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Good morning everyone and welcome to Tuesday Morning. It’s Stephen Whiteside here from theuptrend.com in the pre market this morning things are fairly quiet. We’re waiting for CPI numbers to come out at 8:30 and of course those numbers could influence the Fed meeting which is starting today. And so we’re expecting things to be fairly quiet until the Fed meeting at 02:00 P.m. Wednesday afternoon.

Looking at the CNN Fear and Greed Index, we’re at extreme greed at the moment and of course you know that things are very overbought at the present time, so it’s very risky to buy anything new at these levels. Now the VIX moved up yesterday looking for a close on Tuesday above 15.90. So options traders getting a little nervous ahead of the CPI numbers. Then we had the Dow Diamonds make a new high for this move, heading up to the highs from a couple of months ago. New high for the S&P 500 for the Nasdaq, 100 on the back of a big move up in chips.

So Semiconductors still leading this market higher. Then looking at the Canadian market, nothing going on here, we’re treading water in the channel. So still on a short term buy signal here. If you didn’t take that buy signal, then of course the next close above the upper channel line would be helpful. Breaking down the Canadian market.

It was the Infotech sector that tried to pull us higher, while the energy sector tried to pull us lower. Looking at infotech. It was Lightspeed followed by Shopify. Those were the big winners. Looking at the big losers, it was Vermilion traded down to the lower channel line, so still looking for a close below 1559.

And then we’ve got Athabasca and Cenovus Energy were the next big losers and both of them are back on sell signals as of Monday’s close. Looking at the US market, similar situation where the Infotech sector led us higher while energy was trying to pull us back down. Now the big winner in Infotech was Broadcom, which was up over 6% on the day. On the Dow it was Intel was the big winner up over 5%. And on the SP 500 after Broadcom, we had Oracle up nearly 6% on the day.

So those were the big winners in the tech sector. Looking at Tesla, tesla had an inside day, still trying to break through 250. It’s trading just above it this morning at 251.50. So we’re trying to break out. If we can do that, then 265.63 would be our next target to the upside for Tesla.

Let’s finish off this morning’s presentation looking at the most popular commodity ETFs, starting with the USO, which had a big down day yesterday. So we are back on a sell signal for the USO. Back on a sell signal for gasoline, still on a sell signal for natural gas. That would change on Tuesday with a close above 6.44. Then looking at the GLD still on a sell signal here that would change on Tuesday with a close above 182.96.

Not expecting a buy signal for Palladium or for Platinum on Tuesday. And we still have silver on a buy signal that would change on Tuesday with a close below $21.62. Okay, folks, that is all for this morning’s presentation. I’m going to be out of the office for the rest of the day, so I’m going to miss whatever volatility we see from the CPI numbers at 830 this morning. Have a great day.

Next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
Tuesday, June 13, 2023

Wednesday, June 7, 2023

Good Morning, everyone, and welcome to Wednesday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, things are fairly quiet. Stock index futures trading right around fair value. There’s a little bit into the technology sector. Once again, commodities are mixed with gold down while crude oil is slightly higher on Wednesday morning. Let’s start off this morning with a little housekeeping. On Thursday, I’m going to be traveling, so I’m not going to be around in the morning to do a video. The next time you’ll hear my voice is going to be on Friday morning. Now, yesterday we saw the VIX made in make a new low. Overall, it was a fairly quiet day for the big cap indices. For other areas of the market, it was a little more exciting, but there’s the VIX making a new low. Looking for a close on Wednesday above $17.64. We also saw the major VIX ETFs also make new lows yesterday. Nobody’s trying to front run a big move up in the VIX at the moment. Then looking at the DOW, very quiet yesterday, just up a couple of pennies. Similar situation for the S&P 500 and for the Nasdaq.

The Nasdaq was slightly lower yesterday, no big deal. Nobody’s overly concerned about that move. Where we did see money flow was into the midcap, small caps and microcap stocks on Wednesdays, and that was true on both sides of the border. Now, the i shares for the TSX 60 closed above the upper channel line once again, still having trouble with that open gap. Then when we look at the midcap, small caps and microcap stocks, they all moved up yesterday, not at the same rate that they did in the US, but they did move up. And it’s nice to see the market focus on other stocks besides those big cap stocks. Now, we’ve talked about the seasonalities of the market many times over the past month. If we go back to 2022, you can see the S&P 500 came into June already on a buy signal and then rolled over right about now. That’s also true for the Nasdaq and for the iS shares for the TSX 60. So all of them recovered quickly but then continued to make a lower low. So that’s what happened in June of 2022. Now, yesterday, the big winner in North America was regional banks, and that helped US banks overall move up yesterday.

Comerica was the big winner on the S&P 500. Fifth Third was also up at the top of the winners list as was Zion. So the regional banks are still making a comeback here. Then looking at Canadian financials, they were up on the day. Canadian banks were up on the day as well, but no change in trend. Now, 1 Canadian Bank we should be looking at is Bank of Montreal. It is back on a buy signal. It held previous support at 112.50 and now it’s starting to move back up on a buy signal right now. The major area resistance, well, 118.75 and the 120 level certainly is a short term resistance, but then you can move up to the 121.88 level and there’s lots of resistance up there from the month of April. Not a lot of space to move here, but it would be an incredibly bullish sign if the Bank of Montreal were able to take out the resistance from back in April up there at 12188. Now, looking at what worked yesterday on the Canadian market, it was InfoTech, and that had a lot to do with Shopify, which had a big update and is back on a buy signal.

Now it’s important to note that we’re coming up to resistance here. 87.50 is our next mathematical target. The high last month was 87.53. So we’re getting pretty close to that level. If we can take that out, then the $100 would certainly come into play. Now, the only problem here is, of course, we’re currently ranked at 10. So this is a high risk trade. We look for low risk opportunities, and you can see a couple of them there where we did see some selling that brought us down to the bottom of the panic zones, and then a pressure zone was forming. That tells us that a lot of the downward pressure has already left the market. So people that hate the stock, that want to unload the stock, probably have already done so. We’re not seeing that situation develop right now. We did have a very small pullback. It wasn’t to the bottom of the panic zones. No pressure zone was formed. So yes, we do have a new buy signal, but it is a high risk buy signal. Now note that we gapped higher and the top of that gap was up at a high from back at the start of the year.

