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00:00:00Good morning, everyone. Welcome to Wednesday morning.
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00:00:02It's Stephen Whiteside here
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00:00:03from TheUpTrend.com with a quick two minute market update.
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00:00:07In the pre market this morning,
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00:00:09stock index futures are unchanged at the moment.
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00:00:12So things are very quiet out there this morning.
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00:00:15There is some stocks in the news,
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00:00:17Target is out with earnings and it was looking pretty good yesterday.
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00:00:20But today we are trading way down there.
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00:00:23In fact, last time I blinked, we're trading a little lower than that.
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00:00:26So down sharply in the pre market.
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00:00:29And then we've got Lowes.
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00:00:30And Lowe's has been stuck at resistance at 212.50.
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00:00:33It's trading just above that in the Premarket this morning.
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00:00:37Now the VIX traded up into the channel
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00:00:39yesterday all the way up to the upper channel line.
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00:00:42And we're looking for a close on Wednesday
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00:00:44above 26.06 to give us a buy signal that, of course, would be negative for stocks.
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00:00:49The US dollar index had a big reversal day yesterday.
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00:00:53Didn't close higher on the day, but certainly came off its intraday's lows
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00:00:58to settle just above support at 106.25.
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00:01:02If you follow the US dollar index, you know 106.25 is an important
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00:01:06number because that is also the weekly level of support.
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00:01:10So we're trying to hold that at the moment.
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00:01:11If we can hold it, that'll be neutral for the stock market.
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00:01:15If we bounce from here, that of course, could be negative for the stock market.
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00:01:19Looking at the Dow Diamonds, we're up at the summer highs right now.
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00:01:23We haven't retested them, but the air is getting pretty thin up here.
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00:01:27Wouldn't be surprised if we see the market top this week.
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00:01:31We've only got a couple of days left,
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00:01:33but we're running out of steam up at this level.
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00:01:36And of course, it's been the Dow that has been leading the US market higher.
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00:01:40In Canada, of course, we've had the help of the energy sector.
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00:01:43And the I shares for the TSX 60 are also up at those summer highs.
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00:01:49And here we are trading water up
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00:01:51at the $31 level and we've had three days to break out above it.
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00:01:56Have not been able to do it.
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00:01:57So that could be our level of psychological resistance.
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00:02:01We'll just have to wait and see how things work out.
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00:02:05Yesterday, the big winner on the TSX was Infotech.
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00:02:08The big loser was the gold sector up at trying to break out above 270.
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00:02:12And the US it was something similar.
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00:02:15It was the chip sector.
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00:02:16The Philadelphia Semiconductor Index was the big winner while the Philadelphia Gold
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00:02:22and Silver, the XAU was the big loser on the day.
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00:02:26Again, trying to break out to higher highs.
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00:02:28Having trouble this week.
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00:02:31Okay, folks, that's all for this morning's presentation.
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00:02:34Not a lot to talk about this morning.
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00:02:36Just waiting for time to pass and to see
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00:02:39if this is indeed the week that the market puts in a short term top.
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00:02:44Have a great day.
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00:02:44Next time you'll hear my voice is on Thursday morning.