-
And in this presentation, going to focus more on the
And in this presentation, going to focus more on the Canadian stock market, but to get there, we're going to look at some us
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We've got the, the NASDAQ down sharply while the Dow
We've got the, the NASDAQ down sharply while the Dow is up, over 200 points, that has a lot to do with one stock this morning
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dollar Index, it's a continuing to move lower that two
dollar Index, it's a continuing to move lower that two can be supportive for higher gold prices
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We've got Gold Flat in the pre-market this morning, but
We've got Gold Flat in the pre-market this morning, but that there's gold Rising
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I hopefully if we can get up and over 16
I hopefully if we can get up and over 16 8750, we may be able to head up towards at 1750 this time
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Now, yesterday was all about a couple of texts Doc's,
Now, yesterday was all about a couple of texts Doc's, getting whacked and including a Google and Microsoft
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And now then last night we had the medical Out
And now then last night we had the medical Out and do it is down, sharply in the pre-market this morning and this number is going to be different by the time you see this video
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I but we are down at just above $100, so
I but we are down at just above $100, so that is quite a haircut and that's one of the reasons the nasdaq's down in the pre-market
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If you had an order in to sell at 200,
If you had an order in to sell at 200, it's going to get filled at the open and no matter where the stock opened above 200
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So it, if it opens up at 2:05, your $200
So it, if it opens up at 2:05, your $200 order will get executed at that price
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Then we've been talked about the fact, the Dow has
Then we've been talked about the fact, the Dow has been leaving at the markets higher over the past couple of weeks, compare that to the NASDAQ
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And we can see that the NASDAQ kind of pull
And we can see that the NASDAQ kind of pull back yesterday so far above the upper chain line
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So nothing to be worried about on Thursday morning, but
So nothing to be worried about on Thursday morning, but if things continue the way they are in the pre-market, we may have something to worry about on Friday
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Now, apple is still on, Bicycle had to pull back
Now, apple is still on, Bicycle had to pull back yesterday, closed at the previous day's low
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So, nothing's broken yet and the Tesla X lease lizard
So, nothing's broken yet and the Tesla X lease lizard up in the clothes, just above the Opera Channel on yesterday, giving us a buy signal
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Again, in this environment, I wouldn't be in a rush
Again, in this environment, I wouldn't be in a rush to jump back into test lightweight for another close above, the Opera Channel line
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And then looking at the vix vix are broke down
And then looking at the vix vix are broke down yesterday broke down below supported 2813
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So, that's a good sign for the overall Market might
So, that's a good sign for the overall Market might not help the technology sector but to the rest of the market may be able to work off of the vics, continuing to move lower at the
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Next up, let's take a look at the Canadian market
Next up, let's take a look at the Canadian market and we're still dealing with the early October highs
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There's the TSX Composite Index itself, trying to deal with
There's the TSX Composite Index itself, trying to deal with the 19,000, 375, if we can start closing above that than 20,000 comes into play for the TSX 60
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We ran up, I made a new high yesterday and
We ran up, I made a new high yesterday and then pull Back, I trying to get up to eleven eighty-seven fifty that is our next Target than mid-caps
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If we can start breaking out and closing above 11:25,
If we can start breaking out and closing above 11:25, then 11:00 5625 is our next Target
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I'd not as much joy for the small caps, they
I'd not as much joy for the small caps, they still haven't tested the early October high and then less enthusiasm for the micro-caps
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If we can start breaking away from that, then 6:25
If we can start breaking away from that, then 6:25 is our next Target to the upside
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Now it's still all about energy stocks even though natural
Now it's still all about energy stocks even though natural gas and crude oil, haven't really been trained at trending higher at the moment, we've got to energy stocks, making new highs yesterday, we've got gold stocks
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on their fourth day of a Buy Signal Bank, stocks
on their fourth day of a Buy Signal Bank, stocks are still on a by signal here but not really trending, similar situation for financial services
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Compared Battery Industrials that are starting to break out above
Compared Battery Industrials that are starting to break out above those early October highs and then we had that telecom stocks popping yesterday
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If you know you're involved in this story, if you
If you know you're involved in this story, if you know the story, I it all started way back here in 2021 and we saw that big gap hire
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If I was involved in Shaw, if I own shot
