Stock Market Timing Television - 20230112

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Good morning everyone. Welcome to Thursday morning.
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It's Stephen Whiteside here from the uptrend.com in the Premarket this morning
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and we're certainly ahead of the CPI numbers that are coming out at 8:30.
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Stock index futures are fairly quiet.
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Commodities are trading higher this
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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
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yesterday, not really clearing the recent high.
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That's also true for the Ishares, for the TSX 60.
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The TSX itself did close back above 20,000.
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Looking at the SPY ETF, you can see we
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were able to clear out above the recent high from Monday.
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That's also true for the Nasdaq.
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Now as far as investors are concerned, the recession is all over.
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If you look at what worked yesterday, the
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best performing sector in the US was real estate, followed by consumer
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discretionary, followed by home builders and then followed by retail.
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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
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it was REITs and utilities were the big winners on Wednesday.
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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
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from the range that it's been in for the last couple of months.
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There's the SPY ETF coming up to the 200
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day moving average, so that could be an issue on Thursday.
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And then we're also coming up to an open gap.
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So we traded into it yesterday, did not close it.
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The high of that gap is 396.
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31 and we'll see how the market handles that today.
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Looking above that point, of course, we've got the big round number of $400 and then
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our mathematical target of 406.25. Let's move on to commodity prices.
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And we saw copper continue to move higher yesterday.
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That also gave us a new high for freeport
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and a new high for the Ishares Global Base Metal ETF.
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Looking at the price of gold, we're still stuck to 1875 here, trying to break away.
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We are up in the pre market this morning.
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We saw a new high yesterday for Barrick
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and very quiet trading for Newmont on Wednesday.
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Looking at the price of silver again, we
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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.
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Looking for a close on the Ishares ETF above 15.28 on Thursday.
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And then looking in the US market, the SPY ETF is already on a buy signal.
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Looking at natural gas.
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New low for natural gas on wednesday we have Cenovus Energy still on a sell signal
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that would change on Thursday with a close above 25.
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73.
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And for Suncor we're looking for a close above 42.
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41.
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Let's finish off this morning's presentation.
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Taking a quick look at my portfolio coming into yesterday's trading action.
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We were already on a buy signal for
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Amazon, for CME, for Goldman Sachs and for Visa.
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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.
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Now depending on how things look at 930 this morning I might not take this trade.
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If things reverse sharply to the downside, there's no need to take this trade.
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I am still short, I still have some shares short in Apple.
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So if we are going to go through with the buy signal at 930 I will be covering that
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short position first and then going long Apple if Apple continues to trade where
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near where it is right now on Thursday morning.
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OK folks, that is all for this morning's presentation.
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Looking for lots of volatility after 8:30
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this morning and potentially a lot of volatility on Friday.
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Have a great day.
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Next time you'll hear my voice is on Friday morning.
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Thank you.

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