And so that’s a major area of potential support. If that, of course, breaks on the way back down, then we wouldn’t be surprised to see a move down into the lower $60 area. And of course, you see the bottom of the open gap there around $65. That would certainly be a reasonable target to the downside. In the US, it was all about financials. We’ve talked about what worked yesterday, what didn’t work. Well, a couple of stocks headed lower yesterday in the financial sector, and one of them is the CME group, which is a stock that I’m currently long. I wasn’t overly excited about this opportunity. I really thought it was part of the blow off top from last week. But yeah, we popped and you can see that we’ve started to reverse. We haven’t generated a sell signal. We’re still trading above the upper channel line, so no reason to take action on Wednesday morning. Let’s finish off looking at commodities. And we saw crude oil trade in the channel yesterday. It’s up a little in the pre market this morning, not enough to give us a buy signal. Then looking at natural gas. Natural gas was higher yesterday, still trading below the lower channel line.

Then looking at copper. Copper had an inside day yesterday, closing just a little tiny bit higher on the day. Then looking at gold. Gold is still in the channel looking for a breakout above 1995 to give us a buy signal. And of course, there’s psychological resistance at the $2,000 level. And then silver is still on a buy signal trading in the channel yesterday. It closed below 23.33 would give us a sell signal on Wednesday. And then last up, unfortunately for barbecue season, live cattle continued to move higher. So that, of course, is going to put pressure on meat in the grocery store. Okay, folks, that is all for this morning’s presentation. Looks like we’re going to have a fairly quiet open on Wednesday morning. Again, I won’t be in on Thursday. The next time you’ll hear my voice is on Friday morning.

Stephen Whiteside

Good Morning, everyone, and welcome to Tuesday morning. It’s Stephen Whiteside here from theuptrend.com. In the premarket this morning, things are fairly quiet. Stock index futures are trading right around unchanged. Commodities are mixed with crude oil lower while gold is higher in the premarket on Tuesday morning. Well, Monday turned out to be an inside day for the VIX. Inside days, of course, are days of indecision or pause days. The market is waiting for more information. On Tuesday, we’re looking for a close above 18.09 to give us a new buy signal for the VIX. That, of course, would be very negative for stocks. Now, it still looks like the chip sector put in a blow off top last week. We haven’t seen a lot of major damage to the downside. The stocks index is still trading and closing above the upper channel line. So is NVIDIA. Obviously, $400 has turned out to be an area of resistance for NVIDIA. It did trade above it, then pulled back fairly quickly. So we’re not near a sell signal for NVIDIA on Tuesday. Now, not all chip stocks moved up last week. It was mostly focused on those big cap ones that everybody has been following, but not all the boats went up.

Amd closed at the upper channel line yesterday, so closed below 113.51 on Tuesday would give us a sell signal. Inside day yesterday for Applied Materials and for Broadcom, we saw a little more weakness for Marvell, so it closed below 53.33 on Tuesday would give us a sell signal. And then Intel came down hard yesterday looking for a close below 29.32 on Tuesday to give us a sell signal for Intel. Now looking at the triple Qs, you can see we made a new high yesterday before pulling back. We were trying to get to 359.38. The high yesterday was just a couple of dollars away from that. So we’re getting pretty close to our next price target. For the S&P 500, we are trying to get to 429.69. We got as high as 429.62 before we started to pull back. Then looking at the right side chart, you can see we’re still well above the upper channel line. So not concerned about a sell signal on Tuesday.

Then looking at the iSharers for the TSX 60, we opened nicely higher. We traded up through the upper channel line and then we gave up those gains and closed lower on the day. So not a happy day for the TSX. We tried to trade up into that open gap and then saw sellers come in. Looking at who’s in control, you can see the pros are not that interested in taking control of the TSX at this time. Compare that chart to the Nasdaq and you can see the pros have been in control of the Nasdaq for quite a while. Looking at US financials, intertwined at the moment. Compare that to Canadian financials that look a little weaker and Canadian banks also looking weak at the present time. That’s one of the reasons we’ve got the divergence between what we’re seeing in the US market and what we’re seeing in the Canadian market. Looking at a couple of the Canadian most actively traded stocks from Monday’s trading action, we can start off by just looking at the commodities. Now, gold was up yesterday. It was up $4.70. It’s up about the similar amount this morning. We need a close above 1997.30. We’re getting back up towards the $2,000 level, which could now act as resistance.

Crude oil had a wild day yesterday. It was up the previous two days in a row, and yesterday it actually closed higher on the day after giving up most of its gains. It is down in the premarket this morning, so we may not see a buy signal for crude oil on Tuesday. Natural gas was up yesterday, still trading below the lower channel line, but at least it was up on the day. Now looking at Suncor, second day of a buy signal, we pulled back after making a new high trading up to the $40 level. Got as high as 39.95 before pulling back. So a little resistance there at the $40 level. This is a very bearish chart. You can see the high up here. Then we’ve made lower highs. We made a low here. We made lower lows. If 3750 breaks, then 34. 38 does come into play. Then looking at Canadian Natural Resources, we closed lower on the day, so no buy signal there. Next up, we’re looking at Rogers. Rogers put in a new low on Friday. The market tried to claw its way back on Monday, but was unsuccessful. We actually closed lower on the day.

Now, when we look at the moving averages, you can see that none of them are acting as support any longer for Rogers. And you can see we’re projecting down here to below $54. That could be significant going forward. We’ve broken through the fly paper channel. We’ve broken through a recent support up there at $60. And if we continue to look back to the left, you’ll notice an open gap back there from the fall of 2022. And that takes us down to below $54. Next up, we’re looking at Crescent Point, which popped on Monday. Not overly confident. It popped a couple of weeks ago, ran into the moving averages and reversed. I think that’s what’s going to happen again this time. Then we’ve got Enbridge. Enbridge had a couple of big up days over the last Thursday and Friday, and we continued to hire yesterday but lost it all going into the close. So we put in a bearish reversal day yesterday. The pros are not interested in taking control of this stock at the present time. So I don’t think this buy signal is going to last very long. Looking at US stocks, different picture altogether.

We had Tesla making a new high yesterday. Our next price target is 225. We may not be able to get there, but if we can, hopefully, you’ve got an order in up at that level to lock in some more profits. Then we’ve got Apple making a big reversal day. Apple is having its Worldwide Developers Conference right now and had a big product announcement yesterday. So of course, it’s always by the rumors, s o the news. We’re trying to hit 187.50, have not been able to do that so far. If we look at what happened yesterday, we did get as high as 184.95, came back and closed below 180. If we go back in time, the previous high was back there just before the end of 2021, up at 182.94. So we traded through that level but could not hold it going into the close. Then looking at Palantir. Palantir used to be a $45 stock. It’s now trading over $15. We’re trying to get to 1563. We got as high as 1570. So if you had an order in there at 1563, it got filled yesterday, so congratulations. Then looking at SoFi, another stock that’s gone up sharply over the past week.

