Author: admin

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Hello, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, stock index futures are trading below fair value. That could change at 8:30 with economic numbers coming out. We have commodities all trading higher this morning with gold up over $20, and that could certainly help the Canadian stock market on Friday. One of the reasons futures are trading lower is because of Nike. Nike, like many other stocks, is coming into Friday’s trading action and still looking very bullish. Unfortunately, the market’s reaction to its earnings have pulled the stock down sharply. Of course, we’ve seen this several times over the past few days. Of course, we’ve talked about locking in profits, taking money off the table, over the last week, and hopefully, if you were trading Nike, you have done so. Now, Wednesday was a bearish reversal day, and so we are looking to see if that’s the top for the market for this particular move. When we look at bearish reversal days, of course, they’re one day events. They still need to be confirmed. Now, the high from the SPY on Wednesday was 475.90. So this signal is still live until we close above that level.

And yesterday, we did not do that. We got as high as 472.80. So Wednesday signal is still in play. It hasn’t been eliminated and it hasn’t been confirmed yet either. So we’re still waiting to see what happens. Now, Thursday turned out to be an inside day. Thursday’s trading action actually fit within Wednesday’s trading action, whether you’re looking at the S&P 500, the Nasdaq 100, or the TSX 60. We all had inside days across the board. Thursday was a day of indecision, a pause day, waiting for more data. The VIX is still moving up. It closed down slightly at the end of the day yesterday, but fear is still rising. You can see the nice set of blue dots across the bottom here. We’re on a buy signal. We made a new high for this move on Thursday. And so options traders are nervous at the moment. Not so much for bond traders. Yesterday was a bearish reversal day for the TLT and the XBB, but really no sign of major change in direction for the bond market. So that’s still supportive for higher stock prices. The US Dollar index closed, made a new closing low yesterday, and that is supportive for higher stock prices.

Looking at the price of gold, gold has been treading water for the past few days, while silver has been pushing higher. Gold is up over $20 in the premarket this morning, so gold is going to start to sync up with the price of silver. Then looking at crude oil, we’re on a buy signal right now. We had a small pullback yesterday. We’re trading higher this morning, and natural gas closed higher yesterday, still looking for a close on Friday above $2.36. Now, the biggest stock in the US, of course, is Apple. Apple is not looking very bullish right now. We’ve had several early warning signals across the top of the screen. You can see we’re projecting down towards 175, 180. That certainly has not started yet. We’ll have to see what happens next. But the pros are not that bullish on the stock at the moment. They haven’t started to sell, but I think they’ve given up buying right now. On Friday, we’re looking for a close below 194.09 to give us a sell signal for Apple, and that would certainly be bearish for the market. On the TSX, the biggest player is the Royal Bank.

It’s currently ranked at 10, way up there at the top, over the top of the panic zones. We had a bearish reversal day on Wednesday. Thursday turned out to be an inside day, and we are looking for a close on Friday below 128.44. I certainly don’t expect that to happen, and the lower channel line, of course, is going to continue to move higher daily. Let’s finish off this morning’s presentation with a little chart school. You’ve always heard me say follow the money, ignore the news. What I mean by that is that we are very poor at figuring out the connection between a news event and what the market is going to do with that news event. Instead of using our intuition to try to figure out what’s going to happen, it’s best to let the market digest that news and follow the money as opposed to the news story. For example, if I show you these two current headlines regarding the Argentine economy, you would assume, more than likely, that the Argentine stock market would be in the tank or at least trending lower at the moment. And that’s certainly not what’s happening. If I showed you any headline out of the Middle East, anything to do with Israel at the moment, your gut feeling, your intuition would be that the Israeli stock market is probably in turmoil at the moment, and that is certainly not the case.

So it’s important to listen to the news, to read the news, to watch the news, but don’t react to the news. Let the market react to the news and follow the market’s reaction, not your intuition. Because you, me, our intuitions are not usually very good at figuring out how the market is going to react to a news story. Okay, folks, that is all for this morning’s presentation. And that’s all for me for 2023. This is my last public presentation for the year. Now, I’m off to donate blood this morning. And if you’ve got some free time over the holidays, you might consider donating blood as well. If you’re a male and you have concerns about your cardiovascular health, donating blood is one of the best things you can do. This will be my 58th blood donation. And remember, if you’re donating blood, we offer a blood donors reward program. We will give discounts to anybody who’s donating blood. So check that out on our website. We are closed next week. Next week is a holiday shortened week, and we are coming up to month end, year end. That usually has a little bullish bias to it, so not expecting a lot of negative downward pressure next week for the stock market.

And so that’s all for me. This will be my 23rd year of wishing everybody a merry Christmas. We’re going into our 24th year next year. So thank you very much for your time, your attention, your support. Very much appreciate it. I wish you and your family a merry Christmas and happy holidays and a happy New Year.

CHAPTERS:
0:00 – Stock Market Introduction
0:21 – Nike Stock Analysis
0:50 – Bearish Reversal Patterns
1:29 – Inside Day Trading Strategy
1:48 – Market Fear Sentiment
2:06 – Bond Market Trends
2:19 – US Dollar Index Impact
2:28 – Gold Investment Insights
2:42 – Crude Oil Price Fluctuations
2:53 – Natural Gas Market Analysis
2:56 – Apple Stock Performance
3:28 – Royal Bank Financial Review
3:55 – Stock Market Money Flow
5:25 – Blood Donation Importance
5:59 – Stock Market Forecast Next Week
6:16 – Holiday Greetings

Stephen Whiteside
TheUpTrend.com
Friday, December 22, 2023

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from TheUpTrend.com In the premarket this morning, stock index futures are trading above fair value. We do have US jobless claims coming out at 8:30, and of course, those numbers could change the direction of the market on Thursday morning. Well, yesterday turned out to be a wild day, and we do have the VIX back on a buy signal. That, of course, is bearish for stocks. But stocks really didn’t break down. We’ve got some other things to look at. What the problem is right now, it’s really a tale of two markets. The North American market is sitting by itself. The rest of the world is starting to fall apart. That could drag the North American markets down after the Christmas holidays, but we’ll just have to wait and see. Now, we had a lot of bearish reversal signals yesterday. Remember, those are one day events. They still need to be confirmed. If the market is trading higher in the premarket this morning, the market is not in a rush to confirm those signals. So yesterday, this high is going to be a significant line in the sand.

