Stephen Whiteside reviews Wednesday’s pre-market action, noting quiet stock index futures while commodities rise, led by gold trading back above $5,000. Bitcoin and Ethereum are lower, with bear ETFs hitting upside targets. Economic data including JOLTS numbers and crude oil inventories could shift market direction. Meanwhile, the VIX continues trending higher, signaling a growing disconnect between options traders and equity markets.
In Canada, metals and energy helped the TSX recover after last week’s sharp decline, though significant resistance remains overhead. In the U.S., the S&P 500 failed at 7,000 and volatility increased, with heavy selling in software, cloud, digital payments, and cybersecurity stocks. Major movers included Nvidia, Salesforce, PayPal, and Thomson Reuters, while select banks and energy stocks showed strength. Whiteside emphasizes trend-following and disciplined stock market timing amid rising volatility.
Stephen Whiteside
Wednesday, February 4, 2026
