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00:00:00Hello, everyone, and welcome to Tuesday morning.
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00:00:02It's Stephen Whiteside here from the
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00:00:04uptrend.com in the pre market this morning, things are below fair value.
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00:00:09Dow future is currently down 90 points overnight.
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00:00:12Asian markets were higher, while European
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00:00:14markets which are still open, are currently trading lower.
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00:00:17Commodities are all trading higher in the pre market this morning, so we may see
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00:00:21some selling at the open on Tuesday morning.
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00:00:24One of the stocks in the news this morning is 3M.
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00:00:27It's already on a sell signal.
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00:00:28It's down over 4% last time I checked.
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00:00:31So it's trading back down at the lows that we saw just two days ago.
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00:00:36Looking at the Ishares from yesterday's
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00:00:38trading action, up a little over half a percent.
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00:00:40New high for this move for the Ishares.
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00:00:43Looking at the Dow Diamonds, still looking
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00:00:45for a close above 338 on Tuesday to give us a buy signal.
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00:00:49The SPY ETF made a new high for this move yesterday.
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00:00:52I remember last Thursday we did trade down
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00:00:55and trade under the lower channel line, but we did not close below it.
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00:00:59And so we're still on a buy signal here.
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00:01:02Trying to get over 400.
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00:01:03Still having some resistance there.
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00:01:05The close yesterday was $400.63. So that
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00:01:10is still acting as price magnet and resistance.
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00:01:13We are trying to get to 406.25. That's our next mathematical target.
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00:01:17And you can see that's where we peaked back in late November and early December.
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00:01:21Now looking at the moving averages, a lot of people are excited that the SPY ETF is
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00:01:26starting to trade above the 200 day moving average.
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00:01:30But remember that we've done that previously in 2022 and each time we did
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00:01:34it, it was an indication that the chapter was coming to an end.
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00:01:38It has not been an indication of a new chapter starting.
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00:01:42So we'll just have to wait and see.
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00:01:44There's no reason to abandon any position on Tuesday morning.
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00:01:48Now, looking at the queues, they were the
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00:01:50big winners yesterday at over 2%, making a new high for this move.
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00:01:54We're trying to get up to 296. 88.
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00:01:57That's our next mathematical target.
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00:01:59And that would take us up towards the 200 day moving average for the queues.
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00:02:04Now within the queues, the big winner was
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00:02:06the chip sector and the chips were up over 5% on the day on the Dow.
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00:02:14Intel was the big winner on the Dow yesterday.
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00:02:16I would strongly recommend that you don't
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00:02:19follow intel, intel's a last-century Westernstock.
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00:02:24You should be following Advanced Micro Devices, Western Digital or Nvidia.
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00:02:28Those would be my top picks for the chip sector.
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00:02:32In the Canadian market, Infotech was up
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00:02:34nearly 3%, led higher by Shopify, which was up over 8% on the day.
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00:02:40If you had an order in at 56.Shopify 25, it got filled yesterday.
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00:02:43Congratulations.
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00:02:44Now we're trying to get up to 62.
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00:02:4650, but you can see that back in late November we peaked just below that leve,l.
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00:02:51And of course if you're trading Shopify, you know what that level is don't you?
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00:02:56Looking at the moving averages, we are coming up to the 200 day moving average.
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00:03:00That could act as resistance and that's trading right around $60 at the moment.
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00:03:05Nuvei has made a new high on Monday and we are trying to get to 46.
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00:03:1188. That is our next price target.
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00:03:13If we can take that out then $50 does come into play.
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00:03:16And then Light Speed Communications made a
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00:03:18new high for this move, is trying to get up to 25.
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00:03:22But we know from
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00:03:24recent history that we flared out before we got up to that level.
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00:03:28So isn't this interesting?
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00:03:29You know, you can look here, there's a
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00:03:31high lower high, lower high, lower high and then a lower low and now we're trying
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00:03:36to come up and see if we can put in some higher highs here.
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00:03:39That would certainly bring more investors into this particular stock.
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00:03:43And of course our next target is $25.
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00:03:46Looking at commodities and we'll look at the metals this morning.
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00:03:49Copper had a small pullback yesterday
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00:03:50still trading above the upper channel line as is BHP.
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00:03:54And then we saw Southern copper trade into
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00:03:57the channel yesterday but did not close in the channel.
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00:04:00So this looks like the weakest one.
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00:04:02So with the possibility of a sell signal on Tuesday, we'd need a close below 71 95.
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00:04:07And then looking at Teck, still trading
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00:04:09above the upper channel line, so no change there.
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00:04:12Looking at Gold, gold was up $4.30 yesterday.
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00:04:15BarriNewmontck is on a sell signal right
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00:04:17now, trading back in the channel yesterday.
