A breakout over 875 resistance would target us up to 900 and 950.

TSX INDICES

The S&P/TSX Composite was up 1.2% on the week, the seventh consecutive weekly rise. We confess we were surprised. But it was largely thanks to one sector. The TSX Gold Index was up a sharp 12.2% on the week. The remaining sub indices saw either small gains or small losses. Six indices were down on the week – Energy, Financials, Consumer Discretionary and Staples, Healthcare and Utilities.  [read more...]

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• Stock Markets rise for the 7th consecutive week (although the S&P 500 was down slightly).
• IT was a remarkable recovery following the sharp selloff seen last Monday as bank woes came back to the forefront.
• Bonds continued their recent decline and with new lows for the move down are looking increasing dangerous. Investors should be out of long bonds and moved to the front end of the yield curve.
• Gold broke out over $900 and the Chinese are over 1000 tonnes in their official gold holdings. Demand remains high in India and the Mid East.
• Gold stocks had a strong up week and are targeting higher the HUI to 400+.
• Oil prices improved but natural gas prices fell to new multi year lows. The energy stocks still look positive but if we had to choose we be in gold stocks over energy stocks. Energy trusts are exception especially when one is looking for yield and a number look positive.

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