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It's Stephen Whiteside here from the uptrend, today's look at
It's Stephen Whiteside here from the uptrend, today's look at North American stock market trends
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While I'm doing this video ahead of the inflation numbers
While I'm doing this video ahead of the inflation numbers that are coming out at 8:30, this morning so far
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Things look, fairly bullish, stock index, Futures have been up
Things look, fairly bullish, stock index, Futures have been up all morning crude oil and natural gas or higher
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While gold is slightly lower on Wednesday morning while on
While gold is slightly lower on Wednesday morning while on Tuesday, the Bulls were in control until some news came out of from the bank of England
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And you can see the ishares for the UK Market
And you can see the ishares for the UK Market to trading lower yesterday, and there's a Barclays Bank, and there's Lloyds Bank, both down sharply on Tuesday
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Now, yesterday the US dollar and of the day, slightly
Now, yesterday the US dollar and of the day, slightly higher, we saw crude oil, pull back to the upper chain line is trading higher in the pre-market this morning
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So is natural gas, which is still on a cell
So is natural gas, which is still on a cell signal and then copper has been trading in the channel for the last couple of days
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So it's the one to buy signal here but of
So it's the one to buy signal here but of course being in the channel is neutral and then we've got gold on
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And then finally silver is joining gold on a cell
And then finally silver is joining gold on a cell signal as of Tuesday's close
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If we break out above that, of course, we're expecting
If we break out above that, of course, we're expecting the stock market to continue lower from here, but we are up at resistance, and if you look back to the left hand side of the screen,
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And so, this is the time in a place where
And so, this is the time in a place where the market could put in a bottom
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The Sox index making a new low for this move
The Sox index making a new low for this move and didn't have a lot to do with AMD, which is holding super 5625 closing at 5663
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Yesterday, I didn't have a lot to do with Nvidia
Yesterday, I didn't have a lot to do with Nvidia and it didn't have a lot to do with Intel Intel was lower yesterday
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For in tell everybody else seems to be hiring in
For in tell everybody else seems to be hiring in the sector and Intel is laying people off
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It was closed on Monday, and so there is the
It was closed on Monday, and so there is the eyeshadows for the TSX 60 making a new low
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7 for the ishares for the energy sector, and then
7 for the ishares for the energy sector, and then looking at the Gold sector of course
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So we're playing catch-up to the selling that we saw
So we're playing catch-up to the selling that we saw on Monday, but we closed at 1504, we need to close below $15 to give us a cell signal for the ishares gold ETF for the gold
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And then, if we look at a couple of big
And then, if we look at a couple of big cap stocks, we've got Barrick at closing at the 20
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74, yesterday, we needed a close below 2076 and so
74, yesterday, we needed a close below 2076 and so we are on a cell signal for Barrick, but not for agnico-eagle, we need to close below the 5727, we closed at 5727 so sitting right on
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So any lower closed on Wednesday, would give us a
So any lower closed on Wednesday, would give us a cell signal for agnico-eagle, okay? Folks, that is all for this morning's presentation
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I see the inflation numbers have come out and that
I see the inflation numbers have come out and that the market has pulled back with the Dow was up 180 points
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We have seen a pullback but that certainly no major
We have seen a pullback but that certainly no major reversal in the market
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00:00:00Good morning everyone. Welcome to Wednesday morning.
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00:00:02It's Stephen Whiteside here from theuptrend.com with today's look
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00:00:05at North American stock market trends. While I'm doing this video
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00:00:10ahead of the inflation numbers that are coming out at 8:30 this morning,
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00:00:13so far things look fairly bullish.
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00:00:15Stock index futures have been up all morning.
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00:00:17Crude oil, natural gas are higher, while gold is slightly lower
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00:00:21on Wednesday morning.
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00:00:22Well, on Tuesday the bulls were in control
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00:00:25until some news came out from the bank of England.
