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Calm, I'm starting to record this ahead of the employment
Calm, I'm starting to record this ahead of the employment numbers coming out at 8:30 so far
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Stock index, Futures and commodities are all up nicely on
Stock index, Futures and commodities are all up nicely on Friday morning and that of course could change after the employment numbers
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Puts us there about this morning's presentation, looking at the
Puts us there about this morning's presentation, looking at the vix and that the vix has looking very foolish right now and made a new low yesterday, things would change on Friday if the vics were too
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Now I think the reason the vix is looking like
Now I think the reason the vix is looking like this is that the selling that we've seen this week has been focused in just a few areas of technology and commodity related stocks outside of the
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We see, the Dow diamonds are still on a by
We see, the Dow diamonds are still on a by signal that would change on Friday with a close below 31644
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Yesterday, we talked about Five of the Dow stocks that
Yesterday, we talked about Five of the Dow stocks that are back on Cell signals
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So we now have seven of 30 Dow stocks back
So we now have seven of 30 Dow stocks back on Cell signals and yesterday, that was Home Depot
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The cues is on its second day of a cell
The cues is on its second day of a cell signal and that we're getting pretty close to the 52-week low that we made in October
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We've got to Consumer discretionary stocks on a cell signal,
We've got to Consumer discretionary stocks on a cell signal, we've got home builders on its second day of a cell signal and we've got metals and Mining sweater the major US sectors
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Now, if you break down the metals and Mining sector,
Now, if you break down the metals and Mining sector, you can upload the gold and silver index and it happens to be the biggest loser in the US, over the past five trading days
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And look at the Canadian markets, you've got the TSX,
And look at the Canadian markets, you've got the TSX, you've got the TSX 60, you've got the mid-cap Saul still on by signals
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Small-caps rolled over yesterday, they're back on a cell signal
Small-caps rolled over yesterday, they're back on a cell signal and joining the Venture exchange
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Now, look at the Venture exchange and yes, it did
Now, look at the Venture exchange and yes, it did not participate in the recent rally but it's not really participating in any selling this week
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Yes, we're on a cell signal, but there's no aggressive
Yes, we're on a cell signal, but there's no aggressive exit micro-cap stocks this week and that could be a bullish assigned going forward now, what's working
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Well, the energy sector is holding up the Canadian market
Well, the energy sector is holding up the Canadian market and made a new high yesterday
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So against all of the negativity out, their money is
So against all of the negativity out, their money is still flowing into the energy sector
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I got hit hard this week and it is The
I got hit hard this week and it is The Biggest Loser followed by anything to do with mining
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So the global mining index at we've got the base
So the global mining index at we've got the base Metals, we've got materials all getting hit hard, this week's or anyting mining-related have that has been hit hard and then real estate
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Of course higher interest rates is not good for real
Of course higher interest rates is not good for real estate and there's the real estate sector back on a cell signal
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Let's finish off today's presentation with a quick look at
Let's finish off today's presentation with a quick look at Commodities
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And we had an inside there yesterday for crude oil
And we had an inside there yesterday for crude oil are all the Commodities are trading higher in the pre-market this morning
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Last time I checked inside day for gasoline up at
Last time I checked inside day for gasoline up at the at the current high this week
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I don't got natural gas, a treading water here, down
I don't got natural gas, a treading water here, down little over 4%, it's up about that in the pre-market this morning
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Having a nice big reversal day, yesterday still trying to
Having a nice big reversal day, yesterday still trying to hold support at 1:50
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So far that is holding that we've got that played
So far that is holding that we've got that played in making a new low yesterday, Platinum back on a cell signal and then silver had a another wild day
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And that we've talked about the fact that silver is
And that we've talked about the fact that silver is much more volatile than gold and their silver trading through the lower channel line recovering and a closing higher on the day
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Okay, folks that is all for this morning's presentation employment
Okay, folks that is all for this morning's presentation employment numbers of come out so I can next features are still above fair-value last time I checked and so that's looking pretty bullish for the stock market
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00:00:00Good morning everyone, and welcome to Friday Morning.
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00:00:03It's Stephen Whiteside here from theuptrend.com. I'm starting
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00:00:07to record this ahead of the employment numbers coming out at 8:30, so far
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00:00:11stock index futures and commodities are all up nicely on Friday morning.
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00:00:15And that of course, could change after the employment numbers come out.
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00:00:19Let's start off this morning's presentation looking at the VIX.
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00:00:22And the VIX is looking very bullish right now.
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00:00:24It made a new low yesterday.