When we look at the TSX, we made a new high yesterday, then reversed, and we also closed below the previous day’s lows. So that is bearish. You’re going to see that a lot. So similar situation for the S&P 500, we closed below a couple of days of previous lows. So that’s a very bearish sign. But we’re not seeing any fall through to the downside in the premarket this morning. So the market had a hiccup yesterday. It might have had something to do what was going on in the rest of the world, but we’ll just have to wait and see. Now, when we look at the rest of the world, and I’m just going to show you a couple of examples, we have the Indian market back on a sell signal, we have the Hong Kong market back on a sell signal, the Japanese market, the UK market, and the Taiwanese market, which fell nearly 12.5% yesterday, heading right back down to define support at the October lows. We always talk about the fact stocks often fall faster than they rise, and you can see gave up nearly two months of gains in just one day.

There’s obviously stuff going on outside of North America. North America is holding up fairly well. The US Dollar index had an inside day yesterday, so no sign of disruption there. The bond market, both the TLT and the XBB made new closing highs yesterday. The bond market is not worried about what’s going on right now. That could change, but right now, the currency market, the bond market, still supportive of higher North American stock prices, or at least not overly bearish on the North American stock markets at this time. Now, you’re probably wondering, over the past week, I’ve been asking you to make sure you’ve locked in some profits and taken some money off the table here. What I haven’t said is to completely liquidate a position and give up on the market. Certainly, what I have not even got near is shorting the market, buying bear ETFs, or buying puts. We haven’t got there yet, so there’s still no reason to get overly bearish on the market. We just want to be prudent and take some money off the table and lock in some profits, but not completely liquidate a position. You could have taken money off the table in the Nasdaq.

You don’t have to completely liquidate a position. That’s also true for the Russell 2000 and for the micro caps. These markets reversed yesterday, but there is no new downtrend as of Thursday morning. Now look at the Dow Diamonds. Again, we had an outside reversal day yesterday. The biggest loser on the Dow was Disney, which is back on a sell signal as of Wednesday’s close. We had a reversal day for American Express. That was the second biggest loser on the Dow. On the S&P 500, the biggest loser was FedEx followed by Aon. Then on the Nasdaq 100, the biggest loser was Lucid followed by Warner Brothers Discovery, which traded right down to the lower channel line, did not close below it. A close below 11.47 would give us a sell signal on Thursday. Then looking at the TSX-60, the biggest loser was First Quantum. You got to imagine First Quantum is probably going to get taken out of the TSX-60 at some point, and that’s going to put additional downward pressure on that stock. On the TSX itself, the biggest loser was Cargojet, back on a sell signal as of Wednesday’s close. This particular stock is actually back on a sell signal.

If you own CargoJet, today you’ve got a reason to completely liquidate any long position. Now, crude oil held steady yesterday is up slightly on the day. Natural gas had an inside day, so no fear in the energy market. Then looking at the metals, copper actually moved up. If the global economy is starting to shrink, it’s not being seen in the copper market. Gold was down just $4.40, but no major move there. That was an inside day. Now, silver, on the other hand, moved up, and it is back on a buy signal as of Wednesday’s close. Okay, folks, that is all for this morning’s presentation. Wednesday was an interesting day. It might be just an aberration that is washed away over the next few days. We’ll just have to wait and see. We are coming up to a long weekend that usually has a bullish bias to it, so not expecting a lot of downward pressure here. Again, yesterday just might be an anomaly that nobody remembers a couple of weeks from now, so we’ll just have to wait and see. Have a great day, folks. Next time you’ll hear my voice is on Friday morning.

Stephen Whiteside

TheUpTrend.com

Thursday, December 21, 2023

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Good morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre-market this morning, things are fairly quiet, stock index futures are slightly below fair value, while commodities are mixed with crude oil higher and gold trading lower in the pre-market. I won’t keep you very long this morning. Let’s start off with a little housekeeping. Christmas is on Monday. We will be closed next week, but we will come back on Saturday, December 30th, and do a complete daily, weekly, and monthly update of the website. Looking at the VIX, the VIX is just treading water here. Notice that we’ve got two blue dots here. We’ve had that before. We are looking for a close on Wednesday above 12.89. If that were to happen, we would turn from being short term bullish to being short term bearish on the market. Now, we talked about watching the bond market and the TLT and the XBB both traded higher on Tuesday, so that’s supportive for higher stock prices. We saw the US Dollar Index pull back a little. It’s still on a sell signal. That’s supportive for higher stock prices. Crude Oil continued to move higher on Tuesday and closed above the upper channel line, giving us a new daily buy signal.

The TSX Energy sector also generated a new daily buy signal, closing just two cents above the upper channel line, joining US energy stocks already on a buy signal. Well, what worked on Tuesday? Well, silver miners were the big winners. They were up over 3 %, followed by US Gold miners, followed by Copper stocks. And then the TSX Global Gold Index was up just under 2 % on the day, still trying to break out above the highs from a couple of weeks ago. Now, the market is still in love with tech stocks. We saw the Nasdaq-100, the equal-weighted Nasdaq-100, and the Next 100 all make new highs on Tuesday. We also saw a new high for Canadian tech stocks, but they ended the day slightly lower, so no change there. Shopify was able to hit our next price target yesterday, and then semiconductors are up at the recent highs. No change in trend for semiconductors. Now, the majority of stocks in the Nasdaq 100 are included in the S&P 500, which also made a new high on Tuesday. If we look at the percentage of stocks on the S&P 500 currently trading above their 50-day moving average, you can see that we’re right up at the top of the levels where we have peaked previously.

This is the time and place where you look to sell stocks, not buy stocks. Obviously, a lot of people are buying stocks right now. They are certainly getting in at the end, not the start of anything new. Of course, the best places to look to buy stocks is when an indicator like this is down at the bottom of the level. We talked about this back in the fall when we were looking for the year-end rally set up to start, and it certainly has worked out so far. But yeah, this is the time and place you look to be a seller, not a buyer. When we overlay the S&P 500 on this indicator, you can see that last time we peaked was back in the summer, and that led to a multi-month sell-off. Looking at the seasonality of the S&P 500, and we’ve been looking at this all year and expecting rally into year end, and that’s what we’re getting. What happens in January, if you’ll look at the bottom left-hand corner here, usually, we get buying into the start and selling into the end of January. And given where the market is right now, I would not be surprised if January ended up being a negative month.

