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This morning, stock index, Futures are below, fair value, Dow,
This morning, stock index, Futures are below, fair value, Dow, futures, currently down 240 points
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The NASDAQ is leading the market lower this morning, come
The NASDAQ is leading the market lower this morning, come out of his mixed, but fairly quiet on Thursday morning
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So Tuesday, May turn out to be what some people
So Tuesday, May turn out to be what some people might consider to be a blow-off top
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If we look at the other essential stocks currently trading
If we look at the other essential stocks currently trading above their 50-day moving average on the S&P 500 we're still up at the top of the range and that we certainly came up to the levels
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So that's one of the reasons that I'm kind of
So that's one of the reasons that I'm kind of bearish on the market right now
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Even though we're coming into Christmas looking at the s
Even though we're coming into Christmas looking at the s p y Panic zone chart you can see we're up at the top of the panic zones
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Down towards the 370 level, we did punch through the
Down towards the 370 level, we did punch through the 40625 level three times over the past couple of months, and then stopped
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So, we've had three tries at breaking out to higher
So, we've had three tries at breaking out to higher highs higher than the September high and we have not been able to do that
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If you look at the last two bars, you'll notice
If you look at the last two bars, you'll notice that we closed near the low of the day and that tells us that the pros were selling into the clothes
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I looking for a close on, the right side chart
I looking for a close on, the right side chart on Thursday, below 39534 to give us a cell signal
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And then if you want to give the market a
And then if you want to give the market a little more room, of course, you can go to the midterm chart, and we're looking for clothes on Thursday below 390 to tell us a conservative investors
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I want you to notice an anomaly when we are
I want you to notice an anomaly when we are topping, and if you go back to the left hand side, that's when we talk back
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I April in May and there's where we talked in
I April in May and there's where we talked in August and here's where we are right now
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The average true range contracts around the top of a
The average true range contracts around the top of a move and that could be what's happening right now
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Now your te date of the spider ETF is down
Now your te date of the spider ETF is down over 14% year-to-year basis were down over 12%
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That might be a catalyst for people to do some
That might be a catalyst for people to do some year-end tax-loss selling and that we should see that happen over the next week or so
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And then look at the data itself, the average to
And then look at the data itself, the average to range for the Dow right now is 506 points and change at
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So, you know, when we see the markets down to
So, you know, when we see the markets down to 40 in the pre-market, that's not that big a deal
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Certainly, the volatility that we saw on Tuesday is a
Certainly, the volatility that we saw on Tuesday is a big deal and may turn out to be the top for this particular move
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Now, looking at the Canadian market and again starting off
Now, looking at the Canadian market and again starting off looking at the percentage of stocks currently trading above their 50-day moving average
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CSX composite made a multi-year high over the past couple
CSX composite made a multi-year high over the past couple of weeks, and has started to pull back, the TSX attracted a fairly well for a while, but now, it has started to break down, so of
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Now again, if you look at the average, true range
Now again, if you look at the average, true range will see if contracted when the market is speaking
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And it has currently contracted quite a bit and there
And it has currently contracted quite a bit and there you'll also see that at the bottom
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There's a lot more volatility at the bottom of a
There's a lot more volatility at the bottom of a move then there is at the top of a move
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So I looking for the check TSX to continue lower
So I looking for the check TSX to continue lower from here, out of the moving averages between a day moving average is still acting as support, but that will probably change on Thursday, conservative investors have
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already started to sell the TSX and we've got a
already started to sell the TSX and we've got a sell signal on the midterm chart of the pros have given up control the high chairs for the TSX
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If the market where to turn around, sharply, we need
If the market where to turn around, sharply, we need to close on Thursday about $3093
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There's a big option, expiration date on Friday and I
There's a big option, expiration date on Friday and I think the Vic's might be a bit screwy for the next couple of days and then might we might have to wait till next week before it
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Now my internal confidence has been low this week, I've
Now my internal confidence has been low this week, I've been waiting for a Buy Signal, an apple and still short Apple
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The trade hasn't done anything over the past couple of
The trade hasn't done anything over the past couple of weeks were in a range but is still on a cell signal
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I might turn around to be an incredible by at
I might turn around to be an incredible by at some point but that isn't on Thursday morning and there's headlines out
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The deal on is still Selling a lot of Tesla
The deal on is still Selling a lot of Tesla shares and I'm still short Amazon that did not change on Tuesday
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Got pretty close to changing on Tuesday, but it didn't,
Got pretty close to changing on Tuesday, but it didn't, I'm still short Goldman Sachs another stock that did not generate a bicycle on Tuesday
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I given the market activity this week in the fact
I given the market activity this week in the fact that the stocks that I follow didn't didn't generate new by signals and I've got something to do this morning and the CME actually generated a cell
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So I'm going to get rid of the rest of
So I'm going to get rid of the rest of my long position and go short to see me at the open on Thursday, last up
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Making a new low on Wednesday, we had an inside
Making a new low on Wednesday, we had an inside day for bonds closing slightly lower
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In the pre-market this morning not by a lot but
In the pre-market this morning not by a lot but it's still moving up and natural gas had to pull back
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I know Wednesday looking for clothes on Thursday below 5:40
I know Wednesday looking for clothes on Thursday below 5:40 to give us a new daily sell signal
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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 the optioncom
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00:00:04in the pre-market
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00:00:06This morning, stock index, Futures are below, fair value, Dow, futures, currently down 240 points
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00:00:11The NASDAQ is leading the market lower this morning, come out of his mixed, but fairly quiet on Thursday morning
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00:00:18But we made it through another fed day
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00:00:21And we are expecting volatility to expand after 2 pm