If I was involved in Shaw, if I own shot that time, I would have sold at the time that it got Tire, I wouldn't be sitting around waiting all this time to see how things work
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There's also a good chance that the deal wouldn't get
There's also a good chance that the deal wouldn't get approved and that the stock will come right back down
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So, the way that I always work, it is if
So, the way that I always work, it is if I'm involved in estaca gets a takeover offer
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What's a fetish of today's presentation? Taking a look at
What's a fetish of today's presentation? Taking a look at the year, TSX, volume leaders from Wednesday's trading action
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If you go to the volume leaders, drop down on
If you go to the volume leaders, drop down on the website for the Canadian Market
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In the US market, we switch back and forth from
In the US market, we switch back and forth from listing, this the volume leaders by actual volume
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So you take the price of the stock X, the
So you take the price of the stock X, the volume that get you out of your rankings
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And so last night, it was price, X volume, and
And so last night, it was price, X volume, and that gives you the biggest cap stocks out there
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Making a new high for this move and it is
Making a new high for this move and it is still dealing with those early October High's
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Now, if you look at this particular stock, if you
Now, if you look at this particular stock, if you go back here, you can see how wide the channel was back here, and that's when the stock was really trending
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So just visually anytime that you're looking at a chart,
So just visually anytime that you're looking at a chart, if you've got a nice thin Channel like this to stocks probably trending
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And that is certainly the situation for the Royal Bank,
And that is certainly the situation for the Royal Bank, little more Trend in the Bank of Montreal at the moment and it's starting to break out above the early
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A lot of resistance overhead for the TD Bank as
A lot of resistance overhead for the TD Bank as we vote mentioned several times before then and Ice big update for Canadian national Railways
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It's a bit on a bicycle for over a week
It's a bit on a bicycle for over a week now and I speak move up yesterday and then you can look back and see the highs from back in August would be a legitimate Target to
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I then we've got the suncore making a new high
I then we've got the suncore making a new high yesterday trying to break out about 4688
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$50 would be our next Target above that is that
$50 would be our next Target above that is that realistic while we can go over here and see that we were trading back there
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We can take out resistance at one of the bank's,
We can take out resistance at one of the bank's, not participating right now is the Bank of Nova Scotia
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A close-up of yesterday's high would give us a new
A close-up of yesterday's high would give us a new Buy Signal and then we're looking at a TransCanada energy, it is a still want to buy signal here, no change there
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I still hasn't broken out above that high from a
I still hasn't broken out above that high from a couple of weeks ago and tell them
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We're looking at CIBC similar situation still on a by
We're looking at CIBC similar situation still on a by signal here and then their Shopify
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And again, trying to get out of this, we have
And again, trying to get out of this, we have a pattern of lower highs and lower lows
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Now we're looking to see if we can break that
Now we're looking to see if we can break that pattern and make a higher high
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And so far, Shopify has not been able to do
And so far, Shopify has not been able to do that and then we can gold stocks
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So looking to see if we can run back up
So looking to see if we can run back up and test the highs from a couple of Citgo
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Looks like the Canadian markets going to have a fairly
Looks like the Canadian markets going to have a fairly quiet open on Thursday morning have a great day
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00:00:00Good morning everyone. Welcome to Thursday morning.
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00:00:02Stephen Whiteside here from TheUpTrend.com. And in this
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00:00:05presentation we're going to focus more on the Canadian stock market.
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00:00:08But to get there, we're going to look at some US charts.
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00:00:11First, in the Premarket this morning, things are rather mixed.
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00:00:15We've got the Nasdaq down sharply, while the Dow is up over 200 points.
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00:00:19That has a lot to do with one stock this morning.
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00:00:22Here's the US. Dollar index.
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00:00:24It's continuing to move lower.
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00:00:26That can be supported for higher gold prices.
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00:00:29It isn't on Thursday morning.
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00:00:31We've got gold flat in the pre market this morning, but there's gold rising.
