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It's Stephen Whiteside here from the uptrend cam with this
It's Stephen Whiteside here from the uptrend cam with this weekend's addition to protect your portfolio
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We came off a three-day long weekend in the US
We came off a three-day long weekend in the US and the Vicks continue to move lower which is supportive for higher stock prices
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This coming Friday will be watching to see if the
This coming Friday will be watching to see if the Vicks can close below 2423 Nutwood
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If I, we look at a chart of the spider
If I, we look at a chart of the spider ETF for the S&P 500, you can see how small the bar was
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And so volatility, really settled down this week at the
And so volatility, really settled down this week at the end of the week
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So slightly, of course the TSX moving up, had a
So slightly, of course the TSX moving up, had a lot to do with Energy prices which continue to move higher
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And we see the TSX energy index up, little over
And we see the TSX energy index up, little over one and a half percent down north of Border
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And of course, the markets expecting the FED to do
And of course, the markets expecting the FED to do the same in the not-so-distant future and a bond prices fell
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Now with all the talk of inflation that the world
Now with all the talk of inflation that the world would think that gold prices would be zooming higher, but right now, gold prices are pretty steady
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Now the price of crude oil, continue to move higher
Now the price of crude oil, continue to move higher with a new closing high for this, move up by 378%
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But we certainly had our fair share of Market noise
But we certainly had our fair share of Market noise this week information opinions coming from all over the place and it did cause a lot of premarket post-market and intraday volatility, but at the end of
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Now, the market is still in a risk-off condition and
Now, the market is still in a risk-off condition and that, of course, means it's hard for everybody to make money in the market
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You can see that the US micro-caps, Canadian micro-caps, nothing
You can see that the US micro-caps, Canadian micro-caps, nothing really going on with them at the moment
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Now for the past few months, we've been talking about
Now for the past few months, we've been talking about recession and reception isn't a destination
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And as time passes, you'll see, you know, what different
And as time passes, you'll see, you know, what different areas of the market start to slow down such as housing such as retail, and, of course, as things, slow down corporations will start putting out earnings
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Warnings, they'll start to pare back their earnings project projections
Warnings, they'll start to pare back their earnings project projections for the future, and that, of course, can put more downward pressure on stocks
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Let's take a look some daily charts and death of
Let's take a look some daily charts and death of the victim of the S&P 500 weigh it inside day on Friday
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We need to close above 2894 on Monday, to give
We need to close above 2894 on Monday, to give us a new Buy Signal that of course would be negative for stocks
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And of course that a chain lines going to continue
And of course that a chain lines going to continue to move lower daily
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We did trade above it during the week, but couldn't
We did trade above it during the week, but couldn't hold those games were also trading up to the 50-day moving average
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There were also training up to the bottom of the
There were also training up to the bottom of the fly paper Channel and we stopped there
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So, right now the market is in limbo or trying
So, right now the market is in limbo or trying to get 421 and change, but don't we're stuck at several places at the moment
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Now, looking at the nasdaq-100 for the queues within inside
Now, looking at the nasdaq-100 for the queues within inside day on Friday
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So, a day of indecision, looking for clothes on Monday
So, a day of indecision, looking for clothes on Monday below to 96473 1250, was our next Target to the upside
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So if you had an order in to sell, it
So if you had an order in to sell, it got filled this week is 31250 significant number
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And so, what was previously, support is now going to
And so, what was previously, support is now going to act as resistance on the way back up
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We had an inside day on Friday, looking for a
We had an inside day on Friday, looking for a close blow, 3128 on Monday and we did hit our Target of 3203
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If you have no ordering up there that got filled,
If you have no ordering up there that got filled, the marshmallows are a little above that level
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And the question is why don't you follow ETF ABC
And the question is why don't you follow ETF ABC walk? The Canadian ETF Market is rather small
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There are lot of ETFs, a lot of duplicate ETFs
There are lot of ETFs, a lot of duplicate ETFs that don't have very much volume or Market interest
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They are the big 800-pound gorilla in this market on
They are the big 800-pound gorilla in this market on Friday that particular ETF had over three million shares traded
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And I share ETF had a little over one and
And I share ETF had a little over one and a half million shares and then as you go down the list, you're going to find some Bank of Montreal ETFs, we cover those
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But all of these ETFs are in her database, but
But all of these ETFs are in her database, but notice, there's no Royal Bank through snow Bank of Nova Scotia
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There's no, you know, those don't show up on any
There's no, you know, those don't show up on any of the most active list
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If your bank has an ETF that mirrors, the TSX
If your bank has an ETF that mirrors, the TSX 60, use the TSX 60 index for buy and sell signals
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If your bank has an ETF that mimics the TSX
If your bank has an ETF that mimics the TSX itself, then use the TSX index, charts to manage that particular ETF
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Don't you don't have to go looking at other ETFs
Don't you don't have to go looking at other ETFs go and look at the indexes themselves because in this market, it's all about the ishares for the TSX, 60
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I am more inclined to trade and follow the leveraged
I am more inclined to trade and follow the leveraged ETF acid, anything else, but you can see from this chart, the Canadian Market is watching the ishares for the TSX 60
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Now, moving on, one of the other major indices that
Now, moving on, one of the other major indices that I love to watch every single day is the Sox index of course, every product has chips
