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00:00:00Good morning everyone. Welcome to Thursday morning.
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00:00:02It's Stephen Whiteside here from the uptrend.com in the Premarket this morning
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00:00:07and we're certainly ahead of the CPI numbers that are coming out at 8:30.
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00:00:12Stock index futures are fairly quiet.
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00:00:14Commodities are trading higher this
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00:00:16morning, so we expect volatility to certainly expand after 08:30 A.m.
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00:00:22This morning.
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00:00:23So we saw the DOW Diamonds move up
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00:00:25yesterday, not really clearing the recent high.
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00:00:28That's also true for the Ishares, for the TSX 60.
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00:00:31The TSX itself did close back above 20,000.
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00:00:35Looking at the SPY ETF, you can see we
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00:00:37were able to clear out above the recent high from Monday.
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00:00:42That's also true for the Nasdaq.
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00:00:44Now as far as investors are concerned, the recession is all over.
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00:00:48If you look at what worked yesterday, the
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00:00:51best performing sector in the US was real estate, followed by consumer
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00:00:55discretionary, followed by home builders and then followed by retail.
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00:00:59Those were the big winners yesterday, ahead of the CPI numbers.
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00:01:03So investors are trading as if the recession is already over.
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00:01:08Now looking at what worked in Canada, well
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00:01:10it was REITs and utilities were the big winners on Wednesday.
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00:01:14Now the VIX is still on a sell signal.
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00:01:17That of course is supported for higher stock prices.
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00:01:20We're still trying to get it to break out
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00:01:22from the range that it's been in for the last couple of months.
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00:01:25There's the SPY ETF coming up to the 200
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00:01:27day moving average, so that could be an issue on Thursday.
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00:01:31And then we're also coming up to an open gap.
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00:01:34So we traded into it yesterday, did not close it.
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00:01:37The high of that gap is 396.
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00:01:4031 and we'll see how the market handles that today.
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00:01:45Looking above that point, of course, we've got the big round number of $400 and then
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00:01:49our mathematical target of 406.25. Let's move on to commodity prices.
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00:01:56And we saw copper continue to move higher yesterday.
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00:01:59That also gave us a new high for freeport
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00:02:01and a new high for the Ishares Global Base Metal ETF.
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00:02:05Looking at the price of gold, we're still stuck to 1875 here, trying to break away.
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00:02:10We are up in the pre market this morning.
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00:02:12We saw a new high yesterday for Barrick
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00:02:15and very quiet trading for Newmont on Wednesday.
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00:02:19Looking at the price of silver again, we
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00:02:21closed lower on the day yesterday, so not getting anywhere.
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00:02:25We've got wheaton making a new high yesterday, trying to get above 59.
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00:02:3038. If we can do that, 62 50 comes into play.
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00:02:34Looking at crude oil, we're back on a buy signal as of Wednesday's close.
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00:02:37We're trading up in the pre market this morning.
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00:02:40Canadian energy stocks, some of them being weighed down by natural gas.
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00:02:44Looking for a close on the Ishares ETF above 15.28 on Thursday.
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00:02:49And then looking in the US market, the SPY ETF is already on a buy signal.
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00:02:54Looking at natural gas.
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00:02:56New low for natural gas on wednesday we have Cenovus Energy still on a sell signal
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00:03:02that would change on Thursday with a close above 25.
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00:03:0573.
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00:03:06And for Suncor we're looking for a close above 42.
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00:03:0941.
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00:03:10Let's finish off this morning's presentation.
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00:03:12Taking a quick look at my portfolio coming into yesterday's trading action.
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00:03:17We were already on a buy signal for
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00:03:19Amazon, for CME, for Goldman Sachs and for Visa.
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00:03:23We were just waiting for Apple to finally get back on a buy signal and it did.
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00:03:28So as of Wednesday's close.
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00:03:30Now depending on how things look at 930 this morning I might not take this trade.
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00:03:35If things reverse sharply to the downside, there's no need to take this trade.
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00:03:40I am still short, I still have some shares short in Apple.
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00:03:44So if we are going to go through with the buy signal at 930 I will be covering that
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00:03:49short position first and then going long Apple if Apple continues to trade where
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00:03:55near where it is right now on Thursday morning.
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00:03:59OK folks, that is all for this morning's presentation.
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00:04:02Looking for lots of volatility after 8:30
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00:04:04this morning and potentially a lot of volatility on Friday.
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00:04:08Have a great day.
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00:04:09Next time you'll hear my voice is on Friday morning.
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00:04:41Thank you.