Let’s finish off this morning’s presentation looking at a stock in the news this morning, and that is FedEx. Fedex, like many stocks, bottomed in October and then started to move up off the bottom of the Panic Zones, a pressure zone formed. That was the low risk setup and we’ve been moving up. We’ve been up at the top of the Panic Zones for a while, so this is the time and place you look for selling opportunities. Now, when we look at the Fly Paper channel chart, you can see it’s not the most volatile stock in the world. The average true range is currently at 1.97%, so just under 2% per day. Yesterday was a fairly quiet day, was down 0.68%. When we look at the Right-Side chart, we are coming into today’s trading action, looking for a close below 271.03 to give us a sell signal. Here’s where the buy signal showed up, the first close above the upper channel line. You could have bought the next day at 245 and had had lots of opportunity to take money off the table along the way. One of the reasons that we like you to sell into strength is because stocks usually fall faster than they rise.

Here’s where FedEx is trading. Last time I checked this morning, so down over 10 %, down near the 250 level. If I still owned any FedEx, I wouldn’t be selling at the open. Usually, people in the premarket overreact and calmer heads get involved after the market open. So if I still had some FedEx left in my account, I wouldn’t be selling at the open. I’d wait to see where it closed this afternoon before I put in a sell order to get rid of the remainder of my FedEx position. Okay, folks, that is all for this morning’s presentation. So far, it looks like we may get a little selling at the open on Wednesday morning. Have a great day. Next time to hear my voice is on Thursday morning.

Stephen Whiteside
TheUpTrend.com
Wednesday, December 20, 2023

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from TheUpTrend.com In the pre market this morning, stock index futures are trading above fair value. So so far, it looks like investors want to do a little buying at the open on Tuesday morning. Looking at the CNN fear and greed index, we have made it up into extreme greed.

We haven’t made it up all the way to the top. Nobody says we have to actually do that, but this is a good indication that this is not the time to be putting new money into the stock market. Now, we normally look to New York and Toronto for guidance on what’s going to happen next in the markets. But what’s been going on over the last seven weeks has a lot more to do with the people in Chicago than it does with the people in New York or Toronto. Looking at the VIX, the VIX is still on a daily sell signal.

That would change on Tuesday if we were to close above 12.96. And then looking at the bond market, we’ve got ten year yields. We are seeing panic selling at the moment. It’s currently ranked as zero. We’ve come down to the 391 level that’s currently acting as support.

And you can see that on the right side chart. We had an inside day yesterday, an inside day the day before. And so we’re looking to see if bond yields start to move back up. That would, of course, be on the back of falling bond prices. We’re currently seeing panic buying in the bond market.

The ten year note has run up to 112.50 and stopped over the last couple of days. It could continue its climb. And if it could continue to move higher, that would be supportive for higher stock prices. If we start to pull back and get a sell signal here, that, of course would be negative for the stock market. And of course, as a consumer, you can watch that in the TLT or in the XBB traded in Toronto.

If we see sell signals in either of those, that of course would be very negative for the stock market. Now, speaking of the stock market, the ishares for the TSX 60 had an inside day on Monday. The big winner on the TSX was one of the big losers from last week, and that was Dollarama. That was the big gainer. Then looking at the Dow, new high for the Dow.

And the big winner on the Dow was also one of the big losers from last week, and that was Procter and Gamble. Still, both Dollarama and Procter and Gamble are on daily sell signals. That has not changed. There’s the S&P 500 moving up yesterday, the big winner on the S&P 500 was Etsy. Still on a buy signal, no change in trend.

Then looking at the Nasdaq, the Nasdaq made a new high yesterday. What didn’t make a new high? Well, the Equal Weighted ETF actually had an inside day of an inside day. That’s also true of the Next Gen Nasdaq stocks. That ETF also had an inside day of an inside day.

Now, it was the world’s greatest amusement park that led the Nasdaq higher on Monday. And that, of course, was Costco. A couple of those next generation stocks people were asking me about yesterday, both Coinbase moving up yesterday, still on a buy signal. No change in trend. And no change in trend for Square.

Both still on buy signals. Let’s finish off today’s presentation. Looking at commodity etfs, and we’ve got the USo back on a buy signal as of Monday’s close. Joining gasoline already on a buy signal. And then we had natural gas trade up to the channel.

So a close above $5.06 on Tuesday would give us a buy signal for natural gas. Inside day yesterday for the GLD. No change in trend there. Then we’ve got palladium continuing to move higher, making a new high for this move. Platinum moved up slightly on Monday.

And then looking at the SLV we pulled back yesterday, still on a buy signal. That would change on Tuesday with a close below $21.50. Okay, folks, that is all for this morning’s presentation. We’ve talked about selling over the past week and locking in some profits. There’s no reason to completely liquidate any position until you get a sell signal, but it’s prudent that you do lock in some profits.

Stocks usually fall faster than they rise, and I wouldn’t be surprised if we saw some aggressive selling in the month of January. Enjoy the rest of your day, folks. Next time you’ll hear my voice is on Wednesday morning.

0:00 – Pre-Market Analysis
0:16 – CNN Fear & Greed Index Explained
0:32 – Understanding VIX Volatility
1:00 – Bond Market Panic Selling Impact
2:00 – TSX Index Overview
2:13 – Dow Jones Industrial Average Insights
2:29 – S&P 500 Index Fluctuations
2:41 – Nasdaq Composite Index Trends
3:19 – Investing in Commodity ETFs

Stephen Whiteside
TheUpTrend.com
Tuesday, December 19, 2023

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Hello, everyone. It’s Stephen Whiteside here from TheUpTrend.com. I hope you had a wonderful weekend. Well, we’ve gone seven weeks now where the market has been fear free and the market has been up seven weeks in a row. So we’re going to remain long term bullish on the market as long as the VIX does not close above 16.66 this coming Friday. Now, we’ve been anticipating a year-end rally, and we got a year-end rally, and so this is the time to celebrate. It’s also the time to make sure we’ve locked in some profits along the way. No reason to completely liquidate a position. We need to keep some money in the market, but you do want to lock in profits as markets usually fall faster than they rise. Now, we did see Panic buying this week on the back of the Fed announcement. A lot of people had to do some short covering. We’ve got a lot of charts that are poking through the top of the Panic Zones right now. We are waiting to see if we get some early warning signals. Now, the first thing we’re going to be looking for is a close below Wednesday’s low.

