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00:00:00Hello, everyone, and welcome to Friday Morning.
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00:00:02It's Stephen Whiteside here from The UpTrend.com. Well, it looks like we're
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00:00:06getting some follow through to the downside in the premarket this morning.
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00:00:09Dow futures are currently down over 300
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00:00:11points, and we're seeing a sharp sell off in energy commodities on Friday morning.
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00:00:18The movie we're still watching is called Don't Fight the Fed.
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00:00:21And the Fed still wants the market to head lower.
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00:00:23It wants the economy to slow down.
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00:00:26And no matter how hard investors want it
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00:00:30to go up, this is what the Fed wants, and the Fed always wins.
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00:00:34Now, yesterday I misspoke, I mentioned
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00:00:37that the Ishares for the TSX 60 were the first to give a daily sell signal.
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00:00:42That's not true. What I meant to say was their first to
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00:00:45give a midterm sell signal, and that is true.
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00:00:49But here we have the Dow Diamonds, the
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00:00:51SPY, the Q's, all back below the lower channel line.
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00:00:54Once again, looking at what didn't work yesterday on the TSX.
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00:00:58It was cannabis stocks followed by base metals.
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00:01:01In the US, it was gold stocks followed by semiconductors.
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00:01:05Now, those Philadelphia indexes always
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00:01:08seem to end up at the biggest gainers and the biggest losers of the day.
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00:01:14And the reason for that, of course, is the
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00:01:15average true range on these particular sectors is quite high compared to, say,
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00:01:20the financials or banks, which don't usually end up at the top of the gainers
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00:01:25or at the bottom of the losers list on any particular day.
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00:01:29But just look at this chart of US. Bank stocks.
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00:01:32This is not a pretty picture for the US.
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00:01:34Economy.
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00:01:35Then looking at energy stocks, I was quite surprised yesterday that the energy
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00:01:40sectors on both sides of the border held up fairly well.
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00:01:43The TSX energy index was down just ever so slightly yesterday, less than 1%.
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00:01:50If we look at the daily panic zone chart,
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00:01:52you can see we're projecting down towards 13.50 for these particular Ishares.
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00:01:57And then looking at the XLE in the US.
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00:02:00It held up fairly well yesterday, just down .61 of a percent.
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00:02:04Still holding the recent low.
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00:02:06If we look at the daily panic zone chart,
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00:02:08you can see that we have a nice open gap down there that takes us down towards $73.
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00:02:13And that would certainly be a reasonable
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00:02:15target to the downside for the energy sector.
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00:02:18Let's take a look at the most actively
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00:02:20traded stocks from Wall Street on Thursday.
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00:02:24Now, looking at the most actively traded US.
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00:02:26Stocks, you'll find we don't really have anything to do.
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00:02:28Hopefully you've got your profit target
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00:02:30set already if you short any of these stocks.
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00:02:33I'm still short Apple, expecting it to go down to 125 on this move.
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00:02:38Then there's Advanced Micro Devices making a new low for this move.
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00:02:41We've got Amazon still on a sell signal,
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00:02:44hasn't made a new low yet, but it'll probably do so on Friday.
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00:02:48Then Bank of America making a new low for this move.
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00:02:51And then there's Carnival, followed by Ford, followed by Nvidia.
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00:02:55Still on a buy signal here that would change on Friday with a close below.
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00:02:59165.
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00:03:0086.
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00:03:02Then we're looking at Snap. No change.
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00:03:04New low for this move. Then Tesla.
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00:03:06Tesla was up yesterday just to $0.87, so not a big deal.
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00:03:10It's down in the pre market this morning.
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00:03:12Making a new low for this move.
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00:03:14And then last up we've got Warner Brothers.
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00:03:16And Warner Brothers had a nice down day yesterday.
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00:03:19Looking to fill the open gap from back
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00:03:21here in November and then looking to take out the November low.
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00:03:26Let's finish off this morning's presentation.
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00:03:28Moving north from Wall Street to Bay Street.
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00:03:31And we'll walk through the ten most
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00:03:32actively traded TSX stocks from Thursday's trading action.
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00:03:37Starting off with Barrick.
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00:03:38We're still on a buy signal that would change on Friday with a close below 22.
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00:03:4253.
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00:03:43Then no joy for Algonquin Power.
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00:03:46Looking for a close above 10.10 on Friday to give us a buy signal.
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00:03:50There's a new low for this move for Bank of Nova Scotia and a new low for CIBC.
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00:03:56And it looks like investors want to take out those October lows on Friday.
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00:04:00Canadian Natural Resources making a new low for this move.
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00:04:03No change there.
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00:04:04Big down day for First Quantum.
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00:04:06I believe it was the biggest loser on the TSX 60 yesterday.
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00:04:11Then we've got Lundin Mining still on a buy signal that would change on
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00:04:15Friday with a close below 8.27. New sell signal for Manulife Financial, no change
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00:04:21in trend for Suncor and a new low for Canopy Growth on Thursday.
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00:04:26Okay folks, that is all for this morning's presentation.
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00:04:29Stock index futures are currently below
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00:04:32fair value, so we are looking for some selling at the open on Friday morning.
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00:04:36Have a great day, have a great weekend.
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00:04:38Next time you'll hear my voice is on Sunday.
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00:05:09Thank you.