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Now in the flea market this morning, stock index, Futures
Now in the flea market this morning, stock index, Futures are trading below fair value, but we do have employment numbers coming out at 8:30 and that will certainly add it to the volatility
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One of the reasons the Futures are down this morning
One of the reasons the Futures are down this morning is the people are reacting to Elon musk's negative comments about the economy
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Yesterday was another good day for the stock market, the
Yesterday was another good day for the stock market, the Vic's, continue to move lower, things will change on Friday
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Still having trouble getting up and over the March Lowe's
Still having trouble getting up and over the March Lowe's and still Having trouble getting to 42188, the icers for the TSX, 60 made a new high for this move yesterday and hit our next price Target
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Dollar Index made a new high, a couple of weeks
Dollar Index made a new high, a couple of weeks ago and then started to pull back
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Dollar Index moving up could be negative for the other
Dollar Index moving up could be negative for the other major currencies
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We see the Australian dollar Canadian dollar bills, have a
We see the Australian dollar Canadian dollar bills, have a nice bounces off the bottom of the panic zones
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Pressure Zone formed and they look like they want to
Pressure Zone formed and they look like they want to continue to move higher
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The barely moving off the bottom, the Euro doing a
The barely moving off the bottom, the Euro doing a little better, but now we've got a new early warning signal for the Euro and then look at the Swiss franc, another currency with a new early-warning
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While the US dollar was peeking and pulling back, the
While the US dollar was peeking and pulling back, the other currencies, of course, came up off the bottom of the panic zones and off and Ice pressure zone
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If you were listening to the CEO from Salesforce the
If you were listening to the CEO from Salesforce the other day, he was talking about how weak the Japanese currency has been
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And of course, that tells you that the symbol that
And of course, that tells you that the symbol that you're looking at is broken
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And so here's the Japanese Yen barely Rising off the
And so here's the Japanese Yen barely Rising off the bottom and then we now have a new early-warning signal which is reacting to, in starting to pull back down
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As so definitely a bear Market rally and then we're
As so definitely a bear Market rally and then we're coming back down and the world will be looking to see if the Japanese Yen can hold the recent lows from may they looking at the Mexican
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I you can see, last time we had a pressure
I you can see, last time we had a pressure has only had a nice move up and we're ranked at 10 right now at the top of the panic zone
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So certainly, I wouldn't want to be putting money into
So certainly, I wouldn't want to be putting money into the Mexican peso at the moment be looking to get out and probably go short in the not-so-distant future
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And of course, this is a petrol currency and it's
And of course, this is a petrol currency and it's moved up with the price of crude oil
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Next up, will move on to commodity prices and starting
Next up, will move on to commodity prices and starting with copper, which had a huge update yesterday
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I, you can see, we've been on a bicycle for
I, you can see, we've been on a bicycle for a couple of weeks now, we ran up to the next price Target
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And we talked about this yesterday Gold's having trouble getting
And we talked about this yesterday Gold's having trouble getting over resistance, work early on a by signal here
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So really looking to see if we get any fall
So really looking to see if we get any fall through to the upside here, either
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Look at the price of silver and silver is coming
Look at the price of silver and silver is coming off the bottom of the panic Sons pressure Zone has formed
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We had a Buy Signal and we drifted over to
We had a Buy Signal and we drifted over to a cell signal the other day
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So not overly excited here, trying to get up to
So not overly excited here, trying to get up to I-20 3:43, if we can continue to move higher from here
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Lower higher, early-warning signal, we're coming down, projecting down here
Lower higher, early-warning signal, we're coming down, projecting down here
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It does certainly looks broken to me lower highs lower
It does certainly looks broken to me lower highs lower lows down to the bottom of the panic Zone pressure Zone has formed
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So we may get another situation where we get a
So we may get another situation where we get a pop and a drop, you know, being short, Lumber still the trade nothing's changed on Thursday going into Friday
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You can still be short, Lumber looking at the sugar
You can still be short, Lumber looking at the sugar sugar is coming off an early warning signal and a lower
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You can see eyewear into the open Gap now and
You can see eyewear into the open Gap now and that, that could potentially act as support
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So, just be aware of that looking for lower prices
So, just be aware of that looking for lower prices for sugar, if we can trade through that, lower Gap
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And now we're I look at the December contract here
And now we're I look at the December contract here trying to break out above 10 6:25, that'll take us to 11250 on the downside
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Friday, close blow 97-95 would give us a cell signal
Friday, close blow 97-95 would give us a cell signal so far, what we're singing the pre-market doesn't indicate that's going to happen
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Then, of course, you know, the numbers are different here,
Then, of course, you know, the numbers are different here, but things look the same as we need to close below 8247 on Friday
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And do we're trying to get to 9375 if we
And do we're trying to get to 9375 if we can start trading out above 8750 last up
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We're looking for a closed on Friday below 824 and
We're looking for a closed on Friday below 824 and that is certainly possible
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That's all for this morning's presentation, waiting for those employment
That's all for this morning's presentation, waiting for those employment numbers to come out at 8:30 and that will certainly add some volatility to the market
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00:00:04Good morning, everyone.