And then looking up, our next price target is 781. If you look to the left, you’ll see we peaked up at that level back at the start of the year. So it’s still a legitimate target to the upside. Then looking at C3AI, this stock has had an incredible run over the last month, up over 100 %. We peaked last week. We got just over the 43.75 level. So congratulations. If you had an order in up there, it got filled and now we’ve come back down to two lines trying to find support at the 31.25 level. Okay, folks, that is all for this morning’s presentation. Still looking for a quiet open on Tuesday morning. Enjoy the rest of your day. Next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
Tuesday, June 6, 2023

Hello, everyone. It’s Stephen Whiteside here from theuptrend.com with this weekend’s edition of Stock Market Timing and Television. Well, it’s Sunday evening. Stock Index futures have started to trade. So far, they’re trading down below fair value, but not by too much, so they haven’t been overly spooked over the weekend. Commodities are mixed. We’ve got crude oil higher while gold is lower on a Sunday evening. Now, Friday turned out to be an incredibly interesting day. It all started off with some very impressive employment numbers out of the US. Some of the previous numbers reported this year were also revised higher. That sent the stock market heading sharply higher. It wasn’t that big a deal at the open, but the market certainly continued higher throughout the day. So there’s the DAO Diamond’s back on a buy signal. There’s the iShares for the TSX 60 closing one penny above the upper channel line right at the bottom of that open gap from a couple of weeks ago. And we also saw quite wide participation on Friday. There’s the iShares for the Russell 2000 popping up, closing above the previous high from a couple of weeks ago.

So that’s back on a buy signal. We’ve got microcaps back on a buy signal. Now in 2023, the story, of course, has been all about the big cap technology stocks. So it was quite interesting on Friday to see all boats rise. That could be the start of something new. But on Friday, I think stock market investors forgot what story was being told, what movie they were watching right now. What happened on Friday was a bit like watching the sound of music and right in the middle of the movie, aliens attack. That’s what happened on Friday because the Fed is still in charge and they want to fight inflation. And what they want to see is the economy slowing down. They don’t necessarily have to run us into recession, but they want to see evidence that inflation is pulling back and the economy is slowing down. And the numbers they saw on Friday aren’t going to help that story at all. So I’m not sure how much further the stock market can go up from here. Some people are talking what happened on Friday is a blow off top. Only time will tell. We’ve been looking at the seasonality charts for the past few weeks about the TSX, the S&P 500, and the Nasdaq, and they all tell us basically the same thing.

Historically, markets peak in the first week of June and then pull back into the third week of June. Is that what happened on Friday? Was that the peak, the seasonal peak? Seasonality charts, they’re averages, basically. What you don’t see here is the one year where the stock market had a huge move up in the month of June, and you also don’t see that one year where the stock market had a huge pullback in the month of June. This is all averaged out, so it just gives us an indication of historically what could happen. But of course, this year is different than previous years in a lot of ways, and we never had AI before to deal with, and big cap tech stocks leading the market higher. That doesn’t happen all the time. But here we are in 2023, ending the first week of June, and this is what we’re expecting on a seasonal basis. Now, looking at the VIX, if you’re a long term investor, the VIX has continued to move lower. It was down 18.66 % on the week. And so we would go from being long term bullish to being long term bearish if the VIX were to close above $20.57 this coming Friday.

If you’re trading the market, then on Monday will remain bullish on the market as long as the VIX does not close above $18.48. And you can see the upper channel line is starting to curl down. So if we don’t close above that level on Monday, when we come back here on Tuesday, that upper channel line will be lower. Now, what happened this week? Is it the beginning of the end or the end of the beginning? We don’t know. Only time will tell. But it is certainly quite interesting to see how the market overreacted on Friday. Now, moving on to the weekly ETF charts. Starting off with the SPY, it was up 1.88 % on the week. Heading towards our next daily price target of 429.69. The high on Friday was 428.74, so pretty close to it. Then our next daily target is 437.50, which is also our next weekly target. Just below that is the high from last summer at 431.78. So to get to 437.50, we’ve got to get through 431.78, and that’s only a couple of dollars away from where we closed on Friday. Looking at the Nasdaq, the Nasdaq does not have that target.

That target was already taken out a couple of weeks ago. And so here we continue to move higher. Our next daily target is 359.38. And if we can take that out, our next daily and weekly target is up there at 375. And you can see that we peaked just below that level back at the start of 2022. Looking at the ishares for the TSX 60, we traded up to the lower channel line, so we’re up 0.43 % on the week, certainly no major change in trend. We did make a new low and reverse off that. So we’ll have to see if that new low can hold. Of course, we’ve been watching the chip sector, which had a huge move up for the previous two weeks. This week it was very quiet down a little over half a %. And then NVIDIA, the big winner from the previous week, was up just under 1 % on the week after making a new high. And it did trade up above 400, then came back and closed at 393.27. So it looks like $400 is acting as resistance. Now, the financials were all up across the board. No new buy signals for US financials or US banks or regional banks or broker dealers or insurance companies.

They were all up nicely on the week, but certainly no long term changes in trend. That is also true for Canadian financials and Canadian banks. In both cases, they made new lows for this move and banks certainly made a new low. They are still holding the lows from October of last year. Those haven’t broken just yet. Next up, let’s take a look at commodity prices. We saw a copper move up this week at 1.24 %, still trading and closing below the lower channel line. Gold was up 0.33 % while silver was stronger up 0.16 %, no change in trend. You should be able to find bacon on sale while hamburger meat and the rest of the beef products are going to be quite expensive this summer. Then looking at lumber, things are fairly quiet inside week for the price of lumber, still on a sell signal, no change there, and no change in trend for the energy sector with crude oil down 1.16 % and natural gas down another 10 % this week. Natural gas still in a long term downtrend. Let’s finish off this weekend’s presentation with a little life lesson. If you’ve been with us for any length of time, in fact, if you’ve been with us for all of the 23 years we’ve been doing this, you know that I believe that news is noise.

