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We got the Dow, the S&P 500, the TSX trading
We got the Dow, the S&P 500, the TSX trading lower while the NASDAQ is trading slightly higher at the moment
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Making a new high this morning, all natural gas and
Making a new high this morning, all natural gas and gold are trading lower in the pre-market on Tuesday morning
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Do the US markets were actually closed yesterday for the
Do the US markets were actually closed yesterday for the Memorial Day holiday on the Friday
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So we're on our second day of a Buy Signal
So we're on our second day of a Buy Signal for the spider ETF that we're looking to try to make it up to 42188
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It's important to remember that, most stocks are trading from
It's important to remember that, most stocks are trading from underneath the fly paper channel
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So what are you looking at? Goldman Sachs? Home Depot,
So what are you looking at? Goldman Sachs? Home Depot, JPMorgan, 3M, they've already run up into the fly paper channel
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So, not expecting the US market to be able to
So, not expecting the US market to be able to move much higher from here at the present time
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Moving out of the Canadian stock market that the TSX
Moving out of the Canadian stock market that the TSX continued its rally on Monday
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It also ran up to the March low and that's
It also ran up to the March low and that's where the US market stopped as well on Friday
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Now, the pros have taken control but not by much,
Now, the pros have taken control but not by much, then there's not really any enthusiasm here
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And you wouldn't have seen that yesterday because yesterday, with
And you wouldn't have seen that yesterday because yesterday, with the US market closed, a lot of the professionals, take the day off and go golfing
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I just to give you an example on Friday, the
I just to give you an example on Friday, the volume for the ishares for the TSX 60 with a 36
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So you can tell that a lot of the professionals
So you can tell that a lot of the professionals were not working on Monday
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It's Nearly 3% in the pre-market on Tuesday morning and
It's Nearly 3% in the pre-market on Tuesday morning and they're Synovus, making a new high for this move on Monday
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So a little I don't not really that enthusiastic about
So a little I don't not really that enthusiastic about that Buy Signal, you can see the pros in the public are still in the same position
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So nothing really going on with the Shopify, but obviously,
So nothing really going on with the Shopify, but obviously, it was up over 3% on the day and that certainly helped the CSX in the TSX
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Then we've got constellation software back on a by signal
Then we've got constellation software back on a by signal as of Monday's clothes
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And then we're looking at, the Blackberry Blackberry has been
And then we're looking at, the Blackberry Blackberry has been on a bicycle for a couple of weeks
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Today's presentation looking at some of the TSX, most, actives
Today's presentation looking at some of the TSX, most, actives from Monday's trading action, starting off with Ambridge and last week
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I was talking about the negative chart pattern for Ambridge
I was talking about the negative chart pattern for Ambridge with the lower high in a lower low, but Dad that is certainly been taken care of
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So if you had an order in to sell up
So if you had an order in to sell up there, it got filled, Nick started to the upside is 6094a
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We've got Manulife back on a by signal, but unfortunately,
We've got Manulife back on a by signal, but unfortunately, we've got the two problems right now
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Also, we're at the bottom of an open Gap and
Also, we're at the bottom of an open Gap and that's what might be difficult for Manulife to get up over that at the moment
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I we're trying to get to 5313 got as high
I we're trying to get to 5313 got as high as fifty to ninety yesterday
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I Then we're looking at a sebasco or oil sands
I Then we're looking at a sebasco or oil sands and the 273 is been a big problem for this stock over the past month or so if we can break out about that than 313 comes
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Of course, there's going to be traitors out there trying
Of course, there's going to be traitors out there trying to buy the breakout
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Not a lot of enthusiasm for this stock right now,
Not a lot of enthusiasm for this stock right now, but with oil prices up nicely in the pre-market, that could change on Tuesday
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If we can continue to do that, then 781 is
If we can continue to do that, then 781 is our next Target and then looking at the b c e s a of a Buy Signal for that
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Now where last time, but this morning is gold stocks
Now where last time, but this morning is gold stocks and then my favorite gold stocks in the news this morning and it looks like I'm going to have to get another favorite Goldstock Humana currently on
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And of course, the reason for that is it's being
And of course, the reason for that is it's being taken over by the South African company
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Now, is that going to have much effect on the
Now, is that going to have much effect on the TSX Global gold index? Probably not because not only as your Mana trading higher, but another component of this index is gold Fields itself, which is trading
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This stock generated, a Buy Signal, closing above, the upper
This stock generated, a Buy Signal, closing above, the upper Channel 9, on Friday, you come in on Tuesday morning
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So you're just going to wave off at that by
So you're just going to wave off at that by signal on Tuesday morning? Okay, folks, that's all for this morning's presentation
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00:00:04Good morning, everyone and welcome to Tuesday Morning.
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00:00:06Stephen Whiteside here from theuptrend.com, with today's
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00:00:09look at Canadian stock market trends. In the pre-market this morning,
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00:00:14Stock
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00:00:14Index Futures are fairly mixed.
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00:00:16We have the Dow, the S&P 500, the TSX trading lower while the NASDAQ is trading slightly higher at the moment.
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00:00:23And then we've got Commodities mixed with the crude oil
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00:00:26making a new high this morning, while natural gas and gold are trading lower in the pre-market on Tuesday morning.
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00:00:33The US markets were actually closed yesterday for the Memorial Day holiday. On Friday
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00:00:39they continued to move higher.
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00:00:40So we're on our second day of a Buy Signal for the SPY ETF that we're looking to try to make it up to 421.88.
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00:00:48But we got stuck on Friday at the March Lows.
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00:00:51So far that is acting as resistance.
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00:00:54Now, this is could be another bear Market rally
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00:00:58that won't last very long.
