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Trends in the pre-market this morning, the NASDAQ is leading
Trends in the pre-market this morning, the NASDAQ is leading the market slower
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So, we are looking for some selling in the tech
So, we are looking for some selling in the tech sector on Wednesday morning
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I typically McDonald's brings the McRib back after pork prices
I typically McDonald's brings the McRib back after pork prices have been really low
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So let's assume that they, I started buying pork back
So let's assume that they, I started buying pork back here in late September or early October and as you can see prices have gone up
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But recently, an early-warning signal, went off there at McDonald's
But recently, an early-warning signal, went off there at McDonald's itself of the stock moved higher making a new high for this move on Tuesday
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And in a bull market, you want to be buying
And in a bull market, you want to be buying the dips and you'll find that to the market
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Of course, people want to sell the rips and you'll
Of course, people want to sell the rips and you'll find that the market does not spend a lot of time, being overbought and the right now, the market is fairly overbought
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When we look at the percentage of stocks currently above
When we look at the percentage of stocks currently above their 50-day moving average
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And, of course, we've been talking about the Dow leading
And, of course, we've been talking about the Dow leading the market higher for the Dow
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And I know there's only 30 stocks but 100% of
And I know there's only 30 stocks but 100% of them are currently above their 50-day moving average
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And as you can see, as you look down through
And as you can see, as you look down through the other major indices all the way down to the TSX
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90%, but getting up at the top of the rain-soaked
90%, but getting up at the top of the rain-soaked markets, don't have to automatically pull back
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They could pull back or they Could actually trade sideways,
They could pull back or they Could actually trade sideways, a lot of times, you'll see stocks or markets work off an overbought condition by trading sideways
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So, here we are, we're up at the top of
So, here we are, we're up at the top of the range again, on a short-term basis
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Of course, we're in a bear market, so we're looking
Of course, we're in a bear market, so we're looking for selling opportunities
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Scientific is a trading below the lower channel line got
Scientific is a trading below the lower channel line got to servicenow trading below
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I saw yesterday it generated a Buy Signal, you come
I saw yesterday it generated a Buy Signal, you come in this morning? If this is a stock, you were waiting for a Buy Signal, then now you probably want to wait till the next closed above
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At what happened? The last couple of by signals, the
At what happened? The last couple of by signals, the only lasted a couple of days is pretty typical for what's been going on
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Course so we've got the big earnings Hope from last
Course so we've got the big earnings Hope from last night, we've got to Google trading below the lower Channel I'm and we've got Microsoft trading slightly below the lower channel line
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Of course, the numbers you see, in the pre-market are
Of course, the numbers you see, in the pre-market are going to be different than these numbers
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We're still looking for it to break out of the
We're still looking for it to break out of the range and we're still on a cell signal here that supported for higher stock prices
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Maybe not on Wednesday, but overall we're the vix is
Maybe not on Wednesday, but overall we're the vix is still supportive for higher stock prices
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We got the gyro back on a by signal Canadian
We got the gyro back on a by signal Canadian dollars on a by signal and the British pound
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Of course, A lot of people are getting rather excited
Of course, A lot of people are getting rather excited that, if you want to come down and bonds go up, that could be beneficial for the stock market
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It also could be a sign of economic weakness, which
It also could be a sign of economic weakness, which may not help the stock market
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The fact that bonds move up in the hills come
The fact that bonds move up in the hills come down, may or may not help the stock market
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You can see the bearish reversal day and do the
You can see the bearish reversal day and do the pros giving up control
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Notice how flat this line is representing the public, the
Notice how flat this line is representing the public, the public really isn't involved in the copper Market
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We've got the crude oil still on a cell signal,
We've got the crude oil still on a cell signal, trading up yesterday, a close above 8674 would give us a bicycle on Wednesday and that is certainly possible and it's certainly possible
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We're certainly looking for some weakness in the tech sector
We're certainly looking for some weakness in the tech sector on Wednesday morning
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Will that to Mark the top for this particular move
Will that to Mark the top for this particular move for the market? Only time will tell enjoy the rest of your day
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Next time you hear my voice is on Thursday morning
Next time you hear my voice is on Thursday morning and at that time, we'll take a closer look at the Canadian stock market
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00:00:00Good morning, everyone
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00:00:01Welcome to Wednesday morning
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00:00:02It's Stephen Whiteside here from the uptrend
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00:00:04Cam with today's
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00:00:05Look at North American stock market
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00:00:07Trends in the pre-market this morning, the NASDAQ is leading the market slower
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00:00:11Nasdaq, futures down over 200 points in the pre-market
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00:00:15So, we are looking for some selling in the tech sector on Wednesday morning
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00:00:19Now a lot of people are calling yesterday's rally
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00:00:22The McRib rally
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00:00:24I typically McDonald's brings the McRib back after pork prices have been really low
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00:00:29So let's assume that they, I started buying pork back here in late September or early October and as you can see prices have gone up
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00:00:38But recently, an early-warning signal, went off there at McDonald's itself of the stock moved higher making a new high for this move on Tuesday
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00:00:48Then let's go back to some Basics here
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00:00:49And in a bull market, you want to be buying the dips and you'll find that to the market
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00:00:54That doesn't spend a lot of time being over sold in a bear Market