All we’re really here to do is follow the money and ignore everything else. Now, I do keep up on the news because I have a public persona. Reporters call here and ask me for my opinion on things, and I want to have something intelligent to say to them. So I do keep up, but I would never use news as a catalyst to move my money in or out of the market. Now, here’s a perfect example out of today’s news. I watch what’s going on in Argentina because we have previous employees that live there and they’re going through some economic hell at the moment. It’s just probably the worst in the world, except there might be a couple of African countries going through a worse economic crisis at the moment. If you go to Google and just type in Argentina economy, here’s the type of headlines you’re going to get. And really, the big thing is that inflation is up at 100 %, interest rates are at 100 %. This economy is falling apart. People can’t afford rent. There’s thousands of people sleeping in the airport in Buenas Ares. And it’s just a horrible, horrible, horrible, horrible human tragedy.

What does that mean for you and I as investors? Well, Argentina is the best performing market in the world at the moment. Year to date, the market is up 74 %. Now, how do you match that up with the news headlines that we just talked about and the reality? The reality on the street is they’re dealing with 100 % inflation. Their currency is worthless. The US dollar is the currency of choice for anybody there, not condone by the government or the banking system. But if you want to go there and you want to buy something, it’s best to do it in US dollars than it is in local currency. And with all that economic crisis, with all those negative headlines, we are talking about the best performing stock market in the world in 2023, up over 74 %. So that’s the end of today’s Life lesson. That’s all for this weekend’s presentation. Stock index futures are down slightly on Sunday night, so nothing’s overly spooked the market at all. I’m not totally convinced that Friday was the start of anything new. I think Friday may be the end of the current up move in the market.

It might have been a blow off top. We’ll just have to wait and see. Only time will tell. Have a great day. Next time you’ll hear my voice is on Tuesday morning. it.

Stephen Whiteside
Sunday, June 4, 2023

Good morning everyone and welcome to Friday morning. It’s Stephen whiteside here from theuptrend.com in the pre market this morning, stock index futures and commodities are trading above fair value. So so far it looks like we’re going to see some buying at the open. We do have us. Employment numbers coming out at 8:30 and that could add to the pre market volatility.

Well debt ceiling seems to be fading away as a major issue for the market. It and yesterday we saw the VIX come down hard. I think new closing low for the VIX yesterday, that’s supportive for higher stock prices. Chips came back and moved up leading the market higher on Thursday. Of course you’ve got the queues making a new closing high.

You’ve got the S&P 500 making a new closing high and we closed right at the 421 88 level, closed at 421 82. Now if we can keep going from here then 429 69 would be our next target to the upside for the spy. Looking at the overall market you can see the spy made a new closing high yesterday. If we look at the S&P 500 based on equal weighting, remember this is market cap weighting. So Apple and Tesla have a huge responsibility for yesterday’s high.

When you give every stock in the S&P 500 equal weighting, it looks more like this. And yesterday was an interesting day for the overall us. Stock market. We had 74 new 52 week highs. At the same time you had more than double the number of 52 week lows.

And if we’re looking year to date a similar statistical anomaly, we had 121 new year to date highs. At the same time we had over 300 new year to date lows. So you can see what the overall market is doing compared to what is happening on the headlines. Now. While most of the market’s attention is focused on what’s moving up, we should probably take a look at what’s moving down and US.

Retail is not doing well at the moment. Yesterday’s big disaster was Dollar General which was down nearly 20% on the day. It was already on a sell signal coming into yesterday’s trading action. So it’s joining Big Lots, Dollar Tree and Target all getting crushed over the past couple of months. So that’s not a good sign for the overall economy.

If the stocks that probably should be able to make it through a recession. The discount retailers are having a hell of a time at the moment. Now moving on to the Canadian market, if we look at the seasonality chart you can see that we should be peaking right around now. And so to see the market moving up the first day of the month, second day of the month, remember we get that automatic money that comes in and traders usually like to trade with that, not against it. So here we are, we should be peaking now and then the month of June is historically not a good month.

Now there’s an argument to be made to say that the TSX has already gone through that decline, so maybe the seasonality is off a bit this year. But the TSX made a new low on Wednesday, made a slightly higher low on Thursday. We see the TSX 60 moved up yesterday, filled the gap. Then we saw more money go into mid cap, small cap and micro cap stocks on Thursday. And that could be a good sign going forward if we look at what worked and what didn’t work yesterday, well, it was materials and energy were the big winners, while infotech and utilities were the big losers yesterday.

Now when we look at materials, that really means anything that’s mined out of the ground. And so the materials index was up yesterday. We saw base metals up, we saw the Global Mining index up, we saw gold stocks up nicely right into the channel, trading right up to the upper channel line. So there could be buy signals in any of these sectors on Friday. If we look at major gold stocks, Agnico Eagle traded into the channel, we’ve got Barrick trading up to the lower channel line, then we’ve got Kinross trading into the channel, we’ve got Wheaton trading right up to the upper channel line yesterday.

So there could be buy signals in any of those stocks on Friday. And then looking at Teck Resources, Teck traded right up to the upper channel line and closed just below it. So we’re looking for a slightly higher close on Friday to give us a buy signal for Teck . Now, energy stocks moved up yesterday, they are not on a buy signal at the moment. We saw crude oil move up nicely yesterday, it’s up again in the pre market now.

Unfortunately, natural gas is continuing to move lower and it’s lower again in the pre market on Friday morning. So we’ve got Cenovus trading up into the channel, we’ve got Imperial Oil trading up into the channel, and we’ve got Suncor trading up into the channel. So any of those stocks could generate a buy signal on Friday. Now, looking at the financial sector, when we look at the panic zone charts, you can see that the overall financials have not broken down below the previous low, unlike bank stocks. So bank stocks still looking fairly weak right now, would certainly consider buying any of them if they started to move up.

Now in the financial sector. The TSX itself is doing very well at the moment. It’s had a very nice year so far. Some of the regional banks have come back over the past few days. We’ve got Canadian Western and Laurentian coming back nicely.

Laurentian had a huge big update yesterday, so I guess they surprised Laurentian investors on Thursday. Then we’ve got insurance companies, so we’ve got SunLife, we’ve got Great West, we’ve got Fairfax, we’ve got Industrial Alliance, all still on buy signals, unlike Manualife, which is still on a sell signal. Had an inside day on Thursday. Looking at the banks themselves. Bank of Montreal trying to hold the lows from back in March.

