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00:00:00Good morning, everyone, and welcome to Friday Morning.
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00:00:03It's Stephen Whiteside here
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00:00:04from theuptrend.com with a quick two minute market update.
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00:00:08In the pre market this morning, stock index futures are down across the board.
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00:00:11Dow futures currently leading the market lower, down 250 points.
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00:00:16Now, I'm not sure if you saw
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00:00:18this tweet yesterday, but this Tweet gave
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00:00:21me a some shivers.
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00:00:23Jim Kramer thinks this is the time
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00:00:25and place that you should be jumping in to technology stocks.
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00:00:29I don't think so.
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00:00:30We are certainly back on a buy
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00:00:32signal for the Nasdaq.
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00:00:34And the Nasdaq has been leading the market higher this week.
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00:00:37Some of the stocks that we follow
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00:00:39are back on buy signals right now.
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00:00:41But as far as I'm concerned, confidence is low.
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00:00:44In any rally that you see right now, we are still in the middle
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00:00:48of a banking crisis, and we haven't seen the bottoms just yet.
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00:00:53If you don't believe me, look at
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00:00:54what happened yesterday. Stock
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00:00:56soar after First Republic gets a $30
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00:00:58billion injection. Well, that was enough to
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00:01:01take the stock up nearly 10%.
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00:01:03Not enough to change anything
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00:01:06from a charting point of view, this is still a pretty ugly situation.
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00:01:09And then you come in this morning.
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00:01:11And you find out that First Republic has
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00:01:13given up those gains and is now down over 22%.
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00:01:17Now, we're not down at the low
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00:01:19from a couple of days ago just.
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00:01:21Yet, but we could get there fairly quickly.
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00:01:23And then all the other regional banks are being taken down this morning as well.
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00:01:28And the problem in the regional banks in the US,
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00:01:32has rolled over to other financial institutions around the world.
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00:01:36And just taking a look at the.
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00:01:38TSX Financial index from Thursday's trading action, we actually made a new low
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00:01:43yesterday before, like the rest of the market, which recovered,
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00:01:46we closed higher on the day, but,
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00:01:48just a little over half a percent.
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00:01:50So certainly not enough to change the direction.
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00:01:53And that gap has been filled, so
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00:01:55it's no longer a target to the upside.
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00:01:58So here we are, we're in the
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00:01:59middle of a banking crisis.
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00:02:00We're still looking down to see just how far we can go.
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00:02:04Yes, some technology stocks have given buy signals.
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00:02:07The chip sector is doing very well.
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00:02:09Right now, but that's not enough to change
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00:02:12our overall view on the market at the present time.
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00:02:15Okay, folks, that's all for this morning's presentation.
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00:02:18Have a great day.
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00:02:19Next time you'll hear my voice is on Sunday.