That was the Fed Day. That’s when all the short covering took place and the market took off to the upside. Those are a lot of people that are late to the game. This trend started back in late October, and some people just couldn’t take a hint and they got in on Wednesday, which is late. We’re going to be watching to see if the market closes below Wednesday’s low or any individual stocks. What was very bullish was that the semiconductors led the market higher. We also had a lot of sectors of the market that are playing catch up, finally joined the party. Sectors like Homebuilders had a great week. Now, we’re looking at the daily VIX here. We’re going to remain short term bullish on the market as long as the VIX does not close above 13.04 on Monday, and you can see that upper channel line is going to continue to move lower daily if we do not close above that level on Monday. Now here’s something to be concerned about. The Pros look like they want to take control of the VIX. And if they start taking control of the VIX, that’s probably going to indicate some selling in the overall market.

So most of the market held up going into Friday’s close. The Dow had an inside day. A little bit of a pullback for the S&P 500. The Nasdaq had a new closing high on Friday. We saw a small pullback in the Russell, small pullback in microcaps, and we saw a pullback in Regional Banks. Regional Banks, big participant this week. And you can see we gapped higher on Thursday, so probably going to come back here again. We’ll be looking to see what happens if the market starts to close below Wednesday’s low. Taking a look at the Canadian market, the TSX ran up to resistance this week and pulled back. So that resistance is still holding the market in check. Here we are looking at a weekly chart and you can see that through all of 2023, this level at 20,625 has held the Canadian stock market in check. Now, there’s a lot of divergence right now between the Canadian stock market and the US stock market. Look right now at Consumer Discretionary traded in Toronto and then Consumer Discretionary traded in New York. Consumer Staples in Toronto, Consumer Staples in New York. A lot of divergence.

Those are just two examples. If the financial services are doing well on both sides of the border, that’s a good sign for the overall health of the market. But unfortunately, there are too many divergences right now to help the Canadian market. Moving on to bonds, and we’re going to look at the major bond ETFs. Just to make it very clear, I don’t trade these at all. There’s not enough money in them for me to trade, but they are useful for a lot of people. A lot of people need to be diversified and need to be in bonds. One of the reasons the stock market has gone up over the past seven weeks is that bonds have gone up, which has put downward pressure on bond yields. The market is basically doing the Fed’s job for them, pulling back on bond yields and rates and taking pressure off the industry to keep raising rates at the present time. Here we’ve got the TLT making a new high. If the direction of the bonds changes, that could have a negative effect to the overall stock market. Whether you’re looking at the TLT, which is the most actively traded bond ETF in the US, in Canada, the XBB is one of the most actively traded bond ETFs.

Then you’ve got emerging markets, and then you’ve got junk bonds, all doing well at the moment. If the direction of these bonds change, that could have a negative effect on the stock market. Now, one of the reasons I don’t trade them is there’s really no money in them from a trading point of view compared to other ETFs, and certainly compared to the rest of the stock market. If you’re going to be involved in these, they need to be in a separate column. They need to be in a separate portfolio. I’ll just give you an example. This big move up is really an optical illusion. When we look at the Fly Paper Channel chart for the junk bond ETF, you can see how wide the Fly Paper Channel is. Anytime you see that, you know that the underlying symbol has very low long-term volatility. Now, if we look down here at the Average True Range, it’s currently 0.6 %, so a little more than half a % per day. When we look at this big move from this low in October to the recent high, that is only 8%, so not very attractive. Compare that to, say, something like Apple, which has had a nice run from the October low to the recent high.

If we look at the Fly Paper Channel chart, the Fly Paper Channel is much thinner. We know that long-term volatility is much greater. If we look at Average True Range down here, the short-term volatility is at 1.49%. Just under one and a half %, more than twice what we saw in the junk bond ETF. Remember, junk bonds are the most volatile of bonds. That move from the October-low to the recent high, that is a 20% move for Apple. Then if we look at a symbol that has even a skinnier Fly Paper Channel and a higher Average True Range, so looking at CloudFlare at the moment, the current Average True Range is 3.38 %. The move from the recent low in October to the recent high, that is 54%. Now there’s two lessons here. The first one, of course, is know the volatility of each symbol you’re looking at and use them in comparison. Remember, don’t compare apples and oranges. There’s no reason to compare a stock like Cloudflare to, say, a Bank of America. They’re in two completely different worlds. When you’re looking at stocks in the same sector or ETFs in the same sector, check the volatility and see what the opportunities are.

Also remember that where there’s opportunities, there’s also risk. Your risk reward, you’ve got to balance it out. You don’t want a portfolio heavily laden with stocks with high Average True Ranges. That’s just too much risk. One day when the stock market goes against you, which it ultimately will, if you’re in the market for any length of time, you really don’t want to take a huge loss because you’re loaded up in stocks that not only went up quickly, but will come down quickly as well. Now moving on, another thing that I’m not trading, the USD Index, but we keep track of it because a falling USD Index has been supportive for higher stock prices. Now, we had a big inside day and a reversal day on Friday. That was also true for the Euro. This could change. If this changes direction and we start moving up, that could put downward pressure on the stock market. There’s the big reversal in the euro on Friday. Oddly enough, the Canadian Dollar was able to push higher on Friday. Now, this could also change, and that is crude oil. Crude oil falling has also been supportive for higher stock prices.

Natural Gas has been falling. Two things that have taken pressure off inflation and helped the overall consumer, they could change direction and that could be negative for the stock market. Now looking at the metals, price of copper may have run into resistance. It’s had a really good run over the past six weeks. You can see copper miners bolted higher on Thursday, gapped higher, even went higher on Friday before pulling back and closing unchanged on the day. Now looking at the price of gold, we’re still on a signal here. That hasn’t changed. Gold miners look like they’ve put in a double top, whether you’re looking at the GDX or the XGD, and then the price of silver pulled back. Silver miners also look like they’re putting in a double top at the present time. Now, just to go back to where we started, we have a lot of symbols that look like this. This is manual life. It’s up through the top of the Panic Zones. We’re looking for a new early warning signal on the Panic Zone chart. We haven’t got that yet. We do have a lot of early warning signals on the Right-Side chart.

This chevron indicates that we have a potential top-up there, but this signal can fade away over the next couple of days if it’s not confirmed. What’s going to confirm it? Well, if we start breaking down below Wednesday’s low. Remember, Wednesday was the huge volatility day for a lot of symbols, and that’s where the short covering kicked in and people late to the party jumped on board for whatever reason. They were compelled to do that. They did that. But look, here’s how long the trend has been going. And then finally on Wednesday, people said, Hey, yeah, this is the time to get in. So what we’re looking for is a breakdown below Wednesday’s low is the first sign that we’re heading lower and we’re possibly going to see new daily cell signals. Last up today, a quick look at the Magnificent Eight. Two stocks didn’t participate. That would be Alphabet and Microsoft still on cell signals. We saw Amazon go up and hit our next target at $150, which was both a daily and a weekly target. We had Apple run up, did not hit the daily or weekly target of $200, got as high as $199.62. We still have Meta on a buy signal.

