Indicators are now clearly in an up mode

TSX INDICES

The TSX Composite gained 2.7% this past week. We are now 6 weeks up from the lows having gained 24% off the low close. Financials led the way with a 7.9% gain followed by Metals & Mining up 6.3%. Only two sectors were down on the week Golds and Materials. Golds fell 7/5%. It is unusual to say the least that Golds would fall while Metals & … [read more...]

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• Markets up for the 6th consecutive week sets up the possibility of a down week this coming week.
• If the rally that got underway in March is to stay intact we must make only a shallow correction bottoming in May preferably before resuming the uptrend into the summer.
• Gold/Silver and the PM stocks are weak but we could be poised for a rebound even if the US$ which has shown some strength were to resume its uptrend.
• Bonds have started falling in price again (rising in yield) at odds with the ongoing attempts to lower interest rates and quantitative easing.
• Natural gas prices made new lows but closed higher. A bottom maybe? Still oil and gas stocks remain good.

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