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00:00:58Of course, people want to sell the rips and you'll find that the market does not spend a lot of time, being overbought and the right now, the market is fairly overbought
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00:01:09When we look at the percentage of stocks currently above their 50-day moving average
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00:01:13And, of course, we've been talking about the Dow leading the market higher for the Dow
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00:01:18And I know there's only 30 stocks but 100% of them are currently above their 50-day moving average
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00:01:24And as you can see, as you look down through the other major indices all the way down to the TSX
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00:01:29Now they're all up at the top of the range of the TSX, 60 up at 95%
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00:01:34The TSX composite below
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00:01:3790%, but getting up at the top of the rain-soaked markets, don't have to automatically pull back
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00:01:42From this point, they could continue to move higher
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00:01:45They could pull back or they Could actually trade sideways, a lot of times, you'll see stocks or markets work off an overbought condition by trading sideways
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00:01:56And that's also true of an oversold condition
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00:01:59So, here we are, we're up at the top of the range again, on a short-term basis
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00:02:03Of course, we're in a bear market, so we're looking for selling opportunities
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00:02:06So keep an eye on this
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00:02:09Could be the top for this particular move
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00:02:11That doesn't mean that it's a major top
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00:02:14Just that the market might stop and pause at this point
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00:02:17Now, in the pre-market, there's lots of earnings out
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00:02:20Recently
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00:02:21Boeing came out, it's down a little
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00:02:24Even trading below
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00:02:24Yesterday's low
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00:02:25Then there's a Boston
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00:02:28Scientific is a trading below the lower channel line got to servicenow trading below
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00:02:34Yesterday's low
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00:02:35I saw yesterday it generated a Buy Signal, you come in this morning? If this is a stock, you were waiting for a Buy Signal, then now you probably want to wait till the next closed above
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00:02:44the upper Channel 9
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00:02:45At the same time
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00:02:47You don't look back
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00:02:47At what happened? The last couple of by signals, the only lasted a couple of days is pretty typical for what's been going on
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00:02:54So not overly excited about taking too many by signals here
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00:02:57Course so we've got the big earnings Hope from last night, we've got to Google trading below the lower Channel I'm and we've got Microsoft trading slightly below the lower channel line
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00:03:08Of course, the numbers you see, in the pre-market are going to be different than these numbers
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00:03:12Looking at the Vic's are the vix came down yesterday
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00:03:15Did not break through the 28th 13 level
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00:03:18We're still looking for it to break out of the range and we're still on a cell signal here that supported for higher stock prices
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00:03:23Maybe not on Wednesday, but overall we're the vix is still supportive for higher stock prices
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00:03:30Things would change on Wednesday
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00:03:33If the vics were too close above 3180 for now
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00:03:37Let's look at those megatrends
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00:03:38We've been watching the us
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00:03:40dollar Index come down over the past few days
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00:03:42We got the gyro back on a by signal Canadian dollars on a by signal and the British pound
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00:03:47Is on a by signal
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00:03:49Looking at the interest rates, we saw bond, yields pulled back
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00:03:53We saw bonds move up yesterday
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00:03:54No change in Trend so far
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00:03:56Of course, A lot of people are getting rather excited that, if you want to come down and bonds go up, that could be beneficial for the stock market
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00:04:04It also could be a sign of economic weakness, which may not help the stock market
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00:04:10So just be aware of that
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00:04:11There's no clear-cut Coral correlation here at the present time
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00:04:16The fact that bonds move up in the hills come down, may or may not help the stock market
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00:04:21We don't know for sure at Copper Still trading in the channel
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00:04:25Nothing going on there
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00:04:26You can see the bearish reversal day and do the pros giving up control
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00:04:30Notice how flat this line is representing the public, the public really isn't involved in the copper Market
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00:04:38The copper Futures Market that much
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00:04:40That's also true for gold
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00:04:42Futures of it is not true for the gold ETFs like the GLD
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00:04:47That is true
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00:04:47The Futures contracts though, axle Gould, still on a cell signal here
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00:04:51And then yesterday up
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00:04:52$330
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00:04:54silver still holding on to a Buy Signal, no change there
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00:04:58Then they're finishing up looking at the energy sector
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00:05:02We've got the crude oil still on a cell signal, trading up yesterday, a close above 8674 would give us a bicycle on Wednesday and that is certainly possible and it's certainly possible
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00:05:13We could get a new Buy Signal for natural gas with a close above $674
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00:05:19on Wednesday
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00:05:20Okay, folks, that's all for this morning's presentation
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00:05:24We're certainly looking for some weakness in the tech sector on Wednesday morning
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00:05:29Will that to Mark the top for this particular move for the market? Only time will tell enjoy the rest of your day
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00:05:35Next time you hear my voice is on Thursday morning and at that time, we'll take a closer look at the Canadian stock market