Canadian Stock Market Timing 20230117

en-us French Canadian Arabic Chinese German Japanese Korean Spanish

How was the video ?

Description

Auto Scroll

00:00:00

Good morning and welcome to the Canadian edition of Stock Market Timing Television for Tuesday, January 17, 2023.
00:00:09

With the US markets closed on Monday for the Martin Luther King holiday, the Canadian market was very thinly traded.
00:00:16

In the pre market this morning we have stock index futures trading slightly below fair value. Commodities
00:00:23

are mixed with crude oil and natural gas trading higher, while gold is trading down $10.
00:00:30

Looking at the Canadian stock market by market cap
00:00:33

.
00:00:34

We have the TSX Composite trading up towards the late November highs. No early warning signals so far.
00:00:42

The TSX 60 looks very similar.
00:00:46

And then looking at the mid-cap stocks, we've already broken out above the late November highs.
00:00:51

That is also true for the small cap stocks.
00:00:55

And even the microcap sector has already broken out above the recent highs. The gains
00:01:01

for Small, Mid and Micro cap stocks are mostly from gains in the mining sector.
00:01:06

Moving back to look at the TSX 60. All looks clear at the moment. The
00:01:12

first sign that something new is happening will be a close below last Friday's low.
00:01:18

If we can keep moving higher from here, our next target on both the daily and weekly charts is 1250.
00:01:25

In percentage terms, marijuana stocks have been the big winner over the last week.
00:01:30

Aurora Cannabis
00:01:32

Tilray
00:01:34

And Canopy Growth.
00:01:36

Of course the cannabis stocks have very little impact on the overall Canadian market.
00:01:41

The Canadian Financials Sector makes up approximately 31.7% of the Canadian stock market.
00:01:48

And right now the financials and the banking sector are doing okay.
00:01:53

A couple of current examples. Fairfax Financial put in a new closing high on Monday.
00:02:00

CI Financial also put in a new high.
00:02:03

One stock that the market will be watching closely, is the Royal Bank, which is now trading back
00:02:09

at the November highs. Is this the end, or can we break out and make higher highs?
00:02:15

Let's finish off this morning's presentation looking at the commodity sectors.
00:02:20

Both base metals and precious metals stocks are extremely overbought at
00:02:24

the moment and may need to take a breather this week.
00:02:27

At the same time, energy stocks have been oversold and are starting to make a comeback.
00:02:33

If the market pulls back here we may not see money leave
00:02:36

the commodity sector, but just move from the metals to the liquids.
00:02:40

That's all we wanted to talk about this morning. It's still dark out there and stock
00:02:45

index futures are still trading below fair value. So so far it looks like we are
00:02:50

going to see a little bit of selling at the opening on Tuesday morning.
00:02:55

Enjoy the rest your day, the next time you'll hear from us will be on Wednesday morning.

Transcription