- Stocks in the US were down for the 4th consecutive week although an upbeat report from the G8 helped the market recover some of its earlier losses and partially offset the negative news from Europe on its debt woes. June is one of the weakest months of the year ranking either 10th or 11th for many indices.
- Bonds rose again. The Cdn bond market issued a buy signal from the trend following system. The US bonds have not as yet. Bonds are being pushed higher because of the European debt woes.
- Gold rose as the US$ fell. Gold is also concerned about the growing debt woes of Europe (and the US). Gold made new all time highs in Euros, Pounds and Cdn$. Despite the gains the recent correction in gold (and silver) may not be over just yet. The precious metal stocks have found at least a temporary bottom.
- Oil and gas prices were up and the energy stocks had a good week. But as with gold the recent oil price correction may not as yet be over. This coming weekend marks the beginning of the summer driving season.
- The S&P TSX Composite eked out a gain this past week as gold, energy and materials were up.
Note: This week we will be going to Montreal for our daughter’s university graduation. As a result there will be no Chart of the Week or Stock of the Week. A shortened technical commentary will be prepared next weekend.
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