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00:00:00Good morning everyone, and welcome to Wednesday Morning.
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00:00:03It's Stephen Whiteside here from theuptrend.com.
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00:00:06In the Premarket this morning, stock index
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00:00:08Futures are certainly above fair value.
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00:00:10Dow futures up over 200 points.
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00:00:12That's on the back of some earnings.
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00:00:14That came out after hours last night.
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00:00:17First of all, let's look at FedEx.
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00:00:18FedEx is up at 172 and change.
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00:00:21That takes us back into the channel.
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00:00:23But not enough to give us a buy signal.
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00:00:25Then looking at Nike, which is really.
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00:00:27The big one, as Nike is a.
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00:00:29Dow 30 stock, it is up 12%.
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00:00:32Trading back up at the highs that
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00:00:34we saw last week, and that is certainly helping the Dow lead the market
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00:00:39higher on Wednesday morning.
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00:00:41Now over in Europe, Adidas is leading the German market higher this morning.
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00:00:46Now looking at yesterday's trading action for the Dow and for the TSX, it.
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00:00:50Was an inside day for the S&P
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00:00:53500 and for the Nasdaq 100.
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00:00:55We made lower lows yesterday before recovering
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00:00:58going into the close, and we're looking to trade higher this morning.
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00:01:03Now, the bond market was rather frazzled yesterday.
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00:01:05The Bank of Japan came out with some news,
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00:01:08and overnight it really threw the stock market indices for a loop.
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00:01:12But that all settled down by the.
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00:01:14Time the stock markets opened, but didn't.
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00:01:16For the bond, so the 30 year bond was down.
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00:01:18We saw the TLT gap lower yesterday and the XBB all gap lower yesterday.
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00:01:25And so you can see that the Bank of
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00:01:27Japan's news kind of frazzled the bond market.
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00:01:31Looking at commodity ETF.
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00:01:33So we're still waiting for a buy signal for crude oil.
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00:01:35That could happen on Wednesday with a
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00:01:37close above 66 .0. We've got gasoline back on a buy.
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00:01:42Signal and then natural gas heading in the opposite direction.
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00:01:45Looking to see if we can hold.
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00:01:47The lows from a couple of weeks ago.
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00:01:50Then looking at the metals, we had the GLD
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00:01:53move up, make a new closing high for this move yesterday.
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00:01:56If we can get out above 168.
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00:01:5875, then we're looking for a move
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00:02:01up to 171. 88.
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00:02:04That's our next target.
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00:02:05We closed above 168.
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00:02:0875 yesterday, but
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00:02:10we have not broken away from that level.
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00:02:12And you can see the high from last week.
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00:02:15We have to take that out and
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00:02:17that will get us up to 171.
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00:02:1988 and possibly 175.
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00:02:21Now, Silver is still leading this move
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00:02:24higher, and we have a new closing high for Silver as of Tuesday's close.
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00:02:29Now looking at the most active from
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00:02:31yesterday's trading actions. Starting off in New
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00:02:33York, it was Tesla making a new low for this move and certainly having
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00:02:38no trouble closing well below 150 as
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00:02:41we closed at 137. 80.
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00:02:43Then we've got Ford making a new low for this move, bouncing, going into the close,
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00:02:48but it's still holding the October lows there.
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00:02:52The first thing, of course, we want
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00:02:53to look for is a close above
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00:02:55the previous day's high, and that could certainly happen on Wednesday.
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00:02:59Then we're looking at Apple.
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00:03:01Apple made a new low yesterday before
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00:03:03tecovering going into the close.
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00:03:06Then we've got Amazon.
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00:03:07Fairly quiet trading yesterday for Amazon inside day.
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00:03:11And then Advanced Micro Devices closing higher
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00:03:14on the day after making a new low.
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00:03:18Moving over, looking at Bay Street.
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00:03:19And we've got Suncor trading in the channel, looking for a close above 42.
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00:03:2425 on Wednesday.
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00:03:26Then looking at TC Energy making a.
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00:03:28New low for this move on Tuesday.
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00:03:32Then looking at Barrick.
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00:03:33Barrack moving up nicely yesterday recovering, it
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00:03:37closed below the lower channel line on
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00:03:38the previous day and then turned right around on Tuesday.
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00:03:43Then CIBC.
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00:03:44Inside day for CIBC on Tuesday.
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00:03:47And then last up, we're looking at Cenovus Energy.
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00:03:49Nice move up into the channel yesterday, looking for a close above 25.
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00:03:5330 on Wednesday to give us a new daily buy signal.
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00:03:57Okay, folks, that's all for this morning's presentation.
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00:04:00Looking for a higher open on Wednesday morning.
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00:04:04Probably not enough to give us a lot of buy signals, but as you
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00:04:07can see, the energy stocks are certainly
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00:04:10getting close to buy signals, and that
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00:04:12could happen on Wednesday.
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00:04:14Enjoy the rest of your day.
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00:04:15Next time you'll hear my voice is on Thursday morning.
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00:04:47Thank you.