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And so, if companies are ordering chips, then the more
And so, if companies are ordering chips, then the more chips, they order the better than going to do, the more they're selling
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The more active, the technology sector is the more healthy
The more active, the technology sector is the more healthy the technology sector is
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Looking for a close on Monday below, 29, 44-28 that
Looking for a close on Monday below, 29, 44-28 that would give us a cell signal Friday was an inside day or day of indecision
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We spent the last four days trying to break out
We spent the last four days trying to break out above that level and could not do it
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Are we stuck at our mathematical Target or we stuck
Are we stuck at our mathematical Target or we stuck at the 50-day moving average or are we stuck at the bottom of the fly paper Channel? All of those are currently acting as resistance
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Now looking at that the energy sector, we've got the
Now looking at that the energy sector, we've got the Uso, making a new high on Friday for this move
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We are projecting higher prices here with the bottom of
We are projecting higher prices here with the bottom of the panics owns
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The pros haven't taken control yet, Friday with a bearish
The pros haven't taken control yet, Friday with a bearish reversal day
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We're still stuck at 1875 and we've been there for
We're still stuck at 1875 and we've been there for a while now, 1875 is resistance back in April, it was support and that support is now turned into resistance
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If we close below that level, that would give us
If we close below that level, that would give us a new daily sell signal for the price of gold
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00:00:00Hello everyone.
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00:00:01It's Stephen Whiteside here from theuptrend.com with this weekend's addition to Protect Your Portfolio.
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00:00:08It was a rather quiet week.
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00:00:09We came off a three-day long weekend in the US and the VIX continue to move lower, which is supportive for higher stock prices.
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00:00:16This coming Friday we will be watching to see if the VIX can close below 24.23.
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00:00:23Which would give us a new weekly Sell Signal. Over the past four trading days.
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00:00:27it seemed like more of a pause week than anything else.
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00:00:30If we look at a chart of the SPY ETF for the S&P 500, you can see how small the bar was this week.
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00:00:36We have to go back over six weeks to see a bar of similar size.
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00:00:40And so volatility really settled down this week. At the end of the week
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00:00:44the S&P 500 was down a little over 1%.
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00:00:47So was the NASDAQ-100. The TSX 60 closed up on the week
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00:00:52so slightly. Of course the TSX moving up, had a lot to do with Energy prices which continue to move higher.
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00:00:58And we see the TSX Energy Index up a little over one and a half percent. Now north of Border
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00:01:05the Bank of Canada raised interest rates this week.
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00:01:08And of course, the markets are expecting the FED to do the same in the not-so-distant future. Bond prices fell
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00:01:16of course putting upward pressure on bond yields.
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00:01:19Now with all the talk of inflation that the world would think that gold prices would be zooming higher, but right now, gold prices are pretty steady.
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00:01:28They closed down ever
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00:01:29so slightly, just down $3.40.
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00:01:32Now the price of crude oil continue to move higher, with a new closing high for this move, up by 3.78%.
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00:01:39
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00:01:40We certainly had our fair share of Market noise this week, information, opinions coming from all over the place. And it did cause a lot of premarket, post-market and intraday volatility. But at the end of
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00:01:54the week. None of it really stuck. None of it really moved the needle.
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00:01:57Now, the market is still in a risk-off condition, and that of course means it's hard for everybody to make money in the market.
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00:02:05You can see that the US micro-caps and Canadian micro-caps are not really going anywhere at the moment.
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00:02:11And until that changes.
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00:02:12It's going to be very hard to make money in the stock market.
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00:02:16Now for the past few months, we've been talking about Recession. Recession is not a destination.
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00:02:21We're not waiting for it to happen.
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00:02:24The Market's already reacted to the anticipation of a recession.
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00:02:29And as time passes, you'll see different areas of the market start to slow down, such as housing, such as retail. And of course, as things slow down, corporations will start putting out earnings
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00:02:43alerts, or
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00:02:44warnings. They'll start to pare back their earnings projections for the future, and that of course, can put more downward pressure on stocks.
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00:02:53Let's take a look some daily charts. The VIX for the S&P 500 had an inside day on Friday.
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00:02:59So a fairly quiet day.
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00:03:00We need to close above 28.94 on Monday, to give us a new Buy Signal. That of course would be negative for stocks.
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00:03:08And of course that a channels lines are going to continue to move lower daily.
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00:03:11It was an inside day for the S&P 500 on Friday.
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00:03:15And on Monday were looking for a close below
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00:03:17$400.60 to give us a Sell Signal on the SPY ETF. .
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00:03:19
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00:03:22Now our goal was to get up to 421.88.
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00:03:26But unfortunately, we're stuck at resistance.
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00:03:28Now resistance can come from all kinds of different places.
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00:03:32We've been watching the March Lows which were 415.12.
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00:03:35We closed below that level on Friday.
