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00:00:00Good Morning, everyone, and welcome to Friday morning.
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00:00:02It's Stephen Whiteside here from theuptrend.com.
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00:00:05In the premarket this morning, stock index futures are above fair value.
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00:00:09So so far, it looks like we're going to
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00:00:10see some buying at the open on Friday morning.
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00:00:14Well, Thursday turned out to be a wild day.
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00:00:16We saw a lot of symbols make new lows
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00:00:17yesterday before reversing, going into the close.
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00:00:21Of course, we knew in the pre market that Salesforce was going to pop.
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00:00:24That helped the DOW move higher yesterday.
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00:00:28Interesting, it opened near the high of
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00:00:30the day up there at 195, closed near the low of the day, down near 185.
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00:00:35It shows up as a bearish reversal signal
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00:00:37and it may turn out to be a major top for this particular stock.
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00:00:42We'll just have to wait and see what follow through we get on Friday.
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00:00:48Another stock in the news yesterday, of course, was Tesla.
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00:00:50Tesla is back on a sell signal as of Thursday's close.
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00:00:54It is trading slightly higher on Friday morning.
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00:00:56So if you're going to sell it, you'll get
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00:00:58a higher price this morning than you would have yesterday.
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00:01:02Now, with yesterday's big reversal, I
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00:01:05wanted to take a look at some of the weekly index charts.
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00:01:08And I just made these up this morning just to see where the market was heading.
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00:01:13And as of Thursday's close, the TSX is up a little over half a % on the week.
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00:01:19So is the DOW.
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00:01:20The S&P 500 is only up a little over a
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00:01:23quarter of a % on the week, still trading in the channel.
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00:01:26And then the Nasdaq is the big winner so far this week, up 0.63 % on the week.
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00:01:33Now back to the daily charts, looking at the VIX.
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00:01:35The VIX moved down yesterday.
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00:01:37It's back on a sell signal which is supportive for higher stock prices.
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00:01:41But some of the other indicators we've been watching have not changed.
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00:01:45We saw a new low yesterday for the TLT and the XBB.
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00:01:50So bonds are not supporting
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00:01:52a higher stock market move and bond yields continue to move higher on Thursday.
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00:01:57And then currencies, the US dollar
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00:01:59index moved up yesterday, the euro was down on the day.
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00:02:02So neither bonds or currencies
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00:02:04are confirming the bullish signal that the VIX gave yesterday.
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00:02:08The DOWnorand moved up into the channel yesterday.
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00:02:11The S&P 500 hit the lower channel line, as did the Nasdaq.
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00:02:16The semiconductors have been trading in the channel for the past couple of days.
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00:02:21Nvidia is still holding up.
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00:02:22It's still on a buy signal.
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00:02:24And the big winner yesterday was
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00:02:25Intel, which was up nearly three and a half % on the day.
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00:02:30I would not be following or trading Intel myself.
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00:02:34Then looking at the iShares, they closed in the channel yesterday.
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00:02:38The big winner was the energy sector.
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00:02:40Now, the energy sector peaked back here in late January, put in a lower high in
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00:02:46February, a low in early February, then a lower low in late February.
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00:02:51So that is a bearish chart pattern.
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00:02:53We'll have to see if that is broken if the
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00:02:55energy sector can continue to move higher and make a higher high.
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00:03:01Now, what worked yesterday on the TSX?
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00:03:03Nutrien was the big winner yesterday on the TSX 60 followed by Shopify.
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00:03:07And again, here's one of those stocks that
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00:03:10made a new low yesterday before reversing and closing higher on the day.
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00:03:15Now, this week has been all about banks on the TSX.
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00:03:18And you can see the Bank of Montreal made a new low yesterday.
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00:03:21We have Bank of Nova Scotia claw its way back.
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00:03:24Still has a ways to go before it gets back into that open gap.
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00:03:29Then we've got CIBC, which popped the other day.
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00:03:32Back on a buy signal, still on a buy signal.
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00:03:34Things would change on Friday with a close below
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00:03:3861.57. And then we've got the National Bank also popping on Wednesday.
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00:03:43It closed higher on Thursday and so back on a buy signal for the National Bank.
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00:03:48Royal Bank, big reversal day yesterday
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00:03:50inside reversal day, didn't take out the previous day's high.
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00:03:54Then we've got the TD Bank making a lower low on Thursday.
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00:04:00Let's finish off today's presentation looking at my five stocks.
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00:04:03Apple made a new low yesterday, as did Amazon.
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00:04:07Then we had CME making a big move up yesterday back into the channel.
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00:04:13We would get a new buy signal on Friday with a close above
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00:04:17187.36. If you've been with us for any length of time, you know a few months ago,
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00:04:21the CME group was my big dog and really traded sideways for quite a long time.
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00:04:28And currently it's the big winner.
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00:04:30So you can never tell ahead of time which
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00:04:32one of your stocks is going to be the best performer or the worst performer.
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00:04:36You just have to let them do what they're going to do.
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00:04:39Goldman Sachs made a new low yesterday.
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00:04:42We got an order fill at 343.75, bought some shares back on our short position.
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00:04:47Then Visa had a fairly quiet day on Thursday, an inside day for Visa.
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00:04:53Okay, folks, that is all for this morning's presentation.
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00:04:55Have a great day, have a great weekend.
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00:04:58We've got a big storm coming today, so that should be interesting.
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00:05:01I'm going to go out and do some grocery shopping this morning.
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00:05:04Next time you'll hear my voice is on Sunday.