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00:00:35It looks like we've put in a nice bottom here at the 1625 level.
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00:00:39That looks like a double bottom.
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00:00:41Hopefully, if we can get up and over 1687.50,
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00:00:45we may be able to head up towards 1750 this time.
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00:00:49Now, yesterday was all about a couple
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00:00:51of tech stocks getting whacked, including Google and Microsoft.
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00:00:56And then last night we had Meta come out
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00:01:00and it is down sharply in the pre market this morning.
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00:01:03This number is going to be different
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00:01:04by the time you see this video, but we are down just above $100.
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00:01:08So that is quite a haircut.
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00:01:10And that's one of the reasons the Nasdaq is down in the Premarket this morning.
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00:01:14Now, the reason the Dow is up in the Premarket this morning is
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00:01:17that Caterpillar came out with earnings and is trading up above $200.
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00:01:22If you had an ordering to sell at 200,
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00:01:24it's going to get filled at the open no matter where the stock opens above 200.
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00:01:30So if it opens up at 205, your $200 order will get executed at that price.
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00:01:36Then we've been talking about the fact
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00:01:38that Dow has been leading the markets higher over the past couple of weeks.
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00:01:42Compare that to the Nasdaq and we can see
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00:01:45that the Nasdaq had a pullback yesterday still above the upper channel line,
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00:01:49so nothing to be worried about on Thursday morning.
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00:01:52But if things continue the way they are
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00:01:54in the pre market, we may have something to worry about on Friday.
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00:01:58Now, Apple is still on a buy signal, had a pullback yesterday,
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00:02:01closed at the previous day's low, so nothing's broken yet.
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00:02:05And Tesla actually slithered up and closed
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00:02:08just above the upper channel line yesterday, giving us a buy signal again.
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00:02:12In this environment, I wouldn't be in a rush to jump back into Tesla.
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00:02:16I'd wait for another close above the upper channel line.
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00:02:19And then looking at the VIX.
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00:02:20The VIX broke down yesterday, broke down below support at 2000 and 813.
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00:02:24So that's a good sign for the overall market.
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00:02:27Might not help the technology sector, but the rest of the market may be able
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00:02:31to work off of the VIX continuing to move lower at the present time.
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00:02:36Next up, let's take a look at the Canadian market.
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00:02:38And we're still dealing with the early october highs.
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00:02:42There's the TSX Composite Index itself trying to deal with 19,375.
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00:02:48If we can start closing above that, then 20,000 comes into play for the TSX
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00:02:5360, we're dealing with the early October highs.
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00:02:57We ran up, made a new high yesterday
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00:02:59and then pulled back, trying to get up to 1187.50.
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00:03:03That is our next target.
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00:03:04Then midcaps again, still dealing with that early October high.
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00:03:08If we can start breaking out and closing
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00:03:10above 1125, then 1156.25 is our next target.
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00:03:15Not as much joy for the small caps.
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00:03:17They still haven't tested the early October high.
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00:03:19And then less enthusiasm for the microcaps.
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00:03:23Still holding around the target area.
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00:03:26593.75, that is still holding the market in check.
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00:03:31If we can start breaking away from that, then 625 is our next target.
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00:03:36To the upside now,
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00:03:37it's still all about energy stocks, even though natural gas and crude oil
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00:03:42haven't really been trending higher at the moment.
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00:03:46We've got energy stocks making new highs yesterday.
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00:03:49We've got gold stocks on their fourth day of a buy signal.
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00:03:52Bank stocks are still on a buy signal here, but not really trending.
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00:03:56Similar situation for financial services.
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00:03:59Compare that to the industrials that are
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00:04:01starting to break out above those early October highs.
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00:04:04And then we had telecom stocks popping yesterday.
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00:04:07A lot of it had to do with Shaw and Rogers.
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00:04:10If you're involved in this story, if you know the story,
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00:04:14it all started way back here in that 2021, and we saw that big gap higher.
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00:04:21If I was involved in Shaw,
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00:04:22if I owned Shaw at that time, I would have sold at the time that it gapped higher.