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00:04:19Looking for a close on Tuesday above 25 77.
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00:04:24We closed at 25 69.
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00:04:26So it's not going to take a lot to get Barrick back on a buy signal.
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00:04:30And you can see that Newmont Gold Corp is still on a buy signal.
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00:04:34So no change in trend there.
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00:04:36Now silver on the other hand has been trading sideways for over a month now and
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00:04:42nobody wants to pay $25 for silver right now.
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00:04:44Isn't that interesting?
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00:04:46But nobody is aggressively selling it either.
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00:04:48So yesterday was an inside day for Pan American Silver.
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00:04:51Still on a buy signal here, no change and
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00:04:54no change in trend for Wheaton making a new closing high for this move on Monday.
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00:05:00Looking at my five stocks, no change in
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00:05:03trends on Monday we had Apple make a new high.
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00:05:06We're trying to get to 143.
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00:05:0775.
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00:05:08We've got an order in just below that and hopefully that'll get filled today.
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00:05:13Then we're looking at Amazon and Amazon,
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00:05:16we're trying to get it to $100 and it just won't go.
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00:05:19The high that it's been recently was 99. 32.
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00:05:22We did that last week and so we are still trying to hit $100 for Amazon.
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00:05:28The CME Group not doing well right now.
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00:05:30It's been in the channel for the past couple of days testing the lower channel
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00:05:34line, looking for a close on Tuesday below 173.
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00:05:3896.
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00:05:39So you can see we're stuck at the 175 level.
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00:05:42Notice that since we came into this range
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00:05:44months ago, we've got a high there and we've got a low here.
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00:05:48We're still trading within that range, so there was no way to tell ahead of time.
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00:05:53I've always said that if you've got a group of stocks or ETFs, one of them is
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00:05:57going to disappoint you and you're just not going to know which one it is.
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00:06:01A lot of times that disappointment is
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00:06:03choppy trading where a trend doesn't last very long.
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00:06:06In other examples, such as this one, we just don't trend at all.
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00:06:10We're just stuck trading sideways here.
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00:06:13So we have traded around the 50 day moving
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00:06:15average for the last week or so, trying to get up to the 100 day and then possibly
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00:06:20the 200 day, but the 50 has been holding us in check.
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00:06:23We did pop up to the 100 day back in
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00:06:25December, but it's still looking like a really hard slog at the moment.
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00:06:30And then of course, there's the flypaper
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00:06:32channel, which has been holding us in check for all of 2022.
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00:06:36Then looking at Goldman Sachs.
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00:06:38Goldman Sachs, one of the reasons the Dow
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00:06:39is on a sell signal, it is still on a cell signal itself.
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00:06:43Put in a bullish reversal day yesterday,
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00:06:45but didn't close above the previous day's high.
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00:06:47So we're still waiting for a close on Tuesday above 357.
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00:06:5184.
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00:06:53And you can see our price targets here.
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00:06:56We've just put in a recent lower low.
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00:06:59We put in a lower high there and a lower low here.
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00:07:01So overall, it's still a very bearish pitcher.
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00:07:04If we start trading below yesterday's low, then 328.
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00:07:0913 and 312.
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00:07:1050 start to come into play. Last up.
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00:07:13Looking at Visa.
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00:07:14Visa made a new high for this move yesterday.
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00:07:16We've got orders filled up at 225.
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00:07:19We're up at the top of our projected trading range, and that certainly doesn't
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00:07:23mean we can't continue to move higher from here.
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00:07:25The easiest way to get the next price
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00:07:28target is just take the differences between the numbers you see on the screen.
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00:07:32And so if we just take 1250 and add it to 225, we get 237 50.
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00:07:38That is a reasonable target to the upside if Visa starts to break out above 225.
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00:07:44Now, as another reference point, you can look at the weekly chart, and of course,
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00:07:47this hasn't been updated since last Friday.
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00:07:50Our next mathematical target on the weekly chart is 226.
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00:07:5456 and you can see that previously acted as resistance.
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00:07:57Then if we continue on looking up on our
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00:08:00weekly chart on our way to 237 50, you can see that 234.
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00:08:0438 is our next target.
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00:08:06And if you go back here, you'll see that
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00:08:09there's lots of history along that particular price target line.
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00:08:12So that is certainly a legitimate price target to the upside for Visa.
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00:08:17Okay, folks.
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00:08:18That is all for this morning's presentation so far.
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00:08:21It looks like we may see a little selling
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00:08:23at the open, but certainly no panic in the market on Tuesday morning.
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00:08:28Have a great day, folks.
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00:08:29Next time you'll hear my voice is on Wednesday morning.
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00:09:01Thank you.