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00:00:00Good morning everyone.
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00:00:01Welcome to Thursday morning.
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00:00:02It's Stephen Whiteside here from theuptrend.com well, yesterday was an
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00:00:06inside day for the North American markets and you want to make a habit of not
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00:00:11spending a lot of time analyzing a market after it's had an inside day.
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00:00:16There's nothing new to really discuss.
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00:00:18You've had some things go up, some things go down, but for the most part, market
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00:00:22participants were just staring at the ceiling.
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00:00:24On Wednesday.
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00:00:26The VIX played ping pong between the channel lines once again on Wednesday.
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00:00:31We need to close above 19.94 on Thursday to give us a new buy signal.
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00:00:35Looking at the Ice shares for the TSX 60, we had an inside day on Wednesday.
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00:00:40When we look at who won and who lost, we did have some winners in the Canadian
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00:00:44market on Wednesday, unlike the US market, but Consumer Staples was the big winner.
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00:00:49There was really a turnaround day for that sector.
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00:00:51You can see that
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00:00:54Circle K was down at the previous lows on Tuesday, and then on Wednesday we had a
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00:01:00nice big move up, not enough to give us a buy signal.
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00:01:02Still looking for a close above 60.
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00:01:0589 on Thursday.
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00:01:07You can see that we closed at 60. 86.
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00:01:10So right on the edge of a new daily buy signal.
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00:01:13That's not the case for Lob Laws, which
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00:01:15was up 2.23%. New low for Metro yesterday before recovering, closing the day up
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00:01:211.2%. And then Weston's was up 1.83% after making a new low.
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00:01:27So really a turnaround day for that sector, not a day for new buy signals.
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00:01:32And this is a pretty bearish chart pattern.
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00:01:34You can see that Western has put in a lower high recently.
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00:01:38There's the previous low and then a new low on Wednesday.
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00:01:43So that's a pretty bearish chart pattern.
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00:01:45Let's see if this particular stock can get back on a buy signal soon.
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00:01:49Now looking at the US market inside day for the Dow, inside day for the S and P
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00:01:54500, inside day for the Nasdaq, and an inside day for the Russell 2000.
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00:01:59So you really don't want to spend much time analyzing what happened yesterday.
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00:02:04Now taking a look at what happened sector wise in the US market on Wednesday, you
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00:02:08can see there were no winners and there was one big loser which stood out like a
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00:02:12sore thumb, and that was communication services.
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00:02:15And that had a lot to do with one stock.
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00:02:17Apparently Alphabet had a demo that went
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00:02:20bad yesterday and that caused the stock to sell off sharply.
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00:02:24We traded through the lower channel line but did not close below it.
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00:02:27Still looking for a close on Thursday below 99.,sector-wisethattake32.
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00:02:31Now looking up on Thursday morning, we've got Disney leading the market higher.
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00:02:36It is coming into Thursday's trading action.
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00:02:39Still on a buy signal.
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00:02:41We were stuck at the 112.
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00:02:4350 level for the past few days.
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00:02:44Our next target to the upside is 118.
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00:02:4775 and last time I checked, we were
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00:02:49trading right up at that level this morning.
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00:02:52So if you've got an ordering at 118 75 or
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00:02:55around there, that should get filled this morning at the Open.
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00:02:58So congratulations.
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00:03:00OK, that is all for this morning's presentation.
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00:03:03You want to make a habit of not over
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00:03:05analyzing a market or a stock that has an inside day.
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00:03:09An inside day is a pause day.
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00:03:10It's a day of indecision.
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00:03:12It's when a lot of traders put their hands in their pockets and stare at the ceiling.
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00:03:16They're waiting for more information.
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00:03:17They're waiting for more price action before they jump back in.
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00:03:21And so now on Thursday, we're looking to see if the market can push out above
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00:03:26Tuesday's high or down below Tuesday's low.
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00:03:30So far, it looks like we're making a run for Tuesday's highs.
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00:03:34That's all for this morning's presentation, folks.
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00:03:36Thank you very much for your time and attention.
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00:03:38And the next time you'll hear my voice is on Sunday.
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00:03:41We'll talk to you on Sunday.
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00:03:43We're going to do a presentation on Sunday morning because, of course, Sunday is a
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00:03:46Super Bowl Sunday and it's going to be hard to find people to watch our
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00:03:50presentation at our usual time on Sunday afternoon.
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00:03:54So we'll have to change things up a little this weekend.
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00:03:57Enjoy the rest of your day.
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00:03:58And again, next time you'll hear my voice is on Sunday morning.
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00:04:31Thank you.