Stock Market Timing Television - 06302023

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Good morning everyone. Welcome to Friday morning.
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It's Stephen Whiteside here from the
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uptrend.com in the pre market this morning, stock index futures are above
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fair value, once again being led higher by the Nasdaq.
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Commodities are mixed while the energies are higher.
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Gold is lower on Friday morning. Well, here we are.
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We finally arrived to month end, quarter
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end, and of course we've got the holidays next week.
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And that of course put a bullish spin on the market.
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And of course, it doesn't guarantee success.
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It certainly helps alleviate any downward pressure on the market.
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If there is bad news that the market wants to take as bad news, remember, just
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because there's good news doesn't mean the market goes up.
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And there's no guarantee that with bad news the market goes down.
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Now, the VIX is still on a sell signal that's supportive for higher stock prices.
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Looking for a breakout above 14.33 to change things on Friday.
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So far, it does not look like that's going to happen.
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Now, I often take a look at the VIX ETFs
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just to make sure that nobody's trying to front run the market.
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Sometimes what you'll see is ETF traders can go in and buy the VIX ahead of the VIX
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moving higher and the markets moving lower.
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We're not seeing anything like that on coming into Friday morning.
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Now, the Dow diamonds ended Thursday on a buy signal.
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They have an open gap just above them there that could act as resistance.
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Similar situation for the S&P 500 is back on a buy signal.
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The volume, which of course coming into a holiday week is going to start to fall.
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Yesterday, the volume for the S&P 500 ETF was down 25% off its average volume.
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So you can see that traders are starting
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to leave for a holiday week and we expect next week to be extremely quiet.
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Now the Nasdaq is not back on a buy signal.
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So far, the biggest loser yesterday on the Nasdaq 100 was Micron.
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At the same time we saw chips move higher.
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So Micron moving against the pack on Thursday.
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Then the iShares
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for the TSx 60 are on the second day of a buy signal.
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We're seeing money come back into the financials and the energy sector.
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We saw some money come back into gold yesterday with Kinross.
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There's been a lot of love for Kinross
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lately, even though it's been on a sell signal.
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This certainly hasn't fallen as much as a
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lot of the other gold stocks such as Barrick.
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Barrick is sitting right on the edge of a new daily buy signal.
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So any higher close on Friday would give us a buy signal.
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We do have gold trading lower in the pre market.
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That's no guarantee that gold stocks are going to trade lower on Friday.
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Now, until the big cap tech stocks start
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to break down, the market is going to continue to have a bullish bias to it.
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And so there's Apple making a new high yesterday we saw Amazon pull back so a
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close below 126.04 would give us a sell signal on Friday.
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We still have Microsoft on a short term sell signal.
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Of course, longer term money has not exited Microsoft just yet.
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We have Nvidia on a short term sell signal.
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Yesterday was inside day and did trade slightly lower on the day.
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Less than 1%.
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Nvidia is still on a midterm buy signal.
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So more conservative money has not exited Nvidia just yet.
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And we still have Tesla on a sell signal.
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From what we were seeing in the pre market
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yesterday, I thought Tesla would end the day on a buy signal.
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That did not happen.
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When it started to come down it did give
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us a midterm sell signal which is still in play.
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That has not changed.
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So some longer term money has exited Tesla.
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We do have a nice uptrend line there and
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if that breaks then we would look for a move down to $200 for Tesla.
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Let's finish off with a quick look at
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commodities and no trend changes from Thursday's trading action.
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Yes, crude oil traded higher, gasoline traded higher and natural gas traded
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higher and that's one of the reasons energy stocks moved up on Thursday.
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No joy for the GLD.
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It came off its intraday lows and closed slightly lower on the day.
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Inside day for palladium.
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A lower new low for platinum on Thursday.
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And we saw a small pullback for the price of silver holding the low from last week.
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Okay folks, that is all for Friday's presentation.
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Not expecting a lot to happen on Thursday.
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Have a great Canada Day long weekend and if you're in the US, of course you're
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probably going to make this weekend into a long weekend anyways, so have a great
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time, be safe and next time you'll hear my voice is sometime over the long weekend.
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I haven't been given my weekend scheduled
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yet so I don't know exactly when I'm going to be back in front of the computer.

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