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00:00:24it did
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00:00:25But not to the extent that it did on Tuesday
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00:00:28So Tuesday, May turn out to be what some people might consider to be a blow-off top
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00:00:34If we look at the other essential stocks currently trading above their 50-day moving average on the S&P 500 we're still up at the top of the range and that we certainly came up to the levels
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00:00:45we saw when we talked in August in
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00:00:48So that's one of the reasons that I'm kind of bearish on the market right now
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00:00:51Even though we're coming into Christmas looking at the s p y Panic zone chart you can see we're up at the top of the panic zones
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00:01:00Rejecting lower prices here
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00:01:01Down towards the 370 level, we did punch through the 40625 level three times over the past couple of months, and then stopped
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00:01:11So, we've had three tries at breaking out to higher highs higher than the September high and we have not been able to do that
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00:01:18So that's a little bit of a bearish sign there
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00:01:21If you look at the last two bars, you'll notice that we closed near the low of the day and that tells us that the pros were selling into the clothes
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00:01:29I looking for a close on, the right side chart on Thursday, below 39534 to give us a cell signal
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00:01:36And then if you want to give the market a little more room, of course, you can go to the midterm chart, and we're looking for clothes on Thursday below 390 to tell us a conservative investors
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00:01:45are starting to leave the market
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00:01:47Now, look at the fly paper Channel chart
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00:01:49Of course, we've got the average to range across the bottom here
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00:01:52I want you to notice an anomaly when we are topping, and if you go back to the left hand side, that's when we talk back
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00:01:59I April in May and there's where we talked in August and here's where we are right now
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00:02:05The average true range contracts around the top of a move and that could be what's happening right now
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00:02:12Now your te date of the spider ETF is down over 14% year-to-year basis were down over 12%
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00:02:21That might be a catalyst for people to do some year-end tax-loss selling and that we should see that happen over the next week or so
-
00:02:32And then look at the data itself, the average to range for the Dow right now is 506 points and change at
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00:02:38So, you know, when we see the markets down to 40 in the pre-market, that's not that big a deal
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00:02:43Certainly, the volatility that we saw on Tuesday is a big deal and may turn out to be the top for this particular move
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00:02:50Now, looking at the Canadian market and again starting off looking at the percentage of stocks currently trading above their 50-day moving average
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00:02:59CSX composite made a multi-year high over the past couple of weeks, and has started to pull back, the TSX attracted a fairly well for a while, but now, it has started to break down, so of
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00:03:11the four, major indexes that we follow each day
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00:03:15That the TSX was the first one to generate a cell signal
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00:03:18Now again, if you look at the average, true range will see if contracted when the market is speaking
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00:03:24And it has currently contracted quite a bit and there you'll also see that at the bottom
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00:03:29There's a lot more volatility at the bottom of a move then there is at the top of a move
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00:03:34So I looking for the check TSX to continue lower from here, out of the moving averages between a day moving average is still acting as support, but that will probably change on Thursday, conservative investors have
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00:03:46already started to sell the TSX and we've got a sell signal on the midterm chart of the pros have given up control the high chairs for the TSX
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00:03:5660 are on a daily right side cell signal
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00:03:59The new low yesterday looking for that to continue on Thursday
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00:04:03If the market where to turn around, sharply, we need to close on Thursday about $3093
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00:04:10Now, the Vic's acted a little strangely on Wednesday
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00:04:14It actually ended the day on a cell signal
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00:04:16There's a big option, expiration date on Friday and I think the Vic's might be a bit screwy for the next couple of days and then might we might have to wait till next week before it
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00:04:28Comes back and sinks up with the overall stock market
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00:04:32Now my internal confidence has been low this week, I've been waiting for a Buy Signal, an apple and still short Apple
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00:04:39The trade hasn't done anything over the past couple of weeks were in a range but is still on a cell signal
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00:04:45I'm still watching Tesla closely to see how low it can go
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00:04:49I might turn around to be an incredible by at some point but that isn't on Thursday morning and there's headlines out
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00:04:58The deal on is still Selling a lot of Tesla shares and I'm still short Amazon that did not change on Tuesday
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00:05:05Got pretty close to changing on Tuesday, but it didn't, I'm still short Goldman Sachs another stock that did not generate a bicycle on Tuesday
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00:05:13So you can see, my internal confidence is rather low
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00:05:16I given the market activity this week in the fact that the stocks that I follow didn't didn't generate new by signals and I've got something to do this morning and the CME actually generated a cell
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00:05:28signal yesterday
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00:05:29So I'm going to get rid of the rest of my long position and go short to see me at the open on Thursday, last up
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00:05:37Look at those megatrends that did not change on Wednesday
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00:05:40So we got the us
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00:05:41dollar Index
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00:05:41Making a new low on Wednesday, we had an inside day for bonds closing slightly lower
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00:05:46Had it inside day for gold closing slightly lower on the day
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00:05:50I could all continue to move higher
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00:05:52It's moving up again
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00:05:54In the pre-market this morning not by a lot but it's still moving up and natural gas had to pull back
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00:05:59I know Wednesday looking for clothes on Thursday below 5:40 to give us a new daily sell signal
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00:06:06Okay folks that is all for this morning's presentation looking for some selling at the open have a great day
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00:06:12Next time you hear my voice is on Friday morning