Then the Bank of Nova Scotian and CIBC holding up fairly well. They’re both on sell signals, but they haven’t been hit too hard. Then looking at the National Bank, which has come down sharply over the past couple of days, and the Royal Bank, which broke down below the March lows a while ago. And then we’re looking at the TD Bank. And the TD Bank is trying to hold the March lows at the moment.

Last up technology stocks, and some of them aren’t doing well. The overall technology sector, which is heavily weighted to shopify, is holding up okay. But Nuvei had an inside day yesterday after making a new low for this move on Wednesday, trying to hold the lows from early March. Then we’re looking at Payfare, which had an inside day on Thursday after making a new low on Wednesday. And then Telus International made a new low on Thursday.

Now looking at a couple of the winners. Celestica. There was a time when Celestica was the Shopify of the Canadian stock market, and it was a stock we used to talk about every day. Boy, times have changed. Celestica, if you had a bought it just above $15, you’ve had several opportunities to take money off the table.

We ran up to the highs from back in February and started to fade. So once we got up to the $18 level, we started to pull back. Been down the last four days in a row. Looking at Open Text after the big pop, I wouldn’t have chased it. It’s still on a buy signal here.

No change in trend. BlackBerry, which had a big month in the month of May, still on a buy signal. That would change on Friday with a close below 699. Then looking at Coveo, it apparently is an AI stock now, and so it’s had a nice run over the past couple of days. And then looking at shopify.

Shopify popped at the start of May. Not something I would have chased. It’s been on a sell signal for over a week now. So no change in trend there. Okay, folks, that’s all for this morning’s presentation.

US employment numbers came out. They’re very strong. And the stock market is continuing to trade higher this morning. I’m not sure why it’s good for the stock market, because it’s telling the Fed that they still haven’t done their job yet. They still haven’t slowed down the overall economy.

And so that tells me they probably want to continue to raise interest rates. But on Friday morning, the stock market doesn’t seem to care. Enjoy the rest of your day. Enjoy your weekend. Next time you’ll hear my voice is on Sunday.

Stephen Whiteside
Friday, June 2, 2023

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 very quiet. DOWfutures currently unchanged while the Nasdaq is slightly higher in the premarket on Thursday morning. Let’s start off this morning’s presentation doing a recap of the month of May, and we can start off looking at the S&P 500. Nothing new here. All the big cap tech stocks were the winners for the month of May, and you can see the majority of the S&P 500 actually closed lower for the month. T hat’s a problem we’ve been dealing with for a while now. There’s the DOW pulling back into the channel down 3.38 %. S&p 500 closed up just under half a % and is back on a monthly buy signal. Joining the Nasdaq, which was up nearly 8 % on the month. Then looking at the Sox or the chip sector, which has been on a buy signal for six months now, was up 14.3 % for the month. Looking at the Canadian market, and this chart isn’t as helpful, this particular heat map is not based on the month of May’s trading, but the trading for the last 30 days.

You can see the tech stocks where the winners over here. You can see that one bank actually is positive, but that’s based on 30 days for the month of May. It was actually down on the month, so not as much fun in the Canadian market, which was down. The I shares for the TSX 60 were down 5.32 % for the month, still on a monthly buy signal, so no change in trend there. Now, we’ve been quite concerned about banks in the financial sector in 2023. US Bank stocks were down just a tick under 7 % for the month. Regional banks continue to move lower, down 8.65 %. So they’re not getting as much media attention, but they’re continuing to move lower. Canadian financials were down 5.37 % while Canadian banks were down 6.45 % for the month. So in both cases, still on monthly sell signals. Now, what worked well in the US on the S&P 500, it was NVIDIA, which was up 36.34 %. What didn’t work on the S&P 500 was Advanced Auto Parts. It’s been on a monthly sell signal for a while now, down 41.93 % and actually just right down at the lows from back in early 2020.

What worked in Canada? Well, it’s hard to notice on the chart, but we do have BlackBerry back on a monthly buy signal up 38.07 % for the month. The big loser, Canopy Growth, which was down 35.43 %. The TSX is decommissioning the Canadian Cannabis Index. You can still, of course, trade the ETFs. You’ve got the Horizons Marijuana Life ETF, which was down 9.94 % for the month. And then in the US, Alternative Harvest, which was down 9.34 % for the month. Now, if you’re following marijuana stocks and you’re still looking to play them on the long side, you really need to just narrow your focus quite a bit in your expectations. We should have found support at the $10 level, and we’re now trading at $3.10. So that area of support has broken. You need to just eliminate all this previous trading action. This market is probably never going to come back into that range. If we look at the weekly fly paper channel, you can see that we’re coming down to the $7 level, and that’s really your trading range. So if you’re looking up in any of these charts, and if they do start to turn around and you do start to get buy signals, the stuff over at the left is just a dream that will never happen again for this particular sector.

The sector is probably just going to get eaten up by drug companies, and you’ll never have to worry about how the highs from 2020, 2021, those will never come back into play. Looking at gold, gold was down over $35 for the month, still on a monthly buy signal, no change there. Crude oil was down 9.14 % for the month, still on a monthly sell signal, no change there. Now, moving from monthly charts to daily charts, of course, we’re still waiting to see if the debt ceiling can get resolved. In the news this morning, we’ve got Salesforce out with earnings. Now, Salesforce is still on a buy signal here, making a new high yesterday. Looking for a close on Thursday below 208.60. So far, we were trading down not as low as 208. 60. We’re trading down to 21106. Last time I checked, of course, that number is going to be different when you check out Salesforce in the premarket. Our next price target was 225. We hit that yesterday. So chitchat, ng, congratulations. You got to lock in some profits at 225 before the pullback. Now, I always like to look at the midterm chart to see if there’s any difference between the right side and the midterm.

Right now, they are very close together. So we’ll have to see how Salesforce makes out on Thursday. Looking at the VIX, the VIX is still on a buy signal that’s supportive for lower stock prices. If we get a close below 1728, that would open up the market to go higher from here. Looking at the US dollar index, we made a new high for this move. At the same time, bond prices moved up nicely again on Wednesday, giving us a buy signal for the 30 year bond and a sell signal for bond yields. Then looking at the price of gold, gold moved up yesterday, looking for a close above $2,002.90. That would give us a new buy signal on Thursday. Gold stocks moved up on both sides of the border, but not enough to give us a buy signal. Then we saw crude oil move down yesterday, 1.88 % for the day and energy stocks also moved down over 2 % on the TSX, 1.76 % on the S&P 500. Then looking at the iS shares for the TSX 60, new low for this move on Wednesday. Looking at the DAO, the DAO closed slightly lower yesterday, still on a sell signal.

