-
Good morning, everyone will come to Friday morning at Stephen
Good morning, everyone will come to Friday morning at Stephen Whiteside, here from the uptrend
-
Calm in the pre-market this morning, a stock index Futures
Calm in the pre-market this morning, a stock index Futures are above fair-value
-
So so far, it looks like when you see some
So so far, it looks like when you see some continuation of the buying that we saw on Thursday
-
Not sure why markets are open today, but that's just
Not sure why markets are open today, but that's just the way things worked out
-
I, if you're not familiar, this is the display in
I, if you're not familiar, this is the display in front of the Manulife building on Bloor Street, which is just around the corner from us and that we always appreciate the effort that they put in
-
Now, moving on to our regularly, scheduled program, starting off
Now, moving on to our regularly, scheduled program, starting off with the Vicks, that the Vicks made a new low for this move on Thursday, we things will change on Friday with the clothes above 2689
-
I, from what we're seeing in the pre-market this morning,
I, from what we're seeing in the pre-market this morning, we're certainly not expecting that
-
I, there's the Dow diamonds, making a new high for
I, there's the Dow diamonds, making a new high for this move trading up to our necks price Target and Getting up
-
Very close to the highs from back in August of
Very close to the highs from back in August of course the Dow has been leading the market higher
-
So the rest of the markets playing catch-up, I there's
So the rest of the markets playing catch-up, I there's a spider ETF gapping higher yesterday, closing above of the October highs and the closing above the upper Channel 9
-
So back on a new, Buy Signal, I trading through
So back on a new, Buy Signal, I trading through resistance and heading towards 400, that's our next psychological area of resistance
-
And then for 6:25 and you can see that we
And then for 6:25 and you can see that we spun out just above the 4625 level back in September
-
So there's an open Gap there that may attract the
So there's an open Gap there that may attract the spider ETF looking at the keys up over 7% yesterday, that's a huge update, of course, and we're trade it back up to the highs of October
-
And the looking to see if we can break through
And the looking to see if we can break through those, if we can to 9688, is the next Target to the upside for the q's
-
They looking at the Canadian Market, the ishares The TSX
They looking at the Canadian Market, the ishares The TSX 60 got her yesterday traded through the 3047 level heading towards 3125
-
It's important to note that the market to top doubt
It's important to note that the market to top doubt just above the 3125 level back in August
-
What worked, what didn't work yesterday? Will it mostly worked
What worked, what didn't work yesterday? Will it mostly worked in the Canadian Market
-
It was infotech followed by cannabis stocks Fall by the,
It was infotech followed by cannabis stocks Fall by the, by the gold sector and others gold
-
Technology was the only thing that didn't work in the
Technology was the only thing that didn't work in the Canadian Market, in the US market, everything worked, we semiconductors led the market, higher up over 10%, followed by technology stocks, followed by real estate stocks
-
But inside days, of course our days of indecision doesn't
But inside days, of course our days of indecision doesn't really tell us anything new what we do now
-
Though, is that the Bitcoin is holding supported 15,000? 625
Though, is that the Bitcoin is holding supported 15,000? 625 aetherium traded down towards $1,000 didn't get there though
-
I which it did back in July, so that could
I which it did back in July, so that could be a bullish sign for other cryptocurrencies
-
The fact that we didn't get down to that level
The fact that we didn't get down to that level of support looking at the megatrends of bonds, had a huge update yesterday
-
There's the 30-year yield, there's the 10-year yield and look
There's the 30-year yield, there's the 10-year yield and look like a bond Traders
-
Had an appetite for emerging-market Bonds on Thursday with that
Had an appetite for emerging-market Bonds on Thursday with that ETF up over 4% on the day
-
dollar Index, continue to move lower breaking down below support,
dollar Index, continue to move lower breaking down below support, finally and there's the Euro breaking out above the recent highs
-
We saw a huge update for the Japanese Yen and
We saw a huge update for the Japanese Yen and the Canadian dollar and made a new high for this move on Thursday, looking at Commodities copper made a new high for this move as two goals
-
Gold breaking out above the October Hai is joining silver,
Gold breaking out above the October Hai is joining silver, which had already completed that task than looking at the energy sector, we had crude oil higher yesterday, it's up in the flea market this morning and
-
then we have natural gas higher on Thursday, but down
then we have natural gas higher on Thursday, but down a little, in the premarket
-
Stocks, Apple had a huge update yesterday, it is back
Stocks, Apple had a huge update yesterday, it is back on a by signal as of Thursday's close, no joy for Amazon, we're looking for a close above 9863 on Friday
-
Just above, the upper channel lineup, obviously know, a momentum
Just above, the upper channel lineup, obviously know, a momentum here for the CME Group
-
At this time, there is a Goldman Sachs, make a
At this time, there is a Goldman Sachs, make a new high for this move so we still have a partial position left and Goldman Sachs, and we're just going to hold onto it until we finally
-
get kicked out and there's Visa back on a by
get kicked out and there's Visa back on a by signal as of Thursday's close
-
Obviously, there's a lot of new buy signals out there
Obviously, there's a lot of new buy signals out there from yesterday's trading action
-
As, you know, from looking at charts, one data point
As, you know, from looking at charts, one data point does not indicate a trend
-
And so if the market can overreact, when we get
And so if the market can overreact, when we get a slight assign, the things are changing
-
How do you think the Market's going to react if
How do you think the Market's going to react if we get a sign in the other direction? So, just be prepared, prepared for that
-
00:00:00Good morning everyone. Welcome to Friday morning.
-
00:00:02It's Stephen Whiteside here from the uptrend.com in the pre market.
-
00:00:06This morning stock index futures are above fair value.
