In Wednesday’s premarket update, Stephen Whiteside from TheUpTrend.com discusses how stock index futures are trading around fair value, with no major economic data expected today. Commodities are mixed, with crude oil down and gold slightly higher. Apple nearly hit its target price of $237.50, and semiconductor stocks like ASML, KLA, and Lam Research faced sharp losses, signaling a shift toward bearish ETFs.
Whiteside also notes that energy stocks were hit hard due to the continuing drop in crude oil, prompting buy signals for bear ETFs. Despite volatility in U.S. markets, the TSX saw an inside day of indecision. Financial stocks such as TD Bank and Canadian Natural Resources saw declines, while others like Royal Bank and Enbridge hit new highs. Several U.S. stocks, including Nvidia and AMD, have either hit price targets or reversed trends.
Stephen Whiteside
TheUpTrend.com
Wednesday, October 16, 2024