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00:00:05Welcome to Friday morning.
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00:00:06It's Stephen Whiteside here from theuptrend.com.
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00:00:08We are going to mix things up a little this morning.
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00:00:11Some people say I don't talk about currencies and commodities enough.
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00:00:15Well, we will take care of that in this morning's presentation.
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00:00:18Now in the pre-market this morning, stock index, Futures are trading below fair value, but we do have employment numbers coming out at 8:30 a.m., and that will certainly add it to the volatility.
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00:00:28Apparently,
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00:00:30one of the reasons the Futures are down this morning is the people are reacting to Elon Musk's negative comments about the economy.
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00:00:37Now, the Tesla is trading down in the pre-market
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00:00:41this morning, not enough to give us a Sell signal.
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00:00:43It is actually trading down into the channel at the moment.
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00:00:47Yesterday was another good day for the stock market, the VIX continue to move lower. Things will change on Friday
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00:00:53if the VIX would to close above $29.46.
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00:00:57The SPY ETF
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00:00:59made a new high for this move.
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00:01:00Still having trouble getting up and over the March Lows and still having trouble getting to 421.88, The iShares for the TSX 60 made a new high for this move yesterday and hit our next price Target
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00:01:12at 3203, closing
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00:01:14at $32.06.
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00:01:16Next up.
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00:01:18Let's take a look at currencies starting off with the US
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00:01:20Dollar index.
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00:01:22The US Dollar Index made a new high a couple of weeks ago and then started to pull back.
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00:01:26We do have a new Pressure Zone forming.
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00:01:29So we're expecting the US
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00:01:30Dollar Index to start moving up from here.
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00:01:32Of course, the US
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00:01:34Dollar Index moving up could be negative for the other major currencies.
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00:01:38
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00:01:39We see the Australian dollar and Canadian dollar have a nice bounces off the bottom of the Panic Zones.
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00:01:44with a Pressure Zone formed, and they look like they want to continue to move higher.
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00:01:48A little weakness in Europe with the British pound
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00:01:51barely moving off the bottom. The Euro doing a little better, but now we've got a new early warning signal for the Euro. And then look at the Swiss franc, another currency with a new early-warning
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00:02:01signal up there. So you can see the major currencies moving up
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00:02:04while the US dollar was peeking and pulling back. The other currencies, of course, came up off the bottom of the Panic Zones and off and Pressure Zones.
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00:02:12Now,
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00:02:12the Japanese Yen has had a hard time.
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00:02:14If you were listening to the CEO from Salesforce the other day, he was talking about how weak the Japanese currency has been.
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00:02:21And so here we are.
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00:02:22We came off the bottom of the Panics Zones with Pressure Zones forming.
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00:02:25An elongated Pressure Zone started way back here.
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00:02:29And of course, that tells you that the symbol that you're looking at is broken.
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00:02:34And so here's the Japanese Yen barely Rising off the bottom and then we now have a new early-warning signal which it is reacting to, and now starting to pull back down.
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00:02:42Looking at the right side chart for the Japanese Yen.
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00:02:44You can see the huge move down.
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00:02:47This currency is had ever so slight a rise.
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00:02:51As so definitely a bear Market rally, and now we're coming back down, and the world will be looking to see if the Japanese Yen can hold the recent lows from may. Then looking at the Mexican
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00:03:01Peso. Obviously, this is a petrol.
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00:03:04currency, so it's been doing pretty well.
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00:03:05As you can see, the last time we had a Pressure Zone, we had a nice move up and we're currently ranked at 10. Right now we are at the top of the Panic Zones.
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00:03:11So certainly, I wouldn't want to be putting money into the Mexican peso at the moment. I would be looking to get out and probably go short in the not-so-distant future.