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00:00:28And you can see the iShares for the UK market trading lower yesterday.
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00:00:33And there is Barclays Bank and there is Lloyds Bank both down sharply on Tuesday.
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00:00:39So that put a damper on what happened here in North America.
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00:00:44Now yesterday the US dollar ended the day slightly higher.
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00:00:47We saw crude oil pullback to the upper channel line.
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00:00:50It's trading higher in the Premarket this morning.
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00:00:53So natural gas which is still on a sell signal.
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00:00:56And then copper has been trading
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00:00:58in the channel for the last couple of days, so it's still on a buy signal
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00:01:01here, but of course being in the channel is neutral.
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00:01:05And then we've got Gold on its second day of a sell signal.
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00:01:08And then finally Silver is joining gold on a sell signal as of Tuesday's close.
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00:01:14Now looking at the VIX, the VIX is up, knocking on the 34.38 door.
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00:01:19If we break out above that, of course we're expecting the stock market
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00:01:23to continue lower from here, but we are up at resistance.
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00:01:26And if you look back to the left hand side of the screen, you can see where this
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00:01:31level held us in check a couple of months ago.
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00:01:34And so this is the time and place where the market could put in a bottom.
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00:01:38We will just have to wait and see.
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00:01:40Of course if we start breaking out above
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00:01:4234.38, then 37.50 and 40.63 come into play for the CBOE Volatility Index (VIX)for the S&P 500.
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00:01:50Now the biggest loser yesterday was the Sox
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00:01:53index making a new low for this move and didn't have a lot to do with AMD,
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00:01:58which is holding support of 56.25, closing at 56.63 yesterday. Didn't have
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00:02:05a lot to do with Nvidia, and it didn't have a lot to do with intel.
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00:02:08Intel was lower yesterday by just $0.16. It's up in the Premarket this morning by I
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00:02:15think $0.23, as it's announcing that it's going to have some layoffs.
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00:02:19So that's not a good sign for intel.
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00:02:21Everybody else seems to be hiring
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00:02:23in the chip sector and intel is laying people off.
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00:02:26Of course weakness in the Socks index was
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00:02:30also weakness for the QQQ, making a new low for this move and for this year.
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00:02:35Looking at the Canadian market, of course the Canadian market had to play catch up.
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00:02:39It was closed on Monday.
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00:02:41And so there's the iShares S&P/TSX 60 Index ETF (XIU.TO) Making a new low.
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00:02:45Saw a new low for the banking sector,
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00:02:47for financials. We saw a pullback for the energy sector.
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00:02:51We're still on a buy signal here, but that was a nice gap
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00:02:55lower.
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00:02:56We need to close on Wednesday below 14.57 for the iShares, for the energy sector.
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00:03:02And then looking at the gold sector, of course, we're playing catch up
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00:03:06to the selling that we saw on Monday, but we closed at 15.04.
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00:03:11We need to close below $15 to give us
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00:03:13a sell signal for the iShares, gold ETF for the gold sector.
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00:03:19And then if we look at a couple of big cap gold stocks. We've got Barrick Gold (ABX.TO) Closing at 20.74.
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00:03:25Yesterday we needed to close below 2076.
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00:03:27And so we are on a sell signal for Barrick Gold (ABX.TO). But not for Agnico Eagle Mines (AEM.TO).
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00:03:33We need to close below 57.27 and we closed at 57.27.
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00:03:39So sitting right on the edge.
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00:03:41So any lower close on Wednesday would give us a sell signal for Agniko Eagle.
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00:03:46OK, folks, that is all for this morning's presentation.
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00:03:49I see the inflation numbers have come out and the market has pulled back.
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00:03:54The Dow was up 180 points before the numbers, currently up about 50 points.
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00:03:59So we have seen a pullback,
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00:04:01but certainly no major reversal in the market to the downside.
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00:04:06Have a great day.
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00:04:06Next time you'll hear my voice is on Thursday morning.