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00:00:26Things would change on Friday if the VIX were to close above 28.44.
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00:00:31Now I think the reason the VIX is looking like this is that the selling that we've
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00:00:35seen this week has been focused in just a few areas.
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00:00:38Technology and commodity related stocks outside of the energy sector.
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00:00:44That's where the biggest losers have been this week.
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00:00:47And so it is not a complete market pullback.
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00:00:50We see the Dowd Diamonds are still
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00:00:53on a buy signal that would change on Friday with a close below 316.44.
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00:00:58Yesterday we talked about five of the Dow stocks that are back on sell signals.
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00:01:03Yesterday we saw two more stocks add to that list.
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00:01:06So we now have seven of 30 Dow stocks back on sell signals.
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00:01:10And yesterday that was Home Depot and Visa
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00:01:13were added to the list of stocks on sell signals.
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00:01:17Now the SPY S&P 500 ETF is on its second day of a sell signal.
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00:01:22The Nasdaq 100 ETF, the Q's, is on its second day of a sell signal.
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00:01:27And we're getting pretty close to the 52 week low that we made in October.
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00:01:32Now looking at what's broken, well, it is certainly technology.
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00:01:36It's Communication Services.
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00:01:39We've got Consumer Discretionary stocks on a Sell signal.
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00:01:42We've got Home Builders on its second day of a sell signal.
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00:01:45And we've got Metals and Mining.
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00:01:47So out of the major US.
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00:01:49Sectors, those are the only ones on sell signals right now.
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00:01:52A lot of other ones still on buy signals have not changed.
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00:01:56Now if we break down the metals and mining sector, you can pull out the Gold
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00:02:00and Silver index and it happens to be the biggest loser in the US
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00:02:06over the past five trading days.
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00:02:08So that is also going to have an impact on the Canadian market.
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00:02:12And looking at the Canadian market, you've got the TSX, you've got the TSX 60,
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00:02:16you've got the Mid caps all still on buy signals.
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00:02:19Small caps rolled over yesterday.
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00:02:21They're back on a sell signal, joining the Venture Exchange.
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00:02:25Now look at the Venture Exchange.
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00:02:27And yes, it did not participate
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00:02:29in the recent rally, but it's not really participating in any selling this week.
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00:02:34Yes, we're on a sell signal,
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00:02:35but there's no aggressive exit of microcap stocks this week.
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00:02:40And that could be a bullish sign going forward.
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00:02:43Now what's working?
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00:02:44Well, the Energy Sector is holding up
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00:02:46the Canadian market and made a new high yesterday.
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00:02:49So against all of the negativity out there.
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00:02:52Money is still flowing into the Energy Sector.
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00:02:55And of course, what's not working well,
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00:02:57the gold and silver sector, the TSX Global Gold Index got hit hard
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00:03:03this week and it is the biggest loser, followed by anything to do with mining.
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00:03:08So the Global Mining index,
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00:03:10we've got base metals, we've got materials all getting hit hard this week.
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00:03:14So anything mining related has been hit hard.
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00:03:17And then real estate, of course,
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00:03:19higher interest rates is not good for Real Estate.
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00:03:21And there's the Real Estate sector back on a sell signal.
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00:03:25Let's finish off today's presentation with a quick look at commodities.
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00:03:28And we had an inside day yesterday for crude oil.
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00:03:32All the commodities are trading higher in the pre market this morning
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00:03:35last time I checked.
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00:03:36Inside day for gasoline up at the current high this week.
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00:03:40Then we got natural gas treading water here down a little over 4%.
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00:03:45It's up about that in the Pre market this morning.
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00:03:47So still not trending anywhere.
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00:03:49Then we've got the GLD having a nice big reversal day yesterday.
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00:03:53Still trying to hold support at 150 so far that is holding.
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00:03:57Then we've got palladium making a new low yesterday.
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00:04:00Platinum back on a cell signal.
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00:04:02And then silver had another wild day.
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00:04:05And we've talked about the fact that silver is much more volatile than gold.
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00:04:09And there's silver trading through
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00:04:10the lower channel line, recovering and closing higher on the day.
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00:04:14So no change in trend for the price of silver on Thursday.
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00:04:18Okay folks, that is all for this morning's presentation.
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00:04:21Employment numbers have come out.
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00:04:23Stock index features are still above fair value last time I checked.
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00:04:27And so that's looking pretty bullish for the stock market on Friday.
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00:04:31Have a great day. Next time you'll hear my voice
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00:04:33is on Sunday video you.