Friday is the final day for filing your tax return unless you are self-employed, then you have until June 15th. Of course, if you owe, you need to file by today, or face a potential penalty. You have until midnight. This applies only to Canadians of course.
Yesterday, the markets chopped around much of the day but stayed in the green into the close. Selling pressure continues to abate, which is a positive sign, and means it is dangerous to continue to short. Once again, the markets have not really changed, and remain in their ranges until we see a decisive move above the 200 day moving average. Tracking the ETFs for silver and gold, as well as tracking oil shows no change in these either.
The institutional investors continue to remain relatively quiet, and no one sector is standing out as being the leader. A good way to find potential investments or trading candidates is to take a top down approach by looking at the overall market, and then ranking sectors to see which are showing the most relative strength. The final step would be to identify the industry leaders in the strongest sectors. These are the stocks that are more likely to outperform.
As of this writing, futures are positive and the DAX is positive, indicating a positive open. The market condition scans are once again showing no strong directional bias and the market bias indicators are showing the a few statistical sell signals. The markets remain in a bottoming condition.
| Index | Change | %Change | Level | Phase |
| TSX | +68.28 | +0.73% | 9416.31 | Recovery |
| DJIA | 168.78 | +2.11% | 8185.73 | Recovery |
| Nasdaq | +38.13 | +2.28% | 1711.94 | Recovery |
| SP 500 | +18.48 | +2.16% | 873.64 | Recovery |
| Russell 2000 | +18.36 | +3.94% | 491.74 | Recovery |
| NYSE | +146.29 | +2.72% | 5516.14 | 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 | Recovery |
| Healthcare | Bearish |
| Technology | Recovery |
| Utilities | Bearish |
| Energy | Recovery |
| Financials | Recovery |
| Industrials | Recovery |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
Source: Telechart
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