were a bank and you were going to create a new product,
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would you create it with this or would you create it with that?
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This is Berkshire Hathaway.
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This is ARK Innovation. ETF.
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Let me show you those again. There's.
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ARK Innovations. There's.
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Berkshire hathaway.
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You're going to create a new partnership.
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You're going to create a new ETF for your customers.
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Which ones do you choose?
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Well, the bank of Montreal went with ARK innovations and they're creating new ETFs.
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I have no idea why, but that's exactly what they're doing.
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And that's probably why I don't work for a bank.
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Now, Apple is still on a buy signal.
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Amazon is still on a buy signal, but barely.
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We need to close below 94.29 on Friday to give us a sell signal for Amazon.
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We are coming up to Black Friday.
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It doesn't look like people's expectations are very high for Black Friday for Amazon.
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Now, I own both of those.
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I also own Goldman Sachs, which helps smooth out the results over time.
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Now, chips are still doing well.
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They had a nice recovery yesterday, closed higher on the day.
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So we're still on a buy signal for Advanced Micro Devices for Intel,
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for Nvidia, and then, of course, Taiwan Semiconductors.
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There are big news out that Warren Buffett
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had taken a position in Taiwan Semiconductors recently.
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And let's finish off with Gold.
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Gold looks like it's starting to put in a rounding top here.
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There's the iShares
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for the TSX Global Gold Index trading back in the channel yesterday.
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We need to close on Friday below 1587.
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And then for the Gold miners,
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ETF for the GDX, it closed right at the upper channel
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and looking for a close on Friday below 26 39.
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Okay, folks, that's all for this morning's presentation.
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Looking for a higher open on Friday.
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Enjoy the rest of your day.
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Enjoy your weekend.
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Next time you'll hear my voices on Sunday.
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And at that time, we'll take a closer look at the weekly charts.

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