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Come with today's, look at Canadian stock market trends in
Come with today's, look at Canadian stock market trends in the pre-market
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Let's start off and Wall Street and the Vicks continue
Let's start off and Wall Street and the Vicks continue to move lower yesterday
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Indices to start trading above last week's high for the
Indices to start trading above last week's high for the spider eats you have for looking for clothes on the Wednesday, blow for 3:55 for the keys for the NASDAQ
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Yes, we had traded than close higher yesterday, but did
Yes, we had traded than close higher yesterday, but did not break out above the previous week's High, which ran up to the 100-day moving average and stopped
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So is our mathematical price target of 2937 50? If
So is our mathematical price target of 2937 50? If we can take out last week's High then 21 at 2:50 comes into play
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That on Wednesday, what worked on Tuesday will mathematically? Speaking,
That on Wednesday, what worked on Tuesday will mathematically? Speaking, The Biggest Loser was the biggest winner after making a new low, the Cannabis index closed up over 4%
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Of course, all the world is focused on energy and
Of course, all the world is focused on energy and the energy index continue to move higher
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Those were the big Winners, what didn't work while Consumer
Those were the big Winners, what didn't work while Consumer Staples was down
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Yesterday, closing in the channel, are we saw a materials
Yesterday, closing in the channel, are we saw a materials trade lower and then we also saw consumer discretionary trade lower on Tuesday
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Then we're looking at Bay texenergy on its way to
Then we're looking at Bay texenergy on its way to 8:59 then looking at the sun course, of course, stuck up here trying to break out about 5313
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If we can start breaking out above that, level than
If we can start breaking out above that, level than 60 94 comes into play with the probably a psychological stop at $60 cenovus energy
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Target on both the daily and the weekly charts of
Target on both the daily and the weekly charts of the high yesterday was 31 13, so we should be able to hit 3125 on Wednesday
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The next Target is $25 looking at Bank of Nova
The next Target is $25 looking at Bank of Nova Scotia pistol on a cell signal here
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Looking for a close above, 86-64, then Manulife still in
Looking for a close above, 86-64, then Manulife still in a cell signal, no change their new high for a white cap
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Canadian natural resources trying to break out above last week's
Canadian natural resources trying to break out above last week's High stuck at 8750 if we can take out 8750 then $100 comes into play
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Wouldn't be surprised to see a pullback in the overall
Wouldn't be surprised to see a pullback in the overall Market at the open on Wednesday, but that we should be able to see it
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00:00:22Good morning, everyone.
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00:00:23Welcome to Wednesday morning, Stephen Whiteside here from theuptrend.com
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00:00:26with today's, look at Canadian Stock Market Trends In the pre-market
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00:00:30this morning stock
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00:00:31Index, Futures are trading below fair value.
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00:00:33Commodities are trading higher.
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00:00:35So we're looking for a mixed open in Toronto on Wednesday morning.
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00:00:39Let's start off in Wall Street, and the VIX continue to move lower yesterday.
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00:00:44That's supportive for higher stock prices.
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00:00:45Unfortunately, we can't get the major US
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00:00:57we are looking for close below 299.19.
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00:01:05trading above 312.50. If we can break out about that,
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00:01:08then the next leg of this up move will have started.
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00:01:11Otherwise, we're just a drifting here at the moment
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00:01:15looking for some Catalyst to push us up or the push us down.
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00:01:18Now, moving on to Bay Street, starting off
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00:01:22looking at the TSX Composite Index. So far.
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00:01:26we've made a lower high for this move.
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00:01:28We do have an early warning signal up there.
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00:01:30Yes, we did trade up and close higher yesterday, but we did not break out above the previous week's High, which ran up to the 100-day moving average and stopped.
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00:01:39So right now, we're stuck in a mess of moving averages.
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00:01:42The 50, the 100 and the 200-day moving average.
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00:01:45averages are holding us in check right now.
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00:01:47So is our mathematical price target of 2937.50. If we can take out last week's High then 21250 comes into play.
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00:01:57Looking down on Wednesday, a close
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00:02:00Below 20,582 would give us a Sell Signal if we were to close below
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00:02:05that on Wednesday. What worked on Tuesday? WWell, mathematically speaking, The Biggest Loser was The Biggest Winner. Wfter making a new low, the Cannabis index closed up over 4%.
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00:02:16Of course, all the world is focused on energy and the energy index continue to move higher.
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00:02:21Making a new high, up over 2% on Tuesday.
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00:02:25And then now, we had the Base Metals moving up on Tuesday.
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00:02:29Those were the big Winners. What didn't work? Consumer Staples were down
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00:02:33yesterday, closing in the channel, We saw Materials trade lower and then we also saw Consumer Discretionary trade lower on Tuesday.
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00:02:43Next up were looking at the TSX
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00:02:46most actively traded stocks from Tuesday's trading action.
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00:02:49Starting off with a stock
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00:02:51I haven't seen up at the top of the list before.
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00:02:53Great-West, had an inside day yesterday.
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00:02:55We are looking for a close above $34.15.
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00:02:59to give us a Buy Signal, Athabasca Oil Sands is on its way to 3.52.
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00:03:05Then we're looking at Baytex Energy on its way to 8.59. Then looking at the Suncor Energy, stuck up here trying to break out about 53.13.
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00:03:15If we can do that, then 56.25 comes into play.
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00:03:19A new high for Crescent Point, a new high for Tamarack Valley.
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00:03:23I've been looking at Enbridge stuck up here at 59.38.
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00:03:28If we can start breaking out above that, level, then 60.94 comes into play, with a possible p and sychological stop at $60. Cenovus Energy
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00:03:38making a new high yesterday.
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00:03:3931.25 is our next price
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00:03:43target on both the daily and the weekly charts. Ohe high yesterday was 31. 13, so we should be able to hit 31.25 on Wednesday.
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00:03:53That shouldn't be a problem.
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00:03:54ARK Resources hit a new
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00:03:56high here.
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00:03:56Hit the top of our projected trading range at 21.88.
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00:04:01If we go to the weekly chart you can see
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00:04:03the next Target is $25. Looking at Bank of Nova Scotia, still on a Sell signal here.
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00:04:08Looking for a close above 86.here with a 64. Then Manulife still in a Sell signal. No change their new high for a Whitecap Resources.
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00:04:18And then we're looking at the Canadian Natural Resources.
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00:04:21Canadian Natural Resources is trying to break out above last week's High. Stuck at 87.50. I If we can take out 87.50 then $100 comes into play.
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00:04:33Okay, folks that is all for this morning's presentation.
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00:04:36Wouldn't be surprised to see a pullback in the overall Market at the open on Wednesday, but that we should be able to see
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00:04:43Energy Stocks continue to move higher.
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00:04:45Have a great day.
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00:04:46Next time you hear my voice is on Thursday morning.