We’ve got Invidea on a buy signal. Nvidia, of course, no longer the big leader in the chip sector. Then we’ve got Shopify making a new high on Friday on both sides of the border. Tesla made a new closing high on Friday, did not take out Thursday’s high. So none of these Magnificent 8 stocks really participated in the overall rally this week. Now, some people are rather concerned that the Magnificent Eight did not lead the market higher this week. And I don’t think we can read too much into it so far. We’ve seen some sector rotation and these stocks couldn’t lead the market higher forever. There is always some rotation. What we haven’t seen so far is any aggressive selling in these stocks. So if we start to see aggressive selling in these stocks, then I would say there’s something to be concerned about, but that has not started just yet. Okay, folks, that is all for today’s video. I’m sorry I was a bit longer than normal, but I wanted to include a couple of extra topics. Enjoy the rest of your day. The next time you’ll hear my voice is on Tuesday morning.

[00:00:00]: Market Analysis and Year-End Rally
[00:01:01]: Panic Buying and Market Trends
[00:02:07]: Market Performance and Sector Analysis
[00:03:17]: Divergence in Canadian and US Markets
[00:04:27]: Impact of Bonds on Stock Market
[00:05:34]: Understanding Stock Volatility and Risk
[00:06:53]: Impact of Currency and Commodity Markets
[00:07:59]: Analysis of Metals and Market Signals
[00:09:02]: Early Warning Signals and Market Direction
[00:10:13]: Magnificent Eight Stock Analysis

Stephen Whiteside
TheUpTrend.com
Monday, December 18, 2023

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Hello, everyone, and welcome to Friday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures and commodities are above fair value. So far, it looks like everybody’s happy. Now, December options expire this afternoon, and supposedly there’s a record number of options about to expire, and that could certainly add to some afternoon volatility, but I’m not sure it’s going to dramatically change the direction of the market. Looking at the VIX, we’re looking for a close on Friday above 13.14. Of course, if the VIX starts trending higher at some point, you have the opportunity to buy the VIX using ETFs, whether it’s the VXX in New York or the HUV in Toronto. Both of them will move higher with the VIX over time, and you can make money when volatility does start to move higher. Now, it certainly looks like the torch has finally been passed. We saw the Nasdaq-100 actually closed slightly lower yesterday. Some of those big cap tech stocks we’ve been following, such as Microsoft were down on the day over two %. At the same time, the Equal Weighted Nasdaq continued to move higher. Those Next Generation, the next 100 stocks were up on the day.

We saw the Russell 2000 up nearly three %. We saw microcap stocks up nearly two %. And that was on both sides of the border. Mid-cap stocks in Toronto, small-cap stocks in Toronto, and those micro-cap stocks in Vancouver were all up on the day. Now looking at the TSX, the iShares for the TSX 60 made a new high for this move. You can see, like many charts right now, we’re up at the top of the Panic Zones. That’s not the time to be a buyer. That’s the time to look for selling opportunities. At some point, we’re going to pull back and we’re going to see if we can hold the uptrend. If we don’t hold the uptrend, then of course, our downward projections would come into play. But right now, we’re still looking higher. There’s no reason to look down at the present time. Now looking at the bond market, the TLT, the XBB, all continue to move higher on Thursday. That, of course, puts downward pressure on bond yields. The market is way ahead of the Fed, reducing interest rates next year. They’re doing it now. It’s what the market is doing ahead of the Fed, so they don’t need the Fed to do this.

You can see that rates are falling, yields are falling, and that’s supported for higher stock prices. That put downward pressure on the US dollar index, which continued to move sharply lower on Thursday. We saw currencies such as the Euro and the Canadian dollar move sharply higher. Now it looked like everything was moving up on Thursday, including crude oil. We’re looking for a close on Friday above 73.26 to give us a buy signal for crude oil. And it looks like crude oil might actually end the week higher, which hasn’t happened in quite a while. We’re holding 68.75 on the daily chart. That, of course, is also a weekly area of support. And so far, that’s a holding. We also saw some buying in natural gas on Thursday, and that, of course, can help energy stocks. We saw energy stocks in Canada up 1.69% back into the channel. Big up move for US energy stocks up nearly 3% on the day. Then looking at gold, gold continued to move higher on Thursday, and so did silver. Gold and silver stocks also continue to move higher. But in both cases, whether you’re looking at the GDX or the XGD, they moved up to previous resistance and pulled back.

I’m not sure we’re going to be able to get through that level of resistance at the present time. We’ll have to just wait and see. Then the copper miners actually had a huge day yesterday, gapping higher, up 3.37%. You don’t see that very often. Okay, folks, that’s all I really wanted to cover this morning. A lot of stocks are hitting new highs. Of course, what we want to do right now is make sure we’re selling into strength. If you’ve been systematically taking money off the table as we’ve been moving higher, congratulations. If you haven’t done that, then you should consider doing that. This is not the time to be a buyer. It’s a time to rejoice and be happy. We were expecting a Christmas rally. We got a Christmas rally. The important thing is to take advantage of it and lock in some profits. You never want to completely liquidate a position. If you’ve got a position in SPY and you haven’t taken money off the table, sell a partial position, just lock in some profits. You do not ever have to completely liquidate a position until we finally get kicked out. And when do we get kicked out?

Well, the first close below the lower channel line and we’re not expecting that to happen on Friday. The first sign of trouble, of course, is going to be when we get a daily close below Wednesday’s low. Wednesday was the big breakout day. It was the Fed Day. And the first daily close below that level will certainly be the first sign that something new is happening. And then, of course, we’re also going to be watching the VIX to see when the VIX generates a daily buy signal. Okay, thank you very much for your time and attention. It’s been a great week. Have a great Friday. Have a great weekend. Next time you’ll hear my voice is on Monday morning.

