Stock Market Timing Television - 20230112
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  • 00:00:00
    Good morning everyone. Welcome to Thursday morning.
  • 00:00:02
    It's Stephen Whiteside here from the uptrend.com in the Premarket this morning
  • 00:00:07
    and we're certainly ahead of the CPI numbers that are coming out at 8:30.
  • 00:00:12
    Stock index futures are fairly quiet.
  • 00:00:14
    Commodities are trading higher this
  • 00:00:16
    morning, so we expect volatility to certainly expand after 08:30 A.m.
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    This morning.
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    So we saw the DOW Diamonds move up
  • 00:00:25
    yesterday, not really clearing the recent high.
  • 00:00:28
    That's also true for the Ishares, for the TSX 60.
  • 00:00:31
    The TSX itself did close back above 20,000.
  • 00:00:35
    Looking at the SPY ETF, you can see we
  • 00:00:37
    were able to clear out above the recent high from Monday.
  • 00:00:42
    That's also true for the Nasdaq.
  • 00:00:44
    Now as far as investors are concerned, the recession is all over.
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    If you look at what worked yesterday, the
  • 00:00:51
    best performing sector in the US was real estate, followed by consumer
  • 00:00:55
    discretionary, followed by home builders and then followed by retail.
  • 00:00:59
    Those were the big winners yesterday, ahead of the CPI numbers.
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    So investors are trading as if the recession is already over.
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    Now looking at what worked in Canada, well
  • 00:01:10
    it was REITs and utilities were the big winners on Wednesday.
  • 00:01:14
    Now the VIX is still on a sell signal.
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    That of course is supported for higher stock prices.
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    We're still trying to get it to break out
  • 00:01:22
    from the range that it's been in for the last couple of months.
  • 00:01:25
    There's the SPY ETF coming up to the 200
  • 00:01:27
    day moving average, so that could be an issue on Thursday.
  • 00:01:31
    And then we're also coming up to an open gap.
  • 00:01:34
    So we traded into it yesterday, did not close it.
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    The high of that gap is 396.
  • 00:01:40
    31 and we'll see how the market handles that today.
  • 00:01:45
    Looking above that point, of course, we've got the big round number of $400 and then
  • 00:01:49
    our mathematical target of 406.25. Let's move on to commodity prices.
  • 00:01:56
    And we saw copper continue to move higher yesterday.
  • 00:01:59
    That also gave us a new high for freeport
  • 00:02:01
    and a new high for the Ishares Global Base Metal ETF.
  • 00:02:05
    Looking at the price of gold, we're still stuck to 1875 here, trying to break away.
  • 00:02:10
    We are up in the pre market this morning.
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    We saw a new high yesterday for Barrick
  • 00:02:15
    and very quiet trading for Newmont on Wednesday.
  • 00:02:19
    Looking at the price of silver again, we
  • 00:02:21
    closed lower on the day yesterday, so not getting anywhere.
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    We've got wheaton making a new high yesterday, trying to get above 59.
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    38. If we can do that, 62 50 comes into play.
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    Looking at crude oil, we're back on a buy signal as of Wednesday's close.
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    We're trading up in the pre market this morning.
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    Canadian energy stocks, some of them being weighed down by natural gas.
  • 00:02:44
    Looking for a close on the Ishares ETF above 15.28 on Thursday.
  • 00:02:49
    And then looking in the US market, the SPY ETF is already on a buy signal.
  • 00:02:54
    Looking at natural gas.
  • 00:02:56
    New low for natural gas on wednesday we have Cenovus Energy still on a sell signal
  • 00:03:02
    that would change on Thursday with a close above 25.
  • 00:03:05
    73.
  • 00:03:06
    And for Suncor we're looking for a close above 42.
  • 00:03:09
    41.
  • 00:03:10
    Let's finish off this morning's presentation.
  • 00:03:12
    Taking a quick look at my portfolio coming into yesterday's trading action.
  • 00:03:17
    We were already on a buy signal for
  • 00:03:19
    Amazon, for CME, for Goldman Sachs and for Visa.
  • 00:03:23
    We were just waiting for Apple to finally get back on a buy signal and it did.
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    So as of Wednesday's close.
  • 00:03:30
    Now depending on how things look at 930 this morning I might not take this trade.
  • 00:03:35
    If things reverse sharply to the downside, there's no need to take this trade.
  • 00:03:40
    I am still short, I still have some shares short in Apple.
  • 00:03:44
    So if we are going to go through with the buy signal at 930 I will be covering that
  • 00:03:49
    short position first and then going long Apple if Apple continues to trade where
  • 00:03:55
    near where it is right now on Thursday morning.
  • 00:03:59
    OK folks, that is all for this morning's presentation.
  • 00:04:02
    Looking for lots of volatility after 8:30
  • 00:04:04
    this morning and potentially a lot of volatility on Friday.
  • 00:04:08
    Have a great day.
  • 00:04:09
    Next time you'll hear my voice is on Friday morning.
  • 00:04:41
    Thank you.

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