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00:00:00Good morning, everyone. Welcome to Wednesday morning.
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00:00:02Stephen Whiteside here
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00:00:03from TheUptrend.com. This is going to be a very quick update.
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00:00:07We found a problem in the database last night.
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00:00:09We missed the symbol change for Norton LifeLock,
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00:00:13and that screwed up some of the symbols in the middle of the US
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00:00:18database.
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00:00:19Those have now been corrected.
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00:00:22I guess I missed it.
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00:00:23Too much time focused on Apple and Tesla at either end of the database.
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00:00:29I wasn't checking in the middle last night.
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00:00:32Big news from yesterday.
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00:00:33The cryptocurrencies got whacked.
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00:00:35Both bitcoin and ethereum got hit hard.
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00:00:39These are tradable symbols with risk capital.
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00:00:43You certainly don't want to be putting any long term money into these.
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00:00:47I have absolutely no interest in the cryptocurrency market.
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00:00:51I've just added these to the database on the request of some members.
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00:00:56But I certainly don't want to be
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00:00:58personally involved in the crypto market at all.
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00:01:01Now, Disney is in the news this morning, already on a sell signal.
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00:01:05Came out with earnings.
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00:01:07Next target to the downside is 93.75.
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00:01:09We're trading just below that in the pre market on Wednesday morning.
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00:01:13Another stock in the news this morning is Meta.
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00:01:16Meta is up in the pre market.
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00:01:17We need to close above 103.44.
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00:01:20We're trading at 101 and change.
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00:01:23The bottom of the open gap here is at 101.85.
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00:01:27So we're trading just under that and in the channel,
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00:01:30not enough to give us a buy signal on Wednesday morning.
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00:01:34Looking at the VIX, the VIX closed higher yesterday.
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00:01:37We're still below the lower channel line.
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00:01:39We need to close on Wednesday above 27 29 to give us a buy signal for the VIX.
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00:01:45If that were to happen, that would certainly be negative for the markets.
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00:01:48There's the Dow continuing to lead the market higher.
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00:01:52The TSX traded up to last week's high and stopped.
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00:01:56And there's the SPY S&P 500 ETF
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00:01:59trading up and over the upper channel line yesterday, but closing just below it.
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00:02:04So we're looking for a close above 382 76 on Wednesday.
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00:02:09We're looking for a close above 274.51 for the Nasdaq 100 ETF.
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00:02:15They're semiconductors making a new high
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00:02:17for this move, trading up to the early October highs.
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00:02:21And we're being led higher by Nvidia, not AMD.
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00:02:25Now, if you remember last month,
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00:02:27we had Nvidia get back on a buy signal that didn't last very long.
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00:02:32But then compare that to what happened to AMD.
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00:02:35And so at that time,
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00:02:36I mentioned that it looks like the market wants Nvidia a lot more than AMD.
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00:02:41And then if you look and see what's
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00:02:43happened over the past couple of weeks, there's Nvidia, there's AMD.
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00:02:46Both are on buy signals.
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00:02:48One is outperforming the other. Last up. Energy stocks.
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00:02:52US
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00:02:52energy stocks closed slightly higher yesterday.
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00:02:55Canadian energy stocks closed slightly lower.
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00:02:58Both are still, of course, trading above the upper channel line.
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00:03:01So not overly concerned on Wednesday morning.
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00:03:04Okay, folks.
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00:03:05That's all for this morning's presentation.
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00:03:07Sorry to keep it so short and sweet, but we did have some technical
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00:03:11difficulties that we had to deal with this morning.
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00:03:14Enjoy the rest of your day.
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00:03:15Next time you learn to hear my voice
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00:03:17is on Thursday morning music.
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00:03:47You.