0:00 – Stock Market Summary
0:50 – Nasdaq-100 Comparison
1:56 – Bond Market Analysis
2:30 – Crude Oil Trends
3:10 – Precious Metals Update
3:33 – Copper Mining Stocks
3:44 – Profit-Taking Strategies
4:55 – Weekend Sign-Off

Stephen Whiteside
TheUpTrend.com
Friday, December 15, 2023

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Good morning, everyone, and welcome to Thursday morning. It’s Stephen Whiteside here from theuptrend. Com. In the pre-market this morning, stock index, futures, and commodities are above fair value. Now, we do have some economic numbers coming out at 8:30. Retail sales, jobless claims, they could certainly change the direction of the market. But so far, things are looking pretty bullish. Now, yesterday, the VIX was on a sell signal. Once again, it is still on a sell signal this morning. That would change if the VIX were to close above 13.23. We did see Panic Buying yesterday, and that is a good thing and a bad thing. It’s a good thing because it takes us to new highs and gives people the opportunity to sell into strength. At the same time, it’s usually often seen as the end of a move. Remember, we look for selling opportunities when we see Panic Buying, just like we look for buying opportunities when we see Panic Selling. Yesterday may be the start of the end of this particular move for the market, but it’s certainly a nice thing to see, and hopefully everybody got a chance to take some money off the table.

If you know somebody who thinks that yesterday’s market activity is a reason to get into the market or to start buying additional, putting new money into the market, please, dissuade them from doing that. That would be a terrible thing to put new money into the market at this point. We want to be buying on pullbacks, not buying into strength like we saw yesterday. Now, it was really all about the bond market. Look at the 10-year note, how much it was up yesterday. That is a huge move. Remember, the bond market is much bigger than the stock market. With bonds going up, bond yields went down sharply. That helped fuel the stock market rally. We also saw the US Dollar index roll over. That’s supportive for higher stock prices and led to other currencies moving up, such as the Canadian dollar, which has been on a buy signal for a few weeks now. The price of gold shot up. It’s up again in the premarket this morning, so quite a wild move for the price of gold. Then looking at the Dow, new all-time high for the Dow yesterday being led higher by Walgreens and Home Depot.

What didn’t work on the Dow? Well, Verizon was the biggest loser, not by much, but it was a huge up day yesterday and Verizon was going in the opposite direction. The S&P 500 also made a new high yesterday, being led higher by Vertex, which was up 13 and a quarter %, third day of a buy signal for that stock. Then looking at Rivvity, it was up over 10 % on the day. What didn’t work on the S&P 500? Well, it was Pfizer, Pfizer was down nearly 7 % on the day, so it’s been on a cell signal for a couple of weeks now. Looking at the QQQ’s, new high for the triple queues, what didn’t work yesterday was the Magnificent 8. We really didn’t see a lot of participation yesterday. Look at the alphabet. Alphabet was up 33 cents on the day. We’ve got Amazon moving up heading towards 150. We had Apple having a great day heading up to 200. We didn’t see much going on for Meta. Meta ended the day up 52 cents. Then we saw Microsoft down a penny on the day. Then looking at NVIDIA, yeah, it continue to move higher, but not by much.

Then Shopify on both sides of the border was up on the day, but still attached to the channel, so not really trending at all. Then we’ve got Tesla. Tesla trading through the lower channel line yesterday before ending the day higher, but just by less than 1 %. Obviously, the market is moving away from following the Magnificent 8 higher, and that the rally that we are expecting into year end has started to broaden out. We’ve seen the other sectors lead the market higher yesterday, such as cyber security, mobile payments, robotics, and semiconductors, all pushed higher on Wednesday. Looking at the Canadian market, the TSX was able to move back up to previous resistance, while the TSX-60 was able to punch through. A big reversal day for mid caps and small caps and even microcaps got involved yesterday. No major change in trend for microcaps, but they did end the day on a positive note. Now, the big winner yesterday on the Canadian market was Materials, with the price of gold shooting higher. We saw real estate move up nicely. We saw healthcare move up. Then gold stocks had a huge update on Wednesday up over 5% and back on a daily buy signal.

Of course, the gold sector is within the material sector. Then financials had a big update as well. That’s pretty impressive. Royal Bank making a new high for this move. Big upday for TD Bank, but still at the back of the bus at the moment. Brookfield was the biggest winner in the financial sector yesterday, up over four and a half %. What worked on the TSX? Well, the big winner on the TSX 60 was First Quantum up nearly 10 %. You’d hardly notice it based on the recent decline of this stock. The big loser on the TSX 60 was Dollarama, back on a sell signal as of Wednesday’s close. On the TSX composite, we’ve got to K92 Mining was the big winner, up over 12 % on the day. The big loser on the TSX was NextGen Energy, which was down at over two and a half % on the day, still on a buy signal. No change in trend there. Okay, folks, that is all for this morning’s presentation. Congratulations. If you had profit targets hit yesterday and got to lock in some additional profits, so that is absolutely wonderful. Otherwise, there’s not much else to do with your current holdings.

There are new opportunities in the gold sector. For some reason, the market has taken a shine to gold once again, and gold stocks a lot of new buy signals based on yesterday’s trading action. Enjoy the rest of your day. Next time you’ll hear my voice, is on Friday morning.

0:00 – Pre-Market Analysis
0:20 – Panic Buying Impact
1:24 – Bond Market Dynamics
1:56 – Analyzing Yesterday’s Stock Market
3:35 – Understanding Market Breadth
3:45 – Investing in the Canadian Stock Market
5:17 – Stock Market Timing Final Thoughts

Stephen Whiteside
TheUpTrend.com
Thursday, December 14, 2023

Good morning everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the pre market this morning, stock index futures and commodities are slightly above fair value. Not expecting a lot to happen this morning. It is a Fed day, so we’re expecting volatility to expand after 2:00 p.m.

this afternoon. Speaking of volatility, the VIx hit a new low yesterday for this move and I think a new four year low. So on Wednesday, we’re looking for a close above 13.34 to change our mind on the market. We had bitcoin and ethereum both trade in the channel again yesterday, so they both have the potential of a sell signal on Wednesday. Looking at what worked yesterday, well, we had a lot of new 52 week highs, including Costco, my favorite place, making a new high for this move.

And then on the other side of the coin, well, we had Crude Oil move lower. Natural Gas made a new closing low. We had gold closed down just $0.50. It is trading below $2,000, but hasn’t broken away from $2,000 just yet. And then we had a new closing low for Silver.

And none of those add up to helping the canadian stock market at the present time. Now, if you take away those commodities, the Dow made a new high yesterday. It was being led higher by Salesforce. And then the third best performing stock is my favorite financial, which is Visa. It made a new high on Tuesday.

Then looking at the S&P 500, making a new high, being led higher by  Incyte, which was up just under eight and a half percent on the day. What didn’t work on the SP 500? Well, it was Oracle. Oracle was down over 12%, gapping lower right back down to the lows from October. Then looking at the triple Q’s, they also made a new high, being led higher by SiriusXM.