S&P 500 pulled back to the upper channel line for the SPY, we’re looking for a close below 413.92 on Thursday. Then we’ve got the QQQ’s still up in the sky well away from any potential sell signal on Thursday. Then looking at the chip sector, you can see the big reversal that we had and we did make a new high. We did run up and tag 212.50. So if you had an order in up there, that got filled. And of course, if we look back, you can see we previously peaked back at the 212.50 level a few months ago. Let’s finish off today’s presentation looking at a stock that came up during a one on one tutorial on Wednesday, and that’s Ambarella. It collapsed yesterday but did not give us a sell signal. So we’re looking for a close below $70.57. And you can see that it actually opened below that level yesterday and traded below that but did not close below that level. It closed at 72.32. So even though it was a big down day, not enough to give us a sell signal. Now, if we go back to when this trade started, and of course, it’s the first close above the upper channel line, gives you a buy signal.

And then we’re looking for the first close below the lower channel line to totally kick us out of a trade. Now, while we’re waiting to be kicked out, we want to try to take some money off the table. 68.75 would have been far too close to use as a price target. So then you look up $75 and 81.25, those would have been your next two targets. That would be your playing field. $75, is that a legitimate target? Well, there’s lots of support over here. And so, yeah, that’s a legitimate target. So you would have put an order in to sell half of your position at 75, then you would have put an order in to sell half your position at 81.25. Any history at that level? Yes. So that’s certainly a legitimate target to the upside. And then, of course, you could have put another order in up there at $87.50 once the $81.25 order was filled. It doesn’t look like we’re going to get up to that level. You did have a chance to lock in profits at $75 and then $81.25. Now you’re just sitting with a partial position looking to see if the market will recover or if we do go down and close below the 70.57 level.

That’s the number we’re looking for on Thursday. And if we close below that level, then you get to sell the remainder of your position after already locking in profits. Okay, folks, that is all for this morning’s presentation. I see the futures have slipped a little bit, but it’s not going to get anybody overly excited. Have a great day. Next time you’ll hear my voice is on Friday morning. And on Friday morning, we’re going to take a closer look at the Canadian stock market.

Stephen Whiteside
Thursday, June 1, 2023

Good morning everyone and welcome to Wednesday morning. It’s Stephen White side here from the uptrend.com. In the premarket this morning, stock index futures are down across the board. So far it looks like we’re going to see a little selling on the last day of May. Now we do realize that automatic money is hitting the market. The market also realizes that. So while we can see a bullish bias at month end, if the market wants to go lower, that bullish bias can help dampen any downward pressure. We’re still dealing with the debt ceiling that has not been resolved yet. Now, yesterday looks like a market top. We saw some bearish reversal signals and some significant symbols such as the semiconductors. We saw NVIDIA pulled back after making a new high. Broadcom had a big update yesterday and then reversed going into the close, closing lower on the day. So a big bearish reversal day for Broadcom, Microsoft, Meta. These stocks all had bearish reversal days on Tuesday, and that may mark the top for this move in the market. We’ll just have to wait and see. Now, the Nasdaq is nowhere near a sell signal coming into Wednesday’s trading action.

Our next mathematical target was 359.38. Couldn’t get there yesterday. That doesn’t mean that we can’t get there. It’s just we didn’t get there on Tuesday. There’s the S&P 500. It did hit our next target before pulling back at 421.88. Closed at 421.18, a lot of people are looking to see if the market can move out above and hold above 420. Now, we’re often talking about the fact that the S&P 500 is market cap weighted, and that’s why we watch the big cap stocks the most to see where they’re going because they’ll pull or push the rest of the market. So we know that Apple is a much more significant waiting and a much more significant company in the S&P 500 than, say, UPS, even though it’s a household name or visa. These stocks are much smaller when you look at them based on market cap than Apple or Microsoft or Google or Amazon or Tesla, which are much bigger companies. Now, if we looked at the S&P 500 equally weighted, so every stock in the S&P 500 was given equal representation, the market would look much different. So this is how it looks when it’s market cap weighted.

This is how it looks when it’s equally weighted. And as you can see, when you put all the S&P 500 stocks side by side, the market isn’t doing very well at the moment. Now, when we look at the percentage of stocks currently trading above their 20 day moving average, what’s really spooky is the fact that even though the Nasdaq is hitting new highs right now, only 52.47 % of the Nasdaq 100 % and 51.51 % of the Nasdaq itself are above their 20 day moving average. We can see that the TSX is weakest. We’re seeing a lot of pressure on the TSX with banks having issues at the moment, and we’ve got gold stocks down sharply. So that’s certainly putting pressure on the TSX. The DAO 30, only a third of the stocks in the DOW 30 are above their 20 day moving average. So it’s really spooky, the fact that the Nasdaq is hitting new highs and only 52 % of Nasdaq 100 stocks are currently trading above their 20 day moving average. Well, what worked and what didn’t work yesterday? Well, on the S&P 500, it was consumer discretionary. It was the big winner followed by technology stocks.

And as you can see, we had the big pullback going into the close. And then real estate, those were the big winners. The big losers were consumer staples. Energy, which rolled over yesterday on both sides of the border. And then health care stocks made a new low for this move. Looking at the Canadian market, we were down across the board yesterday. So it was energy stocks were the big losers in percentage terms, followed by materials making a new low for this move. And then we saw health care pull back. Then looking at gold stocks, they made a new low yesterday. Financials were down a little over 1 %. Banks were down over 1 %. And when we look at the banks, we’ve got Bank of Montreal still on a sell signal. We’ve got Bank of Nova Scotia trading in the channel yesterday. A close below 66.10 on Wednesday would give us a sell signal. Then looking at CIBC, we’re looking for a close below 56.21. No change in trend for the National. It reported earnings this morning, so we’ll have to see how the market reacts to that. Then the Royal Bank, no change in trend there.

