Stock Market Timing Television - 20230120.mp4

en-us French Canadian Arabic Chinese German Japanese Korean Spanish

How was the video ?

Description

Auto Scroll

00:00:00

Good morning everyone. Welcome to Friday morning.
00:00:03

In the premarket this morning we see Asian
00:00:05

markets closed higher overnight, we've got.
00:00:07

European markets trading higher this morning and.
00:00:10

We'Ve got stock index futures in North.
00:00:12

America trading slightly above fair value.
00:00:15

So so far it looks like we're going to have a quiet to a.
00:00:18

Positive opening at 930 Friday morning.
00:00:22

Lots of interesting stuff going on.
00:00:24

We've had a lot of after hours activity and I guess Netflix led that off.
00:00:30

Netflix reported after hours last night,
00:00:33

it traded down to the lower channel line yesterday but did not close below it.
00:00:37

So it's still on a buy signal here.
00:00:39

It is trading up nicely in the pre market
00:00:41

this morning, trading back up at the levels we saw a couple of days ago.
00:00:46

And so this stock has recently made a
00:00:48

higher high and it might be able to do that again today.
00:00:52

Our next mathematical target just above the recent highs is 343 75.
00:00:59

And so if you're still long Netflix, I'd
00:01:00

be wanting to take some money off the table up at that level.
00:01:04

Looking at the Dow, we talked about the Dow diamonds being back on a sell signal.
00:01:08

We also talked about the early warning signal at the top of the screen.
00:01:11

Now that is also true for the Dow Transports and the Dow Utilities.
00:01:16

Now speaking of after hours action, a couple of stocks announced layoffs today
00:01:22

and so we've got Alphabet laying a bunch of people off.
00:01:25

It is trading higher this morning, still on a buy signal.
00:01:28

Wayfair is also laying off a bunch of people and just like Netflix, we traded
00:01:33

down to the lower channel line yesterday, did not close below it.
00:01:36

We were down $2.13 at the close yesterday.
00:01:40

We're up $2.34 in the pre market this morning.
00:01:44

So we'll be up at the upper channel line at the open on Friday morning.
00:01:49

Now a lot of strange things have happened in the past few weeks.
00:01:53

Of course we've got a nice rally to start January off, but we're also seeing money
00:01:57

come out of consumer staples ahead of consumer discretionary.
00:02:01

Now the market has been acting as if the recession is already over, but.
00:02:06

At the same time you can see corporations
00:02:08

are acting as it is still coming such as Alphabet and Wayfair are continuing to lay
00:02:14

people off, that is ahead of the recession.
00:02:18

They're not doing that because the
00:02:19

recession is over and things are starting to turn around.
00:02:22

Now the metals have had a good week so far, so copper and gold both making new
00:02:28

highs this week and so that's helped the mining sector.
00:02:31

So the GDX is still in play here inside day yesterday, still on a buy signal.
00:02:37

Similar situation for the XEG, both still on buy signals here.
00:02:42

So no change there.
00:02:44

Now I've been waiting for the energy sector to come back.
00:02:46

We've got crude oil on a buy signal.
00:02:49

You can see that we recently put in a
00:02:51

higher low, and then we put in a higher high.
00:02:54

So that's a bullish sign for crude oil.
00:02:57

Unfortunately, we're not seeing that sort of action for natural gas at the moment.
00:03:01

Crude oil is trading up in the pre market
00:03:03

natural gas is trading down slightly in the pre market on Friday morning.
00:03:08

So the XLE is still on a buy signal here.
00:03:12

And the XEG is also still on a buy signal here.
00:03:17

So still looking for the energy sector to continue to move higher from here.
00:03:22

Now, the SPY ETF traded down to the lower channel line yesterday.
00:03:25

Still looking for a close on Friday below 388 49 to give us a sell signal.
00:03:31

Q's, traded back in the channel yesterday,
00:03:33

looking for a close below 271 77 on Friday.
00:03:37

And looking at the I shares for the TSX 60, we need a close below $30.0.57. Now
00:03:45

looking in the opposite direction, the VIX is still on a sell signal.
00:03:48

Traded up to the upper channel line
00:03:50

yesterday, looking for a close on Friday above 21.
00:03:54

48 to give us a buy signal.
00:03:56

And that, of course, would be negative for stocks.
00:03:59

Okay, folks, that is all for this morning's presentation.
00:04:02

Again, it looks like we're going to see a
00:04:04

little bit of buying at the open on Friday morning.
00:04:07

Enjoy the rest of your day.
00:04:08

Enjoy your weekend.
00:04:10

Next time you'll hear from us will be on Sunday.
00:04:43

Thank you.

Transcription