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00:03:20Then look at the Russian Ruble.
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00:03:22Look at the huge, move up off the Lows after the war started.
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00:03:26And of course, this is a petrol currency and it's moved up with the price of crude oil.
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00:03:31Next up, we will move on to commodity prices and starting with copper, which had a huge update yesterday.
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00:03:37You can see we've been on a Buy Signal for a couple of weeks now, and we ran up to the next price Target.
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00:03:43So now we're looking to see if we can get up to 468.75.
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00:03:47Then we look at the price of gold.
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00:03:49And we talked about this yesterday. Gold's having trouble getting over resistance at $1875. We are still on a Buy Signal here.
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00:03:55The pros have not taken control yet.
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00:03:57We're trying to get over 1875.
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00:04:00We're down a little in the pre-market this morning.
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00:04:02We run up to the 200 Day moving average and stopped.
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00:04:05So really looking to see if we get any follow-through to the upside here.
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00:04:10Looking at the price of silver. Ailver is coming off the bottom of the Panic Zones with a Pressure Zone formed.
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00:04:15This is the time and place you look for Buy Signals.
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00:04:17We had a Buy Signal and we drifted over to a Sell signal the other day.
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00:04:21And now we're back on the Buy Signal as of Thursday's close. The Pros
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00:04:25Are just about to take control.
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00:04:27So that will be positive.
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00:04:28Unfortunately,
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00:04:29The last time they did that, it didn't last very long.
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00:04:32So not overly excited here, trying to get up to 23.43, if we can continue to move higher from here.
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00:04:40Now moving over to the grains.
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00:04:42We've got corn coming off of the early-warning signal up here.
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00:04:45It's been moving down, and now we've got a Pressure Zone forming.
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00:04:48So I am looking for Buy Signal here.
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00:04:52We do not have any Pressure Zones forming for wheat.
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00:04:54Now, both corn and wheat made a high and there than a lower high.
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00:04:59And then if you look at the price of wheat, there's the big high.
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00:05:03A Lower higher, an early-warning signal, we're coming down, projecting down to here.
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00:05:08No Pressure zone so far.
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00:05:10So in both cases, we made lower highs recently.
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00:05:13What didn't make a lower high recently for soy bean.
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00:05:16Currently ranked at a 10 right now.
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00:05:18Nothing going on there, still on a buy signal, still chugging along.
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00:05:21Lumber.
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00:05:22made a new low yesterday.
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00:05:24It does certainly looks broken to me. Lower highs and lower lows. Trading down to the bottom of the Panic Zone with a Pressure Zone formed.
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00:05:31Unfortunately.
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00:05:32we're in a bear market for lumber.
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00:05:33So we may get another situation where we get a pop and a drop. Being short Lumber is still the trade. Nothing's changed on Thursday going into Friday.
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00:05:42You can still be short Lumber. Lhighooking at the sugar. Sugar is coming off an early warning signal and a lower
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00:05:49High. We are now back on a Sell signal
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00:05:51as of Thursday's close.
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00:05:52You can see we traded into the open Gap. Now that could potentially act as support.
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00:05:57So, just be aware of that. We are looking for lower prices for sugar, if we can trade through that lower Gap.
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00:06:03Then let's finish off with crude oil, currently ranked a 10.
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00:06:07And now we're I look at the December contract here trying to break out above 106.25, that'll take us to 112.50. On the downside
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00:06:15A Friday close blow 97.95 would give us a Sell signal. So far what we're seeing in the pre-market doesn't indicate that's going to happen on Friday.
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00:06:23If you're trading the USO.
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00:06:25Then, of course, you know, the numbers are different here, but things look the same as we need to close below 82.47 on Friday.
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00:06:32And do we're trying to get to 93.75 if we can start trading out above 87.50. Last up,
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00:06:40we've got natural gas. Natural gas is right up at the top of the Panic Zones
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00:06:43and trying to break through 9.38.
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00:06:45If we can do that, then 10.16 comes into play. On the downside,
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00:06:50we're looking for a closed on Friday below 8.24 and that is certainly possible.
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00:06:56Okay, folks.
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00:06:57That's all for this morning's presentation. Waiting for those employment numbers to come out at 8:30 and that will certainly add some volatility to the market.
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00:07:05Have a great day.
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00:07:06Next time you hear my voice is on Sunday.