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00:00:00Good morning, everyone. Welcome to Thursday morning.
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00:00:03It's going to be a quick update this morning.
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00:00:05We've got a bunch of economic numbers coming out at 8:30 this morning that could
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00:00:09dramatically change the direction of the market.
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00:00:12So far, things are fairly quiet.
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00:00:14Dow future is slightly below fair value.
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00:00:16Nasdaq and S&P 500, slightly above fair value.
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00:00:20Now, looking at yesterday morning's
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00:00:22action, we were waiting for Microsoft to start trading in the pre market.
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00:00:26Yesterday morning, it was trading down in the channel.
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00:00:29And as I mentioned yesterday, we don't care how it opens, we care how it closes.
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00:00:33It opened lower, it traded lower.
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00:00:35It traded below the lower channel line
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00:00:37down to last week's low and then reversed going into the close.
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00:00:41So we recovered most of the losses intraday.
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00:00:45Still closed lower on the day for the
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00:00:47second day in a row, but still closed above the upper channel line.
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00:00:50So no sell signal there.
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00:00:52Now Tesla is out with earnings.
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00:00:54It's up in the premarket this morning.
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00:00:55So our next mathematical target is 156. 25.
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00:00:59We're trading up at 154 and change at the
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00:01:03moment, so there's a good chance you could get an order filled up there at 156.
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00:01:0725 on Thursday.
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00:01:09Looking at Shopify on the TSX, nice big move up yesterday.
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00:01:14Started to trade above the 200 day moving average.
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00:01:17It hasn't broken away from it yet.
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00:01:19Hit our next price target of 62. 50.
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00:01:21That was the top of our projected trading range.
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00:01:24If we continue higher from here, then 68.
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00:01:2775, of course, would be our next target.
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00:01:29And then if you look at the weekly chart, that is $75.
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00:01:33But we're not there yet.
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00:01:35Looking at what worked yesterday while it was the gold miners on both sides of the
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00:01:39border, and the silver miners did very well on Wednesday.
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00:01:43Looking at the VIX, the VIX is still oversold.
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00:01:47We've got a pressure zone forming.
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00:01:48Unfortunately, last time we had a pressure zone forming, we didn't get a lot of lift
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00:01:52off, so we'll have to see what happens this time.
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00:01:55We traded up to the upper channel line
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00:01:57yesterday before coming down and closing below the lower channel line.
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00:02:00So a round trip there on Wednesday.
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00:02:04Looking for a close on Thursday above
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00:02:0620.99. That's the first sign something new might be happening.
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00:02:10The Pros took control last week on that
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00:02:12big reversal day, but then gave up control again.
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00:02:15And it does not look like they want to take control on Thursday.
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00:02:19The range has tightened.
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00:02:20Of course, we've talked about this that we tried to trade below 1875 for one day and
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00:02:26came back, and now 21 88 is acting as resistance.
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00:02:30And so we're looking for a breakout of that range.
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00:02:32Of course, everybody will notice if we
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00:02:35start breaking out above the moving averages or the fly paper channel.
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00:02:39That certainly hasn't happened yesterday
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00:02:41and not expecting it to happen on Thursday.
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00:02:44Looking at the I shares for the TSX, 60.
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00:02:47We traded just almost unchanged yesterday.
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00:02:51Just down two cent on the day.
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00:02:53So looking for a close on Thursday below 30.
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00:02:5591 to give us a sell signal and trying to hit the next price target of 31.
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00:03:0064.
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00:03:00It's been hard to do over the last couple of weeks.
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00:03:03The high yesterday was 31.
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00:03:0553, so we almost hit it.
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00:03:07We'll probably hit it on Thursday.
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00:03:09Looking at the SPY ETF, almost unchanged yesterday.
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00:03:14Just up $0.15 on the day.
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00:03:16Looking for a close on Thursday below 391.
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00:03:1923.
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00:03:21Our next mathematical target, of course, is 406.25. Still having trouble with $400.
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00:03:26That big
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00:03:27Round number $400.35, that was the closing price yesterday.
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00:03:32Then looking at the Nasdaq 100, we closed down for the second day in a row.
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00:03:37Big reversal off the intraday lows, though.
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00:03:40Looking for a close on Thursday below 276.
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00:03:4272.
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00:03:44And we're looking to see if we can break
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00:03:46out above the top of the fly paper channel.
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00:03:48That would be something new.
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00:03:50And of course, the market will be looking
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00:03:51to see if we can take out the recent high here.
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00:03:54And that would certainly be a bullish sign if we could do that.
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00:03:58Looking up the Ishares for the Russell 2000, still dealing with 187.
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00:04:0350. We closed at 187.
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00:04:0445 yesterday, so we have traded above the 187.
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00:04:1050 level, but we haven't been able to break away from it just yet.
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00:04:13193 75 would be our next target if we could do that.
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00:04:18And then looking down on Thursday, we need
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00:04:20to close below 182.15 for the Ishares for the Russell 2000.
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00:04:26Okay, folks, that's all for this morning's presentation.
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00:04:29The deck chairs are going to be shuffled quite a bit after 8:30.
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00:04:33So just if you've got any orders to be filled this morning,
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00:04:38please wait and see what the open is going to look like before you take action.
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00:04:43If you have some new signals from yesterday, you may not need to execute
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00:04:48them, depending on what the futures do this morning after 08:30.
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00:04:52A.m. Have a great day, folks.
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00:04:54Next time you'll hear my voice is on Friday morning.