A new low for this move for the TD Bank, still on a sell signal, no change there. Let’s finish off this morning’s presentation with a quick look at commodities. And there’s crude oil rolling over yesterday back on a sell signal. Down again in the pre market this morning, that’s also true for natural gas, still on a sell signal, looking to see if the recent lows will hold. Then looking at copper, copper moved up into the channel yesterday, pulled back going into the close, closing lower on the day. Now we had a reversal for gold. It’s still trading below the lower channel line, so no change there. It’s up 40 cents in the pre market last time I checked this morning. Silver had a bullish reversal day on Monday. Little pullback yesterday, still trading below the lower channel line. And then let’s finish off with lumber. Of course, a couple of years ago, lumber was screaming, and now it’s been screaming to the downside. So no change in trend for lumber. Bacon prices should be getting lower right now. We’re seeing live hogs down at the very bottom of the chart at the moment. And then hamburger meat, on the other hand, should be getting expensive going into barbecue season, so that is unfortunate.

Okay, that’s all for this morning’s presentation. Looking for some selling at the open on Wednesday morning. Have a great day. Next time you’ll hear my voice is on Thursday morning.

Stephen Whiteside
Wednesday, May 31, 2023

Good Morning, everyone, and welcome to Tuesday morning. It’s Stphen Whiteside here from theuptrend.com. In the premarket this morning, stock index futures are mixed, but once again, it’s the Nasdaq leading the market higher, S&P 500 following behind while the DOW is slightly lower and the TSX is also slightly lower in the premarket on Tuesday morning. Well, yesterday the Canadian market was open. I didn’t post any charts or anything. I made these by hand this morning. I don’t care what happens in the Canadian market when the US market is closed. There’s no adult supervision and it’s usually very thinly traded. So I’m not going to make any decisions based on anything that happened in the Canadian market on Monday. The TSX closed up 47 points. The TSX 60 closed up $2.13. The TSX 60 is actually trading down $1.30 in the premarket this morning. Technically on Bay Street, when the US markets are closed, it’s usually a golf day, and it was certainly a golf day yesterday. If you look at the volume for the ishares for the TSX 60, you can see last week they were up around 4 million shares a day.

Yesterday was 177,000. Usually I tell people you’re going to see 40 %, 50 % reduction in volume. Yesterday was much worse than what I would usually expect. Again, I don’t make any decisions based on anything that happened in the Canadian market when the US market is closed. Now, we are coming up to month end. That’s usually bullish for the market. If the market is not in a bullish mood, it will at least dampen some of the negative pressure on the market. Now, seasonally, we’ve looked at this chart a few times, but coming into June is usually bullish. We usually get a top the first week in June and then a pullback, and off that pullback, you get the summer rally. That’s historically what happens on average. Of course, average doesn’t mean exactly what’s going to happen, but that’s what the market is expecting to happen. Now, one thing that could throw the seasonalities off this year is the debt ceiling debate. Yes, they have made some progress, but they haven’t got it through Congress just yet, so we’ll have to wait and see how the market reacts to whatever happens next. Of course, this morning is still all about NVIDIA, which is popped in the premarket this morning.

It’s trading up over $400 and taking a bunch of the other AI stocks and related companies with it. I thought I’d throw in a life lesson this morning. I’ve always told people to follow the money and ignore the news. One topic that I’ve been following closely is what’s going on in Argentina. I have some previous employees who live in Argentina. They are Argentinian and I’m in contact with them all the time, and they’re having a hell of a time. You can see the headline on this particular video, Argentina on the brink of collapse as inflation hits 109 %, interest rates are up near 100 %, it’s pretty ugly down there. And so when you’re reading the news or listening to the news and hearing what’s going on, you would automatically, I think, assume that the stock market would not be doing well, but the stock market is actually hitting all time highs at the moment. So don’t try to line up the news with what is actually going on in the market, it’s more important to follow what’s going on in the market and not the news. Now, the VIX is still on a buy signal, so there’s still some tension in the market and outside of NVIDIA and the big cap tech stocks.

The rest of the market isn’t doing that well at the moment. Tuesday, we’re looking for a close on the VIX below 17.21 to tell us the market wants to get more bullish going into month end. Now, the US dollar index is still in an uptrend. We know that that can be negative for gold and negative for the stock market. And for some of the stock market, it certainly is. Bonds are still on a sell signal. I watched the 30 year bond, the futures contract. A lot of the market watches the TLT or in Canada, the XBB. Now, of course, falling bond prices puts upward pressure on bond yields, and that, of course, helps the Fed accomplish what they want to get done. Then looking at crude oil, we had an inside day on Friday, still on a buy signal unlike natural gas, which has rolled over back on a sell signal. Then looking at energy stocks, just trading water here both in Canada and the US, we’re both still on buy signals but not going anywhere. Then the Nasdaq made a new high on Friday. We saw chip stocks continue to move higher on Friday, and you can see we’re up trading back at the highs that we saw back in February.

Everybody’s watching NVIDIA. I watch AMD. It’s a stock that I trade, either long or short. Then looking at the rest of the market, looking at midcaps and the iShares Russell 2000 or the iShares Microcap for those little stocks. They’re not going anywhere right now. It’s still all about the big cap tech stocks. You can see that in the regional banks, they’re just treading water here on a buy signal. If we can move up 10, 12 % from here, we’d get up into the Flypaper channel. To get there, we’d have to get through the 50 day moving average. And so far, we have not been able to do that. That is also true for the big banks in the US. It’s also true for the broker dealers and the insurance company. So nothing really going on in the rest of the market. Then looking at Canadian financials, we’re on a sell signal. We moved up on Friday, we moved up a little yesterday. That’s also true for Canadian banks, still on a sell signal here. Making a new low on Thursday, and there’s the Royal Bank making a new low on Thursday. This is a pretty ugly chart.

You can see we recently put in a lower high, and now we’re putting in a lower low. We should have found support at the 124 level, which acted as support previously, but unfortunately it broke down this time. So that’s a pretty negative chart for the biggest bank in Canada, and that might not be a good sign for the markets going forward. Okay, folks, that is all for this morning’s presentation. We do have the Nasdaq leading the markets higher this morning. We’ve got the Nasdaq, the S&P 500 up nicely while the DAO and the TSX are trading slightly lower on Tuesday morning. For the Canadian market, we’ve got crude oil and natural gas down slightly while gold is up $16 this morning. So we may see some money go back into the mining sector on Tuesday. Now, I’ve been trying to get people to donate blood for the last 10 years, and today we’re going to start rewarding people for doing so. So check your email later today and you’ll see the new program that we’re rolling out to thank people for those people who’ve taken up the cause and have donated blood over the last 10 years.

Again, that’s all for this morning’s presentation. Next time you’ll hear my voice is on Wednesday morning.

