Stock Market Timing Television - 20230106

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00:00:00

Good morning, everyone. Welcome to Friday morning.
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It's Stephen Whiteside here from the
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uptrend.com in the pre market this morning, things are fairly quiet ahead of
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employment numbers that are coming out at 8:30 this morning.
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And of course, if the employment numbers
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are good, that could be bad for the stock market.
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If the employment numbers are really bad, that could be good for the stock market.
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So we'll have to just wait and see how that works out.
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But I do need to record this before for
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those numbers come out or it'll never get published before the market opens.
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So here we go.
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Now, I've probably mentioned this several
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times this week, but this is a holiday shortened week.
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A lot of people are still on vacation.
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So however today ends up, I'm not going to take it too seriously.
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I think everybody will be back at their
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desks next week and that's where we should really pay attention.
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And as you can see, the VIX is still
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treading water here, still trading in the Channel.
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Yesterday was an inside day.
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We did see the US dollar index move up yesterday.
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Of course, corresponding currencies move down.
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Then we've got bonds.
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Bonds have been trading in the channel for the past two days, hitting the upper
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channel line, still on a sell signal, no change there.
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Then we saw gold move up on Wednesday,
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tried to hit 1875, pulled back just before that.
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And there we see gold down yesterday.
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We still need to close on Friday below 1814.12 to give us a sell signal.
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We still have crude oil on a Sell signal holding $72 at the moment.
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Natural gas making a new low yesterday, so no change in direction for natural gas.
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The Dow diamonds still treading water
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here, still on a cell signal, no change in trend for the S&P 500 or the Nasdaq 100.
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And then the Ishares for the TSX 60.
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Still on a sell signal, no change there.
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Then looking at the energy sector,
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canadian energy stock still on a sell signal.
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It looks like they're trying to find support at Wednesday's lows.
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Then we've got US energy stocks still haven't broken down below the December
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lows trading back in the Channel yesterday.
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Then we're looking at gold miners.
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The GDX pulled back yesterday, while the
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Ishares for the TSX Global Gold index actually closed up a penny on the day.
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Then we're looking at Apple, as we've been talking about Apple for a while now,
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looking to see if it can hold support at 125.
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It closed at 125.02.
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And if we start breaking down below 125,
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I'm sure a lot of people are going to be expecting it to head down to $100.
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And then Tesla, tesla has been trading
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water for the past couple of days, still trading above $100.
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That's the big area of psychological support.
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And if you're bullish, of course you're hoping that Tesla holds 100.
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If you're bearish and looking for it to head to 62.
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50. Then you want it to break $100.
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And last up this morning, Microsoft.
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Microsoft got clipped the other day.
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It continued lower on Thursday.
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So it looks like it wants to head down to retest those November lows.
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Okay, that's all I want to say for this morning's presentation.
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Again, employment numbers coming out at 8:30.
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And of course, the market is going to
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overreact to whatever the numbers are, whether they're bullish or bearish.
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And then things will wait till next week
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before we really see the market head in a particular direction.
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Have a great day, folks. Have a great weekend.
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Next time you'll hear my voice is on Sunday.
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Thank you.

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