-
00:00:09So so far it looks like we're going to see
-
00:00:11some continuation of the buying that we saw on Thursday.
-
00:00:15Today is remember and stay in Canada Veterans Day in, in the US.
-
00:00:19I'm not sure why markets are open today, but that's just the way things worked out.
-
00:00:25If you're not familiar, this is the display in front
-
00:00:28of the Manulife on Bloor Street which is just around the corner from us.
-
00:00:32And we always appreciate the effort that they put in to honor our veterans.
-
00:00:37Now moving on to our regularly scheduled program starting off with the VIX.
-
00:00:42The VIX made a new low for this move on Thursday.
-
00:00:46Things would change on Friday with a close
-
00:00:48above 26.89 from what we're seeing in the pre market this morning.
-
00:00:52We're certainly not expecting that.
-
00:00:54There's the Dow Diamonds making a new high for this move, trading up to our next
-
00:00:58price target and heading getting up very close to the highs from back in August.
-
00:01:05Of course the Dow has been leading
-
00:01:06the market higher, so the rest of the market is playing catch up.
-
00:01:10There's the SPY ETF gaping higher
-
00:01:12yesterday, closing above the October highs and closing above the upper channel.
-
00:01:18So back on a new buy signal,
-
00:01:20trading through resistance and heading towards 400.
-
00:01:24That's our next psychological area of resistance and then 406.25.
-
00:01:30And you can see that we spun out just
-
00:01:33above the 406.25 level back in September.
-
00:01:36So there's an open gap there that may attract the SPY ETF.
-
00:01:41Looking at the QQQ's up over 7% yesterday, that's a huge update of course.
-
00:01:46And we've traded back up to the highs
-
00:01:49of October and looking to see if we can break through those.
-
00:01:52If we can, 296.88 is the next target to the upside for the queues.
-
00:01:57Then looking at the Canadian market, the Ishares for the TSX 60 gapped higher
-
00:02:01yesterday, traded through the 30.47 level, heading towards 31.25.
-
00:02:08It's important to note that the market
-
00:02:09topped out just above the 31.25 level back in August.
-
00:02:14What worked, what didn't work yesterday?
-
00:02:16Well it mostly worked in the Canadian market.
-
00:02:19It was infotech followed by cannabis stocks, followed by the gold sector.
-
00:02:24And there's gold stocks up 5.62% gapping higher on Thursday than what didn't work.
-
00:02:31Well, it's just clean.
-
00:02:32Technology was the only thing that didn't work in the Canadian market.
-
00:02:35In the US market everything worked.
-
00:02:37The semiconductors led the market higher
-
00:02:40up over 10%, followed by technology stocks, followed by real estate stocks.
-
00:02:45Moving on to the cryptocurrencies,
-
00:02:47we saw ethereum and bitcoin both have inside days yesterday, so nice recoveries.
-
00:02:53But inside days of course are days of indecision.
-
00:02:56Doesn't really tell us anything new.
-
00:02:59What we do know though is that Bitcoin is
-
00:03:01holding support of 15,625 ethereum traded down towards $1,000.
-
00:03:06Didn't get there though, which it did back in July.
-
00:03:10So that could be a bullish sign for the cryptocurrencies.
-
00:03:13The fact that we didn't get down to that level of support.
-
00:03:17Looking at the megatrends bonds had a huge update yesterday.
-
00:03:21Of course, bonds moving higher means yields move lower.
-
00:03:24There's the 30 year yield, there's the ten year yield.
-
00:03:28And it looked like bond traders had an appetite for emerging market bonds
-
00:03:32on Thursday, with that ETF up over 4% on the day.
-
00:03:37Now looking at Currencies, the US dollar index continued to move
-
00:03:41lower, breaking down below support finally.
-
00:03:44And there's the Euro breaking out above the recent highs.
-
00:03:47We saw a huge update for the Japanese yen
-
00:03:50and the Canadian dollar made a new high for this move on Thursday.
-
00:03:55Looking at commodities, copper made a new high for this move, as did gold.
-
00:03:59So gold breaking out above the October
-
00:04:02highs, joining silver which had already completed that task.
-
00:04:06Then looking at the energy sector, we had crude oil hire yesterday.
-
00:04:10It's up in the Premarket this morning.
-
00:04:12And then we have natural gas higher
-
00:04:15on Thursday, but down a little in the Premarket.
-
00:04:18Looking at my five stocks, Apple had a huge update yesterday.
-
00:04:22It is back on a buy signal as of Thursday's close.
-
00:04:26No joy for Amazon.
-
00:04:27We're looking for a close above 98.63 on Friday.
-
00:04:32There's the CME Group closing just above the upper channel.
-
00:04:35And obviously no momentum here for the CME Group at this time.
-
00:04:40There's a Goldman Sachs making a new high for this move.
-
00:04:43So we still have a partial position left in Goldman Sachs and we're just going
-
00:04:47to hold on to it until we finally get kicked out.
-
00:04:51And there's Visa back on a buy signal as of Thursday's close.
-
00:04:56OK folks, that is all for this morning's presentation.
-
00:04:59Obviously, there's a lot of new buy
-
00:05:01signals out there from yesterday's trading action.
-
00:05:04Yesterday was a total overreaction to one data point.
-
00:05:08As you know from looking at charts, one data point does not indicate a trend.
-
00:05:15And so if the market can overreact when we
-
00:05:19get a slight sign that things are changing, how do you think the market is
-
00:05:24going to react if we get a sign in the other direction?
-
00:05:27So just be prepared for that.
-
00:05:30Enjoy the rest of your day, of course.
-
00:05:32And today is a day that we honor our
-
00:05:35veterans, so hopefully you'll get a chance to do that throughout the day.
-
00:05:39Next time you'll hear my voice is on Sunday.