Good Friday and Happy Easter!

This morning, futures have popped on the basis that Wells Fargo (WFC), a US bank, will be reporting better than expected earnings.  The scans along with an upcoming long weekend may mute any potential sustainable upward momentum.  At the same time, there does not seem to be any strong selling pressure, but rather, just a lack of overall interest, which means stocks have a tendency to drift downwards.  This is why we are seeing the choppy price action.  Barring any further economic or financial shocks, it appears that the markets may continue to bottom at this level in more of a sideways consolidation.  We will continue to monitor the scans and charts in an effort to determine more sustained and steady buying by institutional investors.  In terms of pre-market news, Walmart (WMT saw same store sales up 1.4%.  The US trade deficit continues to narrow and is now at a nine year low.  Today the jobs reports come out.  Canada’s unemployment rate is now at 8%, shedding another 61,300 jobs.  US jobless claims are 654,000. 

Oil has moved above $50 and gold continues to slowly drift down.  Silver remains sideways.

 As of this writing, futures are positive and the DAX is positive, indicating a positive open.    The market condition scans and the market bias indicators are both neutral, indicating choppy indecisive action for today. 

Index	Change	%Change	Level	Phase
TSX	+144.53	+1.64%	8969.28	Recovery
DJIA	+47.55	+0.61%	7837.11	Recovery
Nasdaq	+29.05	+1.86%	1590.66	Recovery
SP 500	+9.61	+1.18%	825.16	Recovery
Russell 2000	+10.42	+2.41%	442.12	Recovery
NYSE	+55.74	+1.09%	5176.41	Recovery

Source: Telechart

Short Term market outlook:

Bias: Scans showing a neutral bias

Energy: moderate

 Primary Trend: Remains down to sideways

Sector	Phase
Consumer Staples	Bearish
Healthcare	Bearish
Technology	Recovery
Utilities	Bearish
Energy	Bearish
Financials	Recovery
Industrials	Bearish
Materials	Recovery
Consumer Discretionary	Recovery

Source: Telechart