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We saw a similar situation yesterday morning and the energies
We saw a similar situation yesterday morning and the energies reversed during the day
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I did this presentation earlier, and unfortunately lost it to
I did this presentation earlier, and unfortunately lost it to technology
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So yes, the dog ate my homework, so hopefully I
So yes, the dog ate my homework, so hopefully I can do a better job the second time around
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We just pulled out some of the extra graphic and
We just pulled out some of the extra graphic and we'll just stick with the charts are the Dow diamonds
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Now, look at the losers list, a couple stocks came
Now, look at the losers list, a couple stocks came up that we're rather odd that I don't usually show up on the biggest losers list
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Now, Clark's has been hit hard over the past couple
Now, Clark's has been hit hard over the past couple of days and that's rather unusual because both of these stocks come out of the consumer staples sector of the market
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And we watch the diversions and which consumer discretionary stocks
And we watch the diversions and which consumer discretionary stocks have sold off hard over the past month
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And, of course, in a recession, consumer, discretionary stocks are
And, of course, in a recession, consumer, discretionary stocks are the stocks
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These are the stocks that these are the products that
These are the stocks that these are the products that you're going to need to survive and threw a recession
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And what do you know we sold? Hard over the
And what do you know we sold? Hard over the past couple of days and it's a wide range of selling whether you're looking at the soup or cereal or a canned meat, whether you're looking at
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the chocolate or Kraft dinner in the ketchup, looking at
the chocolate or Kraft dinner in the ketchup, looking at the tissues and toilet paper or sugar water or whether you're looking at spices or Jam
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You know, how we going to survive a recession without
You know, how we going to survive a recession without Jam? I don't know
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But yeah, they've been aggressively selling these stocks off over
But yeah, they've been aggressively selling these stocks off over the past couple of days and of course, joining the two biggest players in the sector Costco and Walmart that have also been hit hard this week
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This is just a theory that this is the end
This is just a theory that this is the end of the current wave of selling because these are the / docs to really hold up
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So the way they've been selling off and that is
So the way they've been selling off and that is just a theory, but maybe this is part of that end flush out
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And that certainly changed after the market opened that we
And that certainly changed after the market opened that we saw the energy sector, move higher, and didn't the pre-market this morning
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It's moving lower once again now because the energy was
It's moving lower once again now because the energy was up yesterday and gold was up yesterday that help the Canadian Market
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There's the GLD trading right up to the upper channel
There's the GLD trading right up to the upper channel on yesterday, a close above 17257 would give us a Buy Signal on Friday
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So, was up on the day yesterday, the, there's the
So, was up on the day yesterday, the, there's the TSX 60 trading in the closing, right? Above the lower channel
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I we are coming up two or three day long
I we are coming up two or three day long weekend for the Canadian markets will be closed on Monday
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Is the biggest winner on the TSX yesterday followed by
Is the biggest winner on the TSX yesterday followed by materials and gold was also the biggest winner in the US yesterday Fall by Healthcare
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Now the spider ETF did not make a new low
Now the spider ETF did not make a new low yesterday close to a lower on the day, but no major sell-off fairly quiet trading
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I did not make a new low, we closed lower
I did not make a new low, we closed lower on the day, but certainly did not make a new low
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So what we could hope for on Friday is a
So what we could hope for on Friday is a close above the previous day's High
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Small-caps is the Russell 2000 and there's the micro-cap stocks
Small-caps is the Russell 2000 and there's the micro-cap stocks in Canada the Venture exchange and the micro-cap stocks in the US
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You've got to the spider Bank ETF closing at the
You've got to the spider Bank ETF closing at the lower channel line, similar situation for the BMO Bank, ETF in Canada
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We're coming into three day long weekend, certainly a possibility
We're coming into three day long weekend, certainly a possibility that we could see a Buy Signal, we needed a close above
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And last hope we're looking at Tesla Tesla, close slightly
And last hope we're looking at Tesla Tesla, close slightly lower on the day, just down $039
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We need to close above a, do a 12 on
We need to close above a, do a 12 on Friday, to give us a Buy Signal, not expecting that to happen
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And, of course, that a chain line, Is going to
And, of course, that a chain line, Is going to continue to move lower daily
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00:00:07Good morning, everyone
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00:00:08Welcome to Friday morning Steven Whiteside here from the uptrendcom
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00:00:12with today's, look at North American stock market
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00:00:14Trends in the pre-market this morning
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00:00:16Stock
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00:00:17Index, Futures have been up all morning
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00:00:18Dow futures, currently up 240 points
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00:00:20The market is being led hire this morning by the NASDAQ
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00:00:24Commodities are mixed up
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00:00:26Once again
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00:00:26And the energy sector is lower in the pre-market
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00:00:29Gold is slightly higher
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00:00:30We saw a similar situation yesterday morning and the energies reversed during the day
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00:00:36So let's get started
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00:00:37And I will jump in, starting off with the Dow diamonds
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00:00:40Now, for me, this a little bit of deja vu
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00:00:43I did this presentation earlier, and unfortunately lost it to technology
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00:00:47So yes, the dog ate my homework, so hopefully I can do a better job the second time around
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00:00:52We just pulled out some of the extra graphic and we'll just stick with the charts are the Dow diamonds
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00:00:58Was the only major in to see to make a new low yesterday
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00:01:01I did not close, make a new closing low
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00:01:04So there's still some hope they're the stocks were
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00:01:07Talking about, in the flea market, yesterday morning
