Stock Market Trends- 08182023

en-us French Canadian

How was the video ?

Description

Auto Scroll

00:00:00

Hello, everyone. Welcome to Friday morning.
00:00:02

I hope everyone's had a wonderful week.
00:00:04

It's been very profitable for those of you that have been along the Bear ETFs this
00:00:10

week, and that looks like it's going to continue on Friday.
00:00:13

Currently, the Dow futures are down another just under 200 points.
00:00:18

Looking at the VIX, the VIX made a new high, new closing high yesterday, looking
00:00:23

like it's going to break out and make a higher high on Friday.
00:00:26

Things would change on Friday if we closed
00:00:28

below $15.10. We only had a couple of major trend changes this week, but for the
00:00:34

most part, things have been going in the previous direction.
00:00:37

Whether you're looking at the US.
00:00:39

Dollar, it moved up again yesterday, so the trend is still intact.
00:00:44

Bonds continue to move lower on Thursday.
00:00:47

Bond yields continue to move higher.
00:00:49

The price of gold continued to move lower on Thursday.
00:00:53

Crude oil has pulled back and is on a sell signal.
00:00:57

We are looking at resistance up here, and
00:01:00

it looks like it couldn't break out and make higher highs.
00:01:03

We also saw a natural gas pull back.
00:01:05

So that has very little to do with what happened to the TSX this week.
00:01:11

You look at the TSX 60, we made a new low yesterday.
00:01:14

We moved up and filled the open gap and then pulled back fairly quickly.
00:01:19

And that had a lot more to do with
00:01:20

financials and bank stocks than the energy sector.
00:01:25

And certainly the miners have been down this week as well.
00:01:28

If you've been following us, we've talked
00:01:30

about the fact that the Bank of Nova Scotia looked like it was the weakest on
00:01:33

the way up, and it is the strongest on the way down.
00:01:37

And so the weakest stock has been taken to the woodshed, as opposed to the strongest
00:01:43

bank stock, which has barely fallen so far.
00:01:46

So shorting the TD Bank not a good thing.
00:01:49

Shorting the Bank in Nova Scotia has been a good thing.
00:01:51

So what worked on the way up is also working on the way down.
00:01:56

Looking at the Dow, the S&P 500, the Nasdaq, and the Semiconductors, they all
00:02:01

made new lows on Thursday, so no change in trend there.
00:02:04

And then looking at commodity stocks, the Canadian energy sector still holding up.
00:02:09

The US. Energy sector saw some weakness on
00:02:11

Wednesday, generating a new sell signal and then a move up on Thursday.
00:02:16

So the market still loves energy stocks,
00:02:18

certainly when you compare those to anything technology related.
00:02:21

And then gold stocks have been on a sell
00:02:24

signal since July, and that continues on Thursday, where we made a lower low.
00:02:31

Now, if you're not playing the Bear ETFs right now, well, shame on you.
00:02:35

Anybody who's done a one on one tutorial
00:02:37

with me, I've walked through the importance of having a balanced portfolio.
00:02:42

So it's 2X ETFs in Canada, 3X ETFs in the US.
00:02:46

And they are working well at the moment.
00:02:50

Okay, that's all I wanted to cover this morning.
00:02:53

The webinar we did the other day.
00:02:54

I'm editing that video.
00:02:56

It'll probably be out by the end of the day, but otherwise looking for lower stock
00:03:01

prices and higher prices for our Bear ETFs on Friday.
00:03:05

Enjoy the rest of the day. Enjoy your weekend.
00:03:08

Next time you'll hear my voice is on Sunday.