The Canadian Technician

November 2018

The Canadian Technician

Commodities Rally With An Exception By Crude Related Products

by Greg Schnell

Commodities had a big rally on Wednesday, with the exception of crude oil, gasoline and heating oil. Once Jay Powell started talking and the US Dollar started dropping , most commodities roared. Natural gas has been swinging wildly of late with big back and forth directional moves so aggressive traders are liking that area. For trend traders, the industrial metals continued to pursue higher ground. I have been covering this in the videos in recent weeks. Titles like Metals and Mining Stocks Surge have been controversial as most people are expecting lower levels.  Read More 

The Canadian Technician

Crude Oil Loses Support 2018-11-24

by Greg Schnell

Crude oil dropped to close the week well below support Brexit deal signed with the UK & EU on the weekend US Dollar ended the week higher Gold - I'M PAYING ATTENTION - Important defining moment $SPX ends with a lower Friday close than the October low Crude oil plummeted on Friday. The drop was substantial. The media always sells it as a blessing. Well, actually it's not. The number of jobs tied to the oil business is huge. I think everyone will find this old article particularly interesting. Oil and the Dominoes February 2016. Every market top is different. As the article from Read More 

The Canadian Technician

Metals And Miners Surge 2018-11-21 CT

by Greg Schnell

Canada has a 300 point rally! Canadian banks fall into negative gains on the year Gold stocks keep getting better Energy gets crushed In the last two weeks, the Canadian market has been oscillating with big daily swings. Wednesday marked the first 300 point rally in a long time. While it did not close way up there, the rally closed Wednesday with a 218 point gain. The ROC indicator shows this as a big thrust off the lows. Notice the last surge of this size also jumped off the lows. The secondary lows also had surges near this size. While we are expecting a bounce after breaking below Read More 

The Canadian Technician

Are These Commodities Ready To Surge 2018-11-17 CC

by Greg Schnell

In what could be described as a calming week for commodities, oil finally stopped falling. Gold and Copper bounced a little, and some of the industrial metals are holding up. Lithium and the rare earth metals are trying to rally. After a $20 move down in oil, crude finally stopped at the most logical place for support. The real question over the next few weeks is can crude oil continue to find support here? I don't have an answer for the question. In 2014, when crude oil plummeted, the $USD soared. The $USD has been rising begrudgingly, so it is not the same set up. I will say in Read More 

The Canadian Technician

Gold Finally Had A Day In The Sun $GDX $GLD

by Greg Schnell

Gold finally had a day in the sun. It feels almost remarkable. Much like when rainy days envelope a city for weeks, and then, the first day of sunshine feels so much better.  I love to trade around gold on the long side, which has been infrequent lately! But the charts say to wake up and smell the golden coffee, as it could be time to wake up in your portfolio. Yeah, really, I know, that does sound unbelievable. Come for a chart tour and see if you agree. First of all, let's build a road map. When do you want to own gold stocks? Clearly, not all the time! Let's look at some Read More 

The Canadian Technician

Crude Oil Falls Into The $50's 2018-11-09

by Greg Schnell

In a positive week for the markets, the unease has not lifted in my mind. First of all, a little perspective on what was leading. On Friday, the sector performance was skewed to safety. The defensive sectors align on the right hand side of this performance chart. Over the past week, the defensives were up the most, and the growth charts were not up as much. While almost every sector had a positive week, the defensives still led. If I backed out Friday, it was more even but the defensive areas of the market had a stronger week. The chart below shows all of last week.  Read More 

The Canadian Technician

The $TSX Bounces Nicely, Now What? 2018-11-06 CT

by Greg Schnell

The $TSX has bounced six hundred points off of the lows. This week marks an important place on the charts. While we don't know the future, lots of previous examples suggest these current levels are zones of interest. First of all, the big downslide started as the US Dollar pushed up. Notice in late September the US Dollar popped up above this 100 period moving average. The $TSX started dropping almost in sync. Tonight's close shows the UUP sitting right on the 100 period MA and the $TSX has turned back above.  If we put fibonacci lines on the $TSX Read More 

The Canadian Technician

Don't Miss This Trade Setup! 2018-11-03 CC

by Greg Schnell

In what was a recovery week for the stock market, there were a few interesting moves in the sectors that suggest one of the trades in Commodities that we have been waiting for might be setting up. There are a lot of momentum trend lines on the PPO indicator on various charts setting up simultaneously.  The first one is $COPPER. Lithium has the same look. This is an ETF of Lithium producers. Notice the PPO. Looking at the steel ETF, SLX, it shows the same momentum trend line on the PPO. The Full Stochastic has some positive divergence and the price closed Read More 

The Canadian Technician

Stocks Are Trying To Rally - Apple Earnings

by Greg Schnell

A significant bounce off the lows already has the indexes trying to repair some of the October damage. With a big up day on the NASDAQ, stocks are trying to rally. The $COMPQ was up 1.75% and the $RUT was up 2.2%! Apple gave us a great report after the close. Somehow the sellers always seem to sell it off. As one TV personality said, Warren Buffet and Tim Cook will buy the shares they're selling. Apple sold almost 46 million phones in the quarter which amounts to more than 500,000 a day. They missed estimates by 600,000 which amounts to 1 day of sales. The average selling price was Read More