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00:04:27I wouldn't be sitting around waiting all this time to see how things work out.
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00:04:31There's lots of other things you can do with your money.
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00:04:33There's also a good chance that the deal
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00:04:35wouldn't get approved and the stock would come right back down.
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00:04:39So the way that I always work it is if I'm involved in a stock gets a takeover offer,
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00:04:44I take the money and I run as quickly as possible.
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00:04:49Let's finish off today's presentation.
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00:04:51Taking a look at the TSX volume leaders from Wednesday's trading action.
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00:04:56If you go to the volume leaders drop down
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00:04:59on the website for either the Canadian market or the US.
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00:05:01Market, we switch back and forth
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00:05:03from listing the volume leaders by actual volume.
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00:05:07And then every other day we do the price volume leaders.
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00:05:12So you take the price of the stock,
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00:05:13multiply it by the volume, that gets you your rankings.
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00:05:17And so last night it was price times
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00:05:20volume, and that gives you the biggest cap stocks out there.
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00:05:24So the number one stock on the list was Embridge.
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00:05:27It's on its fourth day of a buy signal, making a new high for this move,
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00:05:30and it is still dealing with those early October highs.
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00:05:34Similar situation for the Royal Bank.
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00:05:36Now, if you look at this particular stock.
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00:05:38If you go back here, you can see how wide the channel was back
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00:05:42here, and that's when the stock was really trending.
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00:05:45It started to widen out here.
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00:05:47And we've been trading sideways for a couple of weeks now.
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00:05:50So just visually, anytime that you're looking at a chart,
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00:05:53if you've got a nice thin channel like this, the stock is probably trending.
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00:05:56If it's starting to get wide, then it has stopped trending.
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00:06:00And that is certainly the situation for the Royal Bank.
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00:06:02Little more trend in the bank of Montreal at the moment.
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00:06:05And it's starting to break out above the early October highs.
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00:06:09TD bank hasn't done that yet.
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00:06:11A lot of resistance overhead for the TD
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00:06:14bank, as we've mentioned several times before then.
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00:06:18A nice big update for Canadian National Railways.
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00:06:21It's been on a buy signal for over a week now.
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00:06:24Nice big move up yesterday.
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00:06:26And then you can look back and see
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00:06:27the highs from back in August would be a legitimate target to the upside.
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00:06:32Then we've got the suncorn making a new
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00:06:34high yesterday, trying to break out above 46 88.
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00:06:38$50 would be our next target above that. Is that realistic?
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00:06:41Well, we can go over here and see that we
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00:06:42were trading back there back in June of this year.
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00:06:46So that is certainly a realistic target if we can take out resistance.
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00:06:50Now.
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00:06:50One of the banks not participating right now is the Bank of Nova Scotia.
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00:06:55A close above yesterday's high would give us a new buy signal.
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00:06:59Then we're looking at Trans Canada Energy.
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00:07:02It is still on a buy signal here.
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00:07:05No change there.
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00:07:06Still hasn't broken out above that high from a couple of weeks ago.
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00:07:10And then we're looking at CIBC in a similar situation.
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00:07:13Still on a buy signal here.
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00:07:15And then Shopify, I thought I'd bring this one up.
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00:07:18It's been on a buy signal for over a week now.
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00:07:20Again, trying to get out above this.
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00:07:23We have a pattern of lower highs and lower lows.
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00:07:26There's the recent lower low.
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00:07:27Now we're looking to see if we can break that pattern and make a higher high.
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00:07:31And so far, shopify has not been able to do that.
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00:07:35And then speaking of gold stocks, the first gold stock on the list is Barrick Gold.
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00:07:40And Barrick Gold is on its second day of a buy signal.
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00:07:43So looking to see if we can run back up
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00:07:45and test the highs from a couple of weeks ago.
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00:07:49Okay, folks, that's all for this morning's presentation.
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00:07:52It looks like the Canadian market is going
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00:07:53to have a fairly quiet open on Thursday morning.
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00:07:56Have a great day. Next time you'll hear my voice
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00:07:58is on Friday morning.
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00:08:29