And that stock was up nearly 6% on the day. And then Broadcom was up at the top of the winners list again yesterday, up over 4% on Tuesday looking at the TSX. So we’re in the channel dipped below the lower channel line yesterday, but did not close below it. The big winner on the TSX was actually Stelco, a stock we haven’t talked about in a long time. It is back on a buy signal as of Tuesday’s close.

What didn’t work? Well, gold stocks were the big losers. There’s Nova gold down nearly 9% on the day. Then looking at the TSX 60, again trading in the channel. So certainly mathematical possibility of a sell signal on Wednesday.

And then looking at the TSX 60, we’re in the channel right now. So, yes, there’s a mathematical possibility of a sell signal on Wednesday. The big winner yesterday was Gildan Activewear, which was the big loser on Monday. So a big turnaround there. Certainly no change in trend whatsoever.

Let’s finish off the Magnificent Eight. Only one trend change from Tuesday’s trading action, and that was Nvidia, which is back on a buy signal as of Tuesday’s close. Okay, folks, that is all I wanted to cover this morning. Not expecting a lot to happen till the Fed meeting this afternoon. And of course, it isn’t the announcement that the market reacts to, it’s usually the press conference that the market reacts to.

And if for some reason they were willing to cut rates today, that would certainly be a very negative sign for the market. It would tell the market that something’s broken that we don’t know about just yet. Otherwise, the Fed would not bother cutting rates on Wednesday. Enjoy the rest of your day. Next time you’ll hear my voice is on Thursday morning.

[00:00:00]: Market Overview and Expectations

[00:00:17]: Volatility and Cryptocurrency Update

[00:00:49]: Commodity and Stock Performance

[00:01:24]: Stock Market Highlights

[00:01:47]: Performance of Specific Stocks

[00:02:13]: TSX Market Analysis

[00:02:27]: TSX 60 Channel Trading

[00:02:44]: Gildan Activewear Turnaround

[00:03:08]: Anticipating the Fed Meeting

[00:03:45]: Conclusion and Future Outlook

Stephen Whiteside

TheUpTrend.com

Wednesday, December 13, 2023

Good morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from TheUpTrend.com Well, this morning is all about the CPI numbers coming out at 8:30 this morning. I don’t think there’s going to be a lot of volatility off these numbers. I don’t think there’s going to be a big surprise. But whatever happens, it’s going to feed into how people think the Fed is going to act in 2024. Now, yesterday morning, we started off looking at Bitcoin and Ethereum, and we were looking at the weekly charts and we were looking at upside projections. At the same time, right after we did that, both Bitcoin and Ethereum sold off. Both are still on buy signals. That has not changed. But this rally is pretty long in the tooth. I remember this rally started off a peak in the VIX, and then as the VIX started to come down, Bitcoin and Ethereum started to go up. I think if the VIX starts to go up, Bitcoin and Ethereum will probably come down. For the VIX, we’re looking for a close on Tuesday above 13.43 to change the tone of the market. Looking at the US dollar index, it continued to move higher, and that’s probably not good for the price of gold right now.

Looking at the bond market, we saw the TLT and the XBB and the EMB and the JNK all pull back slightly on Monday, not enough to give us any sell signals, so no change in trends for the bond market. Let’s move from the world of bonds to the world of commodities. We saw a selling in most of the major commodities yesterday, starting with the GLD and then the SLV. Then looking at Palladium, we were up slightly on the day, did not close above the previous day’s high, so nothing going on there. Then a small pullback in platinum. Looking at the stocks, we saw the GDX and the XGD continue to move lower, and we saw the SIL also continue to move lower. Most of the losses were recovered going into the close. There are certainly some interest in the miners, but unfortunately, it’s not enough to change the trend on Tuesday. Looking at the energy sector, we saw the USO trade up slightly yesterday. We saw a little selling in gasoline and more selling in natural gas, which gapped lower yesterday. Then looking at energy stocks on the TSX, we were down another 1.22%. Now, if you were with us recently, we were watching to see if the XEG could hold the 16.02 level.

Of course, if that were to break, then we would look two lines down. That would be the new playing field. What happened? Well, we’ve traded down to that target. If we continue to move lower from here, 14.45 could be our next target if we start breaking down below 15.23. Now, the TSX Energy stocks have broken through the bottom of the Fly Paper Channel, joining US energy stocks, which were already trading below the Fly Paper Channel,. And so that’s a very bear sign for the energy sector going into 2024. Next up, let’s take a look at the Magnificent Eight. And these stocks all look like they’re topping at the moment, and money is coming out of these stocks going into other high tech stocks, which are doing fairly well at the moment. Alphabit’s struggling. It got a negative court ruling yesterday, and it is down slightly in the premarket this morning. Looking for a close on Tuesday below 133.59. For Amazon, we’re looking for a close below 144.41. For Apple, we’re looking for a close below 190.49. Apple is the best performer of this group at the present time. Then looking at Meta, we traded down through the lower channel line yesterday, so we could be back on a sell signal on Tuesday with a close blow, 321.91. Then looking at Microsoft, looking for a close above 375.08 to give us a new buy signal on Tuesday.

Then looking at nVidIA, and this is the big change here. Money has come out of nVidIA and gone into other chip stocks. We’ll look at that in a second. For nVidIA, we’re looking for a close above 475.73 on Tuesday to give us a buy signal. There’s the Semiconductor sector making a new high for this move on Monday being led higher by Advanced Micro Devices. But the biggest winner on Monday was Broadcom, which was up 9% on the day. Then looking at Shopify in New York, we’re looking for a close below $70.90 on Tuesday. In Toronto, we’re looking for a close below 96.48 to give us a sell signal on Tuesday. Last up, trading water here. We’ve got Tesla on a buy signal, but hasn’t been going anywhere for a while. Still stuck in that area of the open gap. Even though we filled the gap a while ago, we’re still trading in that area. Looking for a close on Tuesday below 235.56 to give us a sell signal for Tesla. Let’s finish off today’s presentation looking at the ARK Invest ETFs, and they’re all doing pretty good. The only one that’s really struggling here is Genomics, and it has not gone up in a straight line.