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00:03:37We did trade above it during the week, but couldn't hold those gains. We are also trading up to the 50-day moving average.
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00:03:44We've stopped.
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00:03:45We are also trading up to the bottom of the Fly Paper Channel and we stopped there.
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00:03:49So, right now the market is in limbo or trying to get 421 and change, but we're stuck at several places at the moment.
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00:04:03So, a day of indecision. Looking for a close on Monday below 296.47. 31250 was our next Target to the upside.
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00:04:12We hit that.
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00:04:13So if you had an order in to sell it got filled. This week 312.50 is still asignificant number.
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00:04:18Well, it provided support back in late April.
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00:04:21And so, what was previously, support is now going to act as resistance on the way back up.
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00:04:26Looking at the iShares for the TSX 60.
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00:04:29Again.
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00:04:29We had an inside day on Friday. Looking for a close below 31.28 on Monday, and we did hit our Target of 32.03.
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00:04:38So that was hit.
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00:04:39If you have any orders up there, they got filled. the March lows are just a little above that level.
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00:04:43So the market was just using our mathematical Price Targets.
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00:04:49I get this question a lot.
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00:04:51And the question is why don't you follow ETF ABC? The Canadian ETF Market is rather small.
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00:04:59There are alot of ETFs, a lot of duplicate ETFs that don't have very much volume or Market interest.
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00:05:07And so, let me give you some tips here.
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00:05:10First of all, the iShares for the TSX 60
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00:05:13are the big 800-pound gorilla in this market. On Friday this particular ETF had over three million shares traded.
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00:05:20The next ETF, which is also.
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00:05:22an IShare ETF had a little over one and a half million shares. And then as you go down the list, you're going to find some Bank of Montreal ETFs. We cover all those.
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00:05:32All of these ETFs are in our database. But notice, there are no Royal Bank or Bank of Nova Scotia ETFs.
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00:05:38Thos don't show up on any of the most active lists.
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00:05:42So let me give you some tips here.
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00:05:45If your bank has an ETF that mirrors the TSX 60, use the TSX 60 index for buy and sell signals.
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00:05:53If your bank has an ETF that mimics the TSX itself, then use the TSX index charts to manage that particular ETF.
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00:06:03You don't have to go looking at other ETFs. Go and look at the indexes themselves. In this market, it's all about the iShares for the TSX 60.
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00:06:12That's the only one I would really follow.
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00:06:14Besides the leveraged ETFs.
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00:06:17I am more inclined to trade and follow the leveraged ETFs than anything else. But you can see from this chart, the Canadian Market is watching the iShares for the TSX 60.
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00:06:28Now, moving on, one of the other major indices that I love to watch every single day is the Sox index of course. Every product has chips.
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00:06:38And so, if companies are ordering chips, then the more chips they order, the better they are doing, the more they're selling.
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00:06:45The more active the chip sector is, the more healthy the technology sector is.
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00:06:50So right now we've got the socks index on a Buy Signal.
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00:06:53Looking for a close on Monday below, 2944.28 that would give us a Sell Signal. Friday was an inside day or day of indecision.
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00:07:01We're looking to breakout above 3125.
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00:07:04We spent the last four days trying to break out above that level and could not do it.
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00:07:09Are we stuck at our mathematical Target? Or are we stuck at the 50-day moving average? Or are we stuck at the bottom of the Fly Paper Channel? All of those are currently acting as resistance.
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00:07:20Now looking at that the energy sector, We've got the USO making a new high on Friday for this move.
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00:07:26If we can break away from 87.50, then 93.75 comes into play.
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00:07:31Unfortunately, or fortunately, depending on who you are.
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00:07:35If you're long gasoline.
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00:07:36We had a new high on Friday and we're heading towards 81.25.
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00:07:40If we can take out 81.25, 87.50 comes into play.
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00:07:45Of course, this is not good news
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00:07:47if you want to go out and drive anywhere this summer.
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00:07:50Now for the price of gold.
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00:07:52This is a perfect setup.
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00:07:53We are projecting higher prices here. We are at the bottom of the Panics Zones.
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00:07:57We have a Pressure Zone formed. Everything is set up.
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00:08:00But unfortunately, we're not going anywhere.
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00:08:01The Pros haven't taken control yet, Friday with a bearish reversal day.
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00:08:06We're still stuck at 1875 and we've been there for a while now. 1875 is resistance. Back in April it was support, and that support has now turned into resistance.
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00:08:17And here we are.
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00:08:18We're not able to break out above that.
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00:08:20We're also trading up to the 200-day moving average.
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00:08:23We're stuck there.
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00:08:24So here we are.
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00:08:25We're on a Buy Signal.
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00:08:26Unfortunately.
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00:08:27We don't seem to be going anywhere at the moment.
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00:08:29Of course, could change during the coming week.
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00:08:32On Monday, we are looking for close below, 1840.29.
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00:08:36If we close below that level, that would give us a new daily sell signal for the price of gold.
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00:08:41Okay? Folks, that is all for this week's presentation.
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00:08:44Enjoy the rest of your weekend.
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00:08:45Next time you hear my voice is on Tuesday morning.