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Well, happy Thursday everyone. It’s Stephen Whiteside here from the uptrend.com in the pre market this morning. Stock index futures are trading above fair value. They’ve been above fair value since after the close on Wednesday night.
The VIX pulled back slightly yesterday, closing just below the upper channel line, looking for a close on Thursday below $14.65. I’m making this video ahead of the CPI numbers which come out at 830 this morning, and then we have PPI numbers coming out on Friday, so both of those numbers could certainly cause volatility to expand dramatically. The Dow has been holding up fairly well over the last week. No major sell off there. The Pros are still in control, unlike the S and P 500, which made a new closing low for this move on Thursday.
Didn’t close below the previous day’s low. The Pros are just starting to give up control. The Nasdaq on the other hand, did close below the previous day’s low, making a new low for this move and the Pros are giving up control. Now. The TSX is interesting.
We’ve been on a sell signal for a week now and have traded up back up to the lower channel line on Wednesday. And the Pros are still in control here. So looks like investors are a little more optimistic on the Canadian market than the daily charts would give it credit for. Let’s take a quick scan of the ten most actively traded US stocks from Wednesday’s trading action. Now this list is filled with a lot of technology related stocks and of course they’re not looking well at the moment there’s.
Palantir down a little over 10% on the day. We had Tesla making a new low for this move, down a tick over 3%. Then Rivian was down nearly 10%. Big down move for Nvidia, down nearly 5% on the day. So finally breaking down Apple, no joy there.
Then looking at Nio, we’re back on a sell signal as of Wednesday’s close. Then looking at Roblox, we are down nearly 22% on the day. The Pros gave up control on this stock a few weeks ago. Compare that to Advanced Micro Devices. We’ve been treading water here for a month now and you can see that the pros and the public are intertwined, so they really don’t know which way the stock is going to go next.
Then Lucid traded up through the upper channel line yesterday, did not close above it, so still waiting for a buy signal there. Penn Entertainment on the other hand, had a big pop yesterday. Gambling stock, you can see it traded up into the open gap and pulled back. Not something I would chase then Tilray Tilray’s been on a buy signal for a couple of weeks now. Inside day on Wednesday.
Then Amazon. Amazon popped last week. I said I wasn’t going to chase it. It’s slowly starting to pull back. Let’s finish off today’s presentation.
Taking a look at the TSX most actives from Wednesday’s trading action. The New York list that we just looked at did not contain any commodity related stocks, but the TSX list certainly does. Starting off with Suncor making a new high for this move. B2 Gold making a new low, then Baytex making a new high, new high for Cenovus , new high for Crescent Point. Then we had Manualife traded back in the channel.
Once again, did not close above the upper channel line, looking for a close on Thursday above $26.13. Then Tourmaline making a new high for this move, new high for Canadian Natural Resources. Then we had a new high for Athabasca Oil Sands pulled back close slightly lower on the day. Then Tilray also pulled back a bit inside day for Tilray after making a new high on Tuesday. Okay, folks, that’s all for this morning’s presentation.
Obviously, we have to get through these inflation numbers on Thursday and Friday. The markets are up in the pre market this morning. Dow up 160 points. The market’s being led higher by the Nasdaq, which is up 1% at the moment. And so we’ll just have to see how the market reacts to these numbers.
Enjoy the rest of your day. Next time you’ll hear my voice is on Friday morning.
Stephen Whiteside
Thursday, August 10, 2023