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00:00:59It's important to remember that most stocks are trading from underneath their Fly Paper Channel.
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00:01:04So what are we looking at? Goldman Sachs, Home Depot, JPMorgan, 3M, they've already run up into the Fly Paper Channel.
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00:01:12So, not expecting the US market to be able to move much higher from here at the present time.
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00:01:19Moving out of the Canadian stock market. The TSX continued its rally on Monday.
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00:01:25It ran up to our next price Target.
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00:01:27It also ran up to the March low and that's where the US market stopped as well on Friday.
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00:01:33Now, the pros have taken control but not by much, so there's not really any enthusiasm here.
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00:01:40And you wouldn't have seen that yesterday because yesterday, with the US market closed, a lot of the professionals take the day off and go golfing.
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00:01:48Just to give you an example, on Friday, the volume for the ishares for the TSX 60 with a 3.6
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00:01:56million. On Monday
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00:01:57It was just a tick over 1 million shares.
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00:02:01So less than 1/3 the volume from Friday.
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00:02:04So you can tell that a lot of the professionals were not working on Monday.
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00:02:09Now, the Canadian Market was led higher b.y the energy sector
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00:02:12once again. Up nearly two and a half percent on the day.
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00:02:17Crudo was up nearly 1%.
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00:02:19It's up nearly 3% in the pre-market on Tuesday morning. Then we have Cenovus Energy making a new high for this move on Monday.
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00:02:28What else? We saw tech stocks move up nicely yesterday.
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00:02:31We had Shopify up on the day.
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00:02:34It is back on a Buy signal but by ever
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00:02:37so a little. I am not really that enthusiastic about that Buy Signal. You can see the pros and the public are still in the same position
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00:02:45they were on Friday.
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00:02:46So nothing really going on with the Shopify, but obviously, it was up over 3% on the day and that certainly helped the TSX.
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00:02:56Lightspeed continue to move higher on Monday.
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00:03:00We're trying to get to 37.50. Dye and Durham is trying to get the $25.
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00:03:05Then we've got Constellation software back on a Buy signal as of Monday's close.
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00:03:10And then we're looking at Blackberry. Blackberry has been on a Buy Signal for a couple of weeks
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00:03:15Now and hit the 8.59 Target on Friday.
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00:03:18So Cha Ching.
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00:03:19You got to take some money off the table on Friday.
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00:03:22Let's finish off
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00:03:23today's presentation looking at some of the TSX, most, actives from Monday's trading action. Starting off with Embridge. Last week
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00:03:31I was talking about the negative chart pattern for Embridge with the lower high in a lower low, but that has certainly been taken care of
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00:03:38as we made a new high yesterday.
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00:03:40We ran up the 59.38 level and stopped.
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00:03:44So if you had an order in to sell up there, it got filled. Next target to the upside is 60.94.
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00:03:50We've got Manulife back on a Buy signal, but unfortunately, we've got the two problems right now.
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00:03:56One is that we hit our next price Target and stopped.
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00:03:59Also, we're at the bottom of an open Gap and that might be difficult for Manulife to get up over that at the moment.
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00:04:06If it can.
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00:04:07The next price Target is not $25.
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00:04:10It is the top of that open Gap.
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00:04:13stock is Suncor and just like Cenovus.
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00:04:15We made a new high yesterday.
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00:04:16We are trying to get to 53.13 and got as high as 52.90 yesterday.
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00:04:22So if we can get over 53.13, then 56.25 comes into play.
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00:04:27Then we're looking at a Athabasca Oil Sands at 2.73. This has been a big problem for this stock over the past month or so, if we can break out about that than 3.13 comes
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00:04:39into play with a possible the public are stop at $3.
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00:04:41Of course, there's going to be traders out there trying to buy the breakout.
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00:04:45So let's see if I had that can happen on Tuesday. The pros
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00:04:50the public are intertwined at the moment.
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00:04:51Not a lot of enthusiasm for this stock right now, but with oil prices up nicely in the pre-market, that could change on Tuesday.
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00:04:58Then there's Baytex energy.
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00:05:00Make a new closing High yesterday trying to break out above 7.03.
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00:05:04If we can continue to do that, then 781 is our next Target And then looking at the BCE back on a Buy Signal for that.
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00:05:13Stock.
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00:05:14Now our last topic this morning is gold stocks. And my favorite gold stock is in the news this morning, and it looks like I'm going to have to get another favorite Gold stock. Yamana Gold is currently on
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00:05:25a Buy signal.
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00:05:25Here is it's up over 13% in New York trading this morning.
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00:05:29And of course, the reason for that is it's being taken over by the South African company
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00:05:35Gold Fields.
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00:05:36Now, is that going to have much effect on the TSX Global Gold index? Probably not, because not only is Yamana Gold trading higher, but another component of this index is Gold Fields itself, which is trading
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00:05:49lower in New York this morning.
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00:05:51So this particular stock is trading down over 12%
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00:05:54last time I check.
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00:05:55Now
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00:05:56look at this chart from Friday.
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00:05:58This stock generated a Buy Signal, closing above, the upper Channel line, on Friday. No you come in on Tuesday morning.
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00:06:05This being a stock that you follow.
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00:06:07You see that It generated a buy signal on Friday.
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00:06:10You check the pre-market numbers.
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00:06:12You see that they're totally out of whack with Friday's close.
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00:06:14
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00:06:16So you're just going to wave off at that Buy signal on Tuesday morning? Okay, folks, that's all for this morning's presentation.
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00:06:23Looking for a mixed open on Tuesday morning.
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00:06:25Have a great day.
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00:06:26Next time you hear my voice is on Wednesday morning.