We saw a pullback here in early November, and we’ve struggled to move higher. But then if you look at the Innovation ETF, we’re one day off a new high. Then we’ve got the Industrials doing well, we’ve got Space doing well, and we’ve got the Internet doing well. And so all areas of the art invest ETFs, except Genomics, have been doing well over the last month. Okay, folks, that is all for this morning’s presentation, waiting to see how the world reacts to the CPI numbers. Then, of course, we’ve got the Fed coming out on Wednesday, and that, of course, could totally change the direction of the market. Enjoy the rest of your day. Next time you’ll hear my voice is on Wednesday morning.

0:00 – Stock Market Timing Introduction
0:21 – Cryptocurrency Analysis: Bitcoin & Ethereum
1:01 – US Dollar Index Impact on Stocks
1:23 – Bond Market Trends
1:27 – Commodity Trading Insights
2:03 – Energy Sector Stocks Overview
2:58 – Magnificent 8 Stock Picks
4:48 – ARK Invest ETF Performance
5:20 – Stock Market Timing Conclusion

Stephen Whiteside
TheUpTrend.com
Tuesday, December 12, 2023

 

This video has been translated into Arabic, Chinese, French, German, Hindi, Japanese, Korean, and Spanish.

Good morning, everyone, and welcome to Monday morning. It’s Stephen Whiteside here from TheUpTrend.com In the pre market this morning, and it is fairly early, stock index futures and commodities are trading slightly below fair value. We’re even seeing a pullback in both Bitcoin and Ethereum, both of them making new highs last week. Bitcoin’s next weekly target is 50,000.

For Ethereum, its next weekly target is 25,000. In this presentation, we’re mostly going to be looking at weekly charts with the odd daily chart thrown in. It wasn’t that long ago, in fact, it was six weeks ago that we were ending our six weeks of fear. And the VIX has been on a sell signal for the last six weeks. That’s supportive for higher stock prices on a long term basis.

That would change this coming Friday if the VIX were to close above $17.32. Then, looking at a daily chart of the VIX, you can see we’ve been trading sideways for the last couple of weeks. We’re down at four year lows. We’re going to remain short term bullish on the market as long as the VIX does not close above 13.48 on Monday. Now, over the past couple of weeks, the US Dollar index has been falling.

That’s been supportive for higher stock prices and a higher gold price, but that turned around this week and the US dollar index moved up. And we saw the big reversal in the price of gold. Gold ran up to our 2125 target and quickly reversed. So if you had an order in up there, congratulations, you got filled. Now we’re looking to see if gold is going to hold 2000 on a short term basis.

Looking at the daily charts, you can see that we broke the current uptrend line and we’re back on a daily sell signal as of Friday’s close. Now, as I mentioned, 2,000 is going to be a big psychological area of support. We are trading lower this morning, but I don’t think we’ve traded down to 2,000 just yet. Looking at a daily chart of the GDX and the XGD, both are back on sell signals as of Friday’s close. Now, we had several opportunities to take money off the table on both of those ETFs and Most of the major gold stocks.

So if you’re getting kicked out this morning at the open, you have locked in some profits along the way and you should have had a profitable trade. Looking at the bonds, bonds continued to move higher last week and bond yields continue to move lower. That’s supportive for higher stock prices. What’s not supportive? Well, in the US, lower energy costs are going to help inflation, they’re going to help the Fed and help the overall consumer and possibly the US stock market, but it’s not going to help the Canadian stock market at all.

So we saw crude oil continue to move lower, down nearly 4%. Gasoline in the US was down over 3%. That’s good for the consumer and the overall economy. And then we’ve got natural gas down nearly 8% on the week. So still no joy for natural gas.

And then looking at energy stocks in Canada, which has a more volatile energy sector than the US, energy stocks were down nearly 6%. In the US, they were down over 3%. Looking at the major US indices, the Dow had a fairly quiet week. So did the S&P 500, so did the Nasdaq. So no major changes last week.

Some sector rotation going on, but no major pullbacks for the Nasdaq Next Generation. So the next hundred stocks, we had a small pullback, still closing above $25, so nothing to worry about there. Then we had Semiconductors up nicely on the week, making a new high for this move that had a lot to do with AMD, which was up over 6% on the week. Then looking at the Russell 2000 and the Russell Micro Caps, both were up on the week. So that’s a little bit of sector rotation and watching the rally broaden out a bit.

That could be healthy for the market going forward. Next up, let’s take a look at the Canadian market. And unfortunately with commodity prices pulling back, so did the TSX and the TSX 60. We’re not that far away from retesting the 2023 highs. But if commodity prices aren’t going to help right now, that might not be in the cards for the month of December.

That’s also true for the TSX 60. And then small cap and micro cap stocks both pulled back on the week on the back of those falling commodity prices. Now financials continued to move higher, as did the Canadian banks. And of course that’s very supportive for the overall Canadian stock market. Industrials had a small pullback while Infotech continued to move higher on the back of Bitfarms, which was up over 56% for the week.

That’s a pretty incredible move for that stock BlackBerry was up nearly 8%. Quarter Hill was up nearly 8%. And then the big elephant in the room was Shopify, which on the week was down 1.13%. And we traded in the channel for the whole week. We dipped through the lower channel line on Thursday, then recovered on Friday.

On Monday, we’re looking for a close below $96..34 If you’re following Shopify on the TSX now. Telecom stocks moved up this week. Cogeco Cable was the big winner, up nearly 8%. Still on a weekly sell signal.

No change there. The big winner in the sector over the past month has been Rogers, which is up another 2.46% for the week. Okay, folks, that is all for this morning’s presentation. It’s still looking pretty good that we’re going to finish the year positively. We’re going to be watching that daily VIX very closely.

Looking at the CNN fear and greed index, we are certainly seeing some greed right now, but nothing extreme. That doesn’t mean we can’t have some tax loss selling going into year end and we may get some sort of pullback here. But we’re still looking pretty positive as we come up to the Christmas holidays. If you’ve got some extra time and you’re looking for something to do, why not consider donating blood around the Christmas holidays? There’s more demand than ever for blood and if you’ve got the time, everybody would really appreciate it if you could consider donating blood.

Okay, folks, thank you very much for your time and attention. Next time you’ll hear my voice is on Tuesday morning.
0:00 – Stock Market Timing Intro
0:25 – Analyzing Weekly Stock Charts
1:03 – Impact of US Dollar Index
2:12 – Bond Market Insights
2:22 – Energy Sector Analysis
3:03 – Overview of Major US Indices
3:47 – Canadian Market Trends
4:51 – Shopify Stock Review
5:22 – Conclusion

Stephen Whiteside
TheUpTrend.com
Monday, December 11, 2023