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00:00:00Good morning, everyone, and welcome to Wednesday morning.
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00:00:02It's Stephen Whiteside here from theuptrend.
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00:00:04com.
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00:00:05In the premarket this morning, stock index futures and gold are trading higher.
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00:00:10So after down three days in a row, we are getting back on our feet, heading into a
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00:00:14long weekend, heading into month end and quarter end.
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00:00:17So we may see some quarter end window dressing this week and this week.
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00:00:22I mean Wednesday and Thursday.
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00:00:23Friday is when the big economic numbers come out for the week.
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00:00:26But the market will be closed on Friday for the holiday.
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00:00:30Now, we saw major indices down three days in a row.
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00:00:33The Dow, we've got the S&P 500 trading lower.
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00:00:37We've got the Nasdaq trading lower.
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00:00:39We've got the TSX 60 trading lower.
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00:00:41None generated sell signals so far and
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00:00:43they all look like they're going to open higher on Thursday morning.
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00:00:47Now, the VIX was up slightly yesterday, still trading below the lower channel
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00:00:51line, looking for a close on Wednesday above 14.
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00:00:5520. And it certainly doesn't look like we're
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00:00:57going to see that based on what's going on in the pre market this morning.
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00:01:01Well, we always talk about the fact that
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00:01:03it isn't the news, it's how the market reacts to the news.
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00:01:06And you can see that yesterday Krispy
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00:01:08Kreme was up nearly 40% on the news that it's in a new partnership with McDonald's.
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00:01:14So Krispy Kreme on its third day of a buy signal.
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00:01:17How did McDonald's investors react?
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00:01:19Well, the stock actually closed the day unchanged.
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00:01:22So they were totally unfazed, uninterested
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00:01:25in the announcement that Krispy Kreme investors were certainly excited about.
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00:01:31Now, looking at the S&P 500 yesterday, what worked?
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00:01:35Well, it was healthcare, financials and consumer staples.
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00:01:38What didn't work? Well, it was utilities, but not by much.
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00:01:42Yesterday was a fairly quiet day.
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00:01:44So healthcare still on a sell signal.
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00:01:46No change for financials and no change for consumer staples trading down to the lower
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00:01:51channel line for the last two days and utilities.
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00:01:54If it was the big loser yesterday, you don't really notice it.
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00:01:57It traded down to the lower channel line,
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00:01:59still on a buy signal coming into Wednesday.
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00:02:03Now, yesterday morning we looked at the New York most actives and really there's
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00:02:07only one trend change from yesterday's trading action.
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00:02:11So Lucid, pulled back yesterday, looking for a close on Wednesday above $2.
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00:02:1696.
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00:02:17Tesla is back on a buy signal as of Tuesday's close.
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00:02:21So we can be buyers at the open on Wednesday morning.
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00:02:25And no change for advanced micro devices.
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00:02:28No change for Marathon Digital looking for a close on Wednesday below $19.
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00:02:3376 to give us a new sell signal.
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00:02:36Nio barely moved yesterday.
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00:02:38Then we've got micron making a new high for this move on Tuesday.
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00:02:43Nvidia pulled back yesterday, still trading above the upper channel line.
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00:02:46No worries there.
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00:02:47Apple inside day yesterday closing slightly lower on the day.
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00:02:52Then we've got Tilray making a new high for this move.
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00:02:55Now, Tilray started out with a buy signal back on the 15th.
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00:02:59You came in on the next day, which was the 18th.
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00:03:02You bought at the open at 1. 81.
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00:03:05There were the price targets at the time.
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00:03:07You could have locked in profits at any of those levels.
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00:03:10And we did eventually trade up to 234.
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00:03:13We've stopped there for the last three days.
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00:03:15We have been able to trade higher, but not close higher.
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00:03:18If we move up from here, 2.
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00:03:2054 is our next mathematical target, and that's as high as we got back in December.
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00:03:26Then, looking at the TSX, the winners were
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00:03:29healthcare, consumer discretionary, and then infotech.
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00:03:31And the loser on the day was energy, down less than 1%.
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00:03:36Now, healthcare is a very small sector of the canadian market, and of course it's
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00:03:42being pushed higher by one marijuana stock right now, consumer discretionary.
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00:03:46Still on a sell signal.
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00:03:47No change there.
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00:03:48No change for infotech.
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00:03:50We're still on a buy signal here.
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00:03:52The elephant in the room, of course, is Shopify.
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00:03:54Still on a buy signal.
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00:03:56Now, last week we were able to run up and tag the 112.
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00:03:5950 level.
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00:04:00So if you add an order in to take partial profits at that level, it got filled.
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00:04:04So congratulations.
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00:04:06Above that level, we've got a big open gap
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00:04:08that could act as a price magnet and a potential area of resistance.
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00:04:12But 125 is our next mathematical target if we start trading above 112.
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00:04:1750.
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00:04:18Now, energy stocks pulled back but ever so slightly yesterday, less than 1%.
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00:04:22So no concern there.
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00:04:24Now, looking at the TSX most active list
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00:04:26that we looked at yesterday, small pullback for Suncor Canopy growth, the
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00:04:31marijuana sector, of course, having big up moves recently.
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00:04:34And we started off with targets of 6. 25, 7.
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00:04:3881, 9.
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00:04:3938, and 9.
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00:04:4138 would have taken us up to the top of that open gap, and 10.
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00:04:4494, the high from early December.
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00:04:47And we have blasted all our, all the way up to 10.
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00:04:5094 so far that is acting as resistance.
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00:04:53If we can start closing above it, then 12.
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00:04:5550 and 14.
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00:04:5606 come into play.
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00:04:59Then looking at TC Energy, small pullback there.
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00:05:01Small pullback for canadian natural resources.
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00:05:04Manulife.
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00:05:05We talked about Manulife being stuck at the 32.
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00:05:0881 level. Well, we closed at 32.
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00:05:1083 on Tuesday.
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00:05:12TD bank still swimming in the channel.
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00:05:14Looking for a close above $81.
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00:05:1664 on Wednesday to give us a buy signal.
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00:05:20No joy for bit farms.
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00:05:21Power still on a sell signal. No change there.
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00:05:24Holding. Monday's low.
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00:05:26Then we've got Cenovus making a new high for this move on Tuesday.
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00:05:30No joy for Telus making a new closing low.
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00:05:33Having an inside day on Tuesday.
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00:05:35B2Gold still swimming sideways here.
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00:05:38Looking for a close above 3. 52.
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00:05:40Remember, if you're following this stock,
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00:05:42you're chasing really a broken stock at the moment.
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00:05:45Most gold stocks look something like Kinross, which was unchanged on Tuesday.
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00:05:51Okay, folks, that is all for this morning's presentation.
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00:05:54Have a great day.
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00:05:55Next time you'll hear my voice is on Thursday morning.