Stephen Whiteside
Tuesday, May 30, 2023

Hello, everyone. It’s Stephen Whiteside here from theuptrend.com with this weekend’s edition of Stock Market Timing and Television. Let’s start off with some housekeeping. Us markets will be closed tomorrow and so will the uptrend. Yes, Canadian markets will be open, but the volume will be down about 50 % or so. And without any adult supervision from the commodity markets, there isn’t going to be a lot of volatility in the Canadian market on Monday. So we’ll be back with a video on Tuesday morning and charts again on Tuesday evening. Now, this is a three day long weekend. We saw some buying going into the end of the week. We are also coming up to month end, and so we expect the market to have a bullish bias coming into month end. But this year is a little different. This month is a little different with the debt ceiling crisis going on in the US. Yeah, they made some progress, but it’s minor. It’s one thing to get an agreement with the White House. It’s another thing to get it through Congress and then get it through the Senate. So we’ll just have to see how that turns out.

Looking at the VIX, the VIX had a wild week, ended the week slightly higher, still on a weekly sell signal. That’s supportive for higher stock prices on a long term basis. Looking for a close this coming Friday above $20.94. On a daily basis, we’ve had the VIX on a buy signal for the last four days, and so we did see some downward pressure during the week for some of the areas of the market outside of the chip sector. We’re looking for a close on Tuesday below $17.21 to give us a sell signal, and that, of course, would be supportive for higher stock prices. Looking at weekly charts, the TSX pulled back 2.17 % on the week and is back on a weekly sell signal. The DOW Diamonds did trade through the lower channel line but then ended the week back in the channel, down 1 % on the week. The S&P 500 closed up a third on the week while the Nasdaq was up 3.53 %, being led higher by the chip sector, which was up 8.68 % on the week. Now, the big story this week, of course, is AI stocks. And we had NVIDIA lead the market higher.

We’ve been involved in AI stocks all year. We’ve been talking about how technology has been leading the market higher. This is the time and place where we see a lot of magazine covers talking about the AI story. And this is probably the time and place where the market will reverse. I certainly wouldn’t encourage anybody to jump in chasing AI stocks at this particular time. We’d wait for a pullback before we’d get excited. Year to date, looking at the US market, it’s semiconductors followed by information technology, followed by communication services, and then the Nasdaq 100, and then the Nasdaq. If you’re involved in any ETF or mutual fund that tracks the Nasdaq, you’ve been involved in AI stocks all year. If you follow any of the technology stocks that we cover in our daily videos, then you’ve been involved in AI stocks as well. When we look at a heat map year to date, you can see the big cap stocks that have been leading the market higher, and they’re all basically AI related. So this is the topic we’ve been talking about all year. Now, there are some exchange traded funds. We have three in the database.

There are some more. I’m going to look at a couple more, but some of them are very thinly traded. My favorite is bots BOTZ. It covers 43 global stocks. It’s performed really well in 2023. Then we’ve got ROBO, which is more to do with robotics and industrial applications of AI. It’s done very well as well. Then we’ve got the Cathie Wood’s AI ETF, which is dragging its feet here. It is heavily invested in Tesla and it is invested in a lot of things that are further away from what you and I would see. Stuff in the background that we wouldn’t see as consumers. It’ll probably do well over the long term, but I’m not a big fan of anything Cathie Woods does, so it’s not one that I would be looking at myself. Now, I was just looking at a Forbes article talked about the 12 best artificial intelligence stocks to buy in 2023, and some of them we’ve been following all year. Adobe is not one that I follow on a regular basis. It had a big pop this week, probably on the back of NVIDIA’s big up move. And then, of course, we’ve been following Alphabet for a long time.

I switched out of following Alphabet myself in my personal portfolio and switched over to Amazon. And so far, that hasn’t worked out too well. But then I make money either if the stock goes up or the stock goes down. I really don’t care about how far up it goes, but Amazon is going up with Alphabet at the same time. Then Bidu, not one that I follow. It’s on a weekly sell signal right now. They’re all weekly charts that we’re looking at right now. Then C3AI had a big pop, second week of a buy signal. Then we’re looking at IBM, and of course, the world has heard about Watson. Watson is not something that you and I as consumers can get too close to, but corporations can. And we’re sitting right on the edge of a new weekly buy signal for IBM. Now, IBM is really a consulting company far more than it’s a hardware or software company. So the fact that it has Watson isn’t going to do too much to the bottom line, I don’t think. Then Micron, so we’re back to hardware here, memory and storage. Then we’ve got Microsoft, which is right on the front end of consumer use of AI, and it has done really well in 2023.

Then, of course, NVIDIA making chips for the data centers for artificial intelligence and having that big pop this week. It ran up to our next weekly and monthly price target and stopped last week and then just punched right through the next two weekly targets. Then looking at Oracle, Oracle trading back up to the highs from 2021. Then we’ve got Palantir, third week of a buy signal for Palantir. Then last up, we’ve got Tesla. Tesla is back on a weekly buy signal as of Friday’s close. Now, looking at the seasonality of the Nasdaq, you can see that coming into the first week of June is very bullish. Then in June, we usually get a pullback, and then the summer rally starts at the end of June. That’s historically what happens. We’ll have to see what happens this year, but of course, if you want to get involved in any of the AI stocks, I would certainly wait for a pullback before I would jump in with both feet. Let’s finish off this weekend’s presentation looking at commodities and starting off with copper. Copper came off of its lows, still closed down 1.3,4 % on the week.

So that put pressure on global mining stocks, as did the price of gold, which is back on a sell signal. And the price of silver is also back on a weekly sell signal as of Friday’s close. Now looking at the stocks themselves, US gold miners are back on a sell signal as are Canadian gold miners joining silver miners on their second week of a sell signal. Looking at energy, starting with crude oil. Crude oil closed up 1.81 % on the week, closing in the channel, looking for a close above $75.13 this coming Friday. Then looking at natural gas, it was down over 10 %, still holding the recent lows, still, of course, on a weekly sell signal. That would change this week if natural gas could close above $2.84. Then looking at the stocks, Canadian energy stocks were down 0.82 % while US energy stocks were down just over 1 %, so no joy for the energy sector this week. Okay, folks, that is all for this weekend’s presentation. Stock Index futures have started trading Sunday night. They’re up about 0.4 %, so DOW is up 120 points at the moment. Not an overreaction to the debt ceiling negotiations.

We’ll just have to see how that works out. Enjoy the rest of your weekend. Next time you’ll hear my voice is on Tuesday morning.

Stephen Whiteside
Sunday, May 28, 2023