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00:01:09The biggest losers ended the day as The Biggest Loser
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00:01:12So Under Armour, a Cisco Bath & Body Works were the biggest losers
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00:01:16Now, look at the losers list, a couple stocks came up that we're rather odd that I don't usually show up on the biggest losers list
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00:01:24All we had Philip Morris and Clorox
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00:01:27Now, Clark's has been hit hard over the past couple of days and that's rather unusual because both of these stocks come out of the consumer staples sector of the market
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00:01:36And we watch the diversions and which consumer discretionary stocks have sold off hard over the past month
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00:01:44And, of course, in a recession, consumer, discretionary stocks are the stocks
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00:01:48You don't really need the products
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00:01:50You don't really need to survive
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00:01:51It was the consumer staples stocks that were holding up fairly
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00:01:55Well as they should
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00:01:56Cuz going into a recession
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00:01:58These are the stocks that these are the products that you're going to need to survive and threw a recession
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00:02:04And what do you know we sold? Hard over the past couple of days and it's a wide range of selling whether you're looking at the soup or cereal or a canned meat, whether you're looking at
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00:02:17the chocolate or Kraft dinner in the ketchup, looking at the tissues and toilet paper or sugar water or whether you're looking at spices or Jam
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00:02:28You know, how we going to survive a recession without Jam? I don't know
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00:02:32But yeah, they've been aggressively selling these stocks off over the past couple of days and of course, joining the two biggest players in the sector Costco and Walmart that have also been hit hard this week
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00:02:45So a big jet change in the market this week and it could be
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00:02:49This is just a theory that this is the end of the current wave of selling because these are the / docs to really hold up
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00:02:57And now they look like technology stocks
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00:03:00So the way they've been selling off and that is just a theory, but maybe this is part of that end flush out
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00:03:07Process end of the current wave of selling me soon
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00:03:10Be coming to an end
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00:03:11That's just a theory
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00:03:13We'll just have to wait and see what happens
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00:03:15Now, yesterday at this particular time
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00:03:17We saw crude oil and gasoline and natural gas selling off
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00:03:21And that certainly changed after the market opened that we saw the energy sector, move higher, and didn't the pre-market this morning
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00:03:30It's moving lower once again now because the energy was up yesterday and gold was up yesterday that help the Canadian Market
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00:03:37There's the GLD trading right up to the upper channel on yesterday, a close above 17257 would give us a Buy Signal on Friday
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00:03:45Now, the TSX
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00:03:47So, was up on the day yesterday, the, there's the TSX 60 trading in the closing, right? Above the lower channel
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00:03:54So close about 12:30 8:25 would give us a bicycle on Friday
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00:03:59I we are coming up two or three day long weekend for the Canadian markets will be closed on Monday
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00:04:04Gold was the biggest winner Gold stock
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00:04:06Is the biggest winner on the TSX yesterday followed by materials and gold was also the biggest winner in the US yesterday Fall by Healthcare
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00:04:15Now the spider ETF did not make a new low yesterday close to a lower on the day, but no major sell-off fairly quiet trading
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00:04:23That's also true for the cues on Thursday
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00:04:27I did not make a new low, we closed lower on the day, but certainly did not make a new low
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00:04:31So what we could hope for on Friday is a close above the previous day's High
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00:04:36Thursday was not the widest trading day of the week
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00:04:39And so there's certainly a good chance
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00:04:43We could close above Thursday's high on Friday
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00:04:45That would be a bullish sign
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00:04:47That something else
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00:04:48I took away from yesterday's trading action
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00:04:50Was that small caps and micro-cap stocks held up fairly
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00:04:54Well, there's the TSX
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00:04:55Small-caps is the Russell 2000 and there's the micro-cap stocks in Canada the Venture exchange and the micro-cap stocks in the US
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00:05:03So I think that's a rather bullish sign that they did not see it
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00:05:06Selling pressure over the last couple of days now
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00:05:10Banks, dogs are still in the doghouse
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00:05:12No change there
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00:05:13You've got to the spider Bank ETF closing at the lower channel line, similar situation for the BMO Bank, ETF in Canada
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00:05:21And then look at the two biggest stock
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00:05:24So we've got a apple, make a new low yesterday
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00:05:26So we got to buy some shares back at 13750 and then Shopify Shopify
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00:05:32We're coming into three day long weekend, certainly a possibility that we could see a Buy Signal, we needed a close above
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00:05:391513 a 64
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00:05:41We closed at 5 or 1
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00:05:43I send change this early
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00:05:45There's a possibility of a bicycle for Shopify on Friday
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00:05:48And last hope we're looking at Tesla Tesla, close slightly lower on the day, just down $039
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00:05:54And of course, the $700 stock being down, $039
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00:05:58is basically unchanged
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00:05:59We need to close above a, do a 12 on Friday, to give us a Buy Signal, not expecting that to happen
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00:06:05And, of course, that a chain line, Is going to continue to move lower daily
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00:06:09Okay, folks that is all for this morning's presentation
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00:06:12Have a great day
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00:06:13Have a great weekend
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00:06:15And the next time you hear my voice is on Sunday