The market condition scans are pointing to a positive day with moderate energy. The market condition scans are also showing a weak bias to the upside indicating we will likely end today on a positive note. We are heading into a long weekend and it may be prudent to take profits as we have no idea what may occur in the news over this time period. Futures and the DAX are positive this morning indicating a positive open.
The Canadian job market saw a surprise increase for the month of August adding 27,100 jobs and the US Jobless rate rose 0.3% to 9.7% and shed another 216,000 jobs. Ivey Purchasing Managers Index rose to 55.7% vx. 54.5 Estimate, which is further indication that the Canadian economy is emerging from recession as any reading above 50 is considered positive.
Be careful with some of the commodity and double bull or inverse ETFs . Changes are coming for these in terms of margin requirements and in some cases, the ETFs are being discontinued. In particular, you may want to steer clear of the Natural Gas and Oil ETFs which are tied to futures contracts as these are currently under scrutiny by US Regulators.
Index | Change | %Change | Level | Phase |
TSX | 220.17 | +2.06% | 10921.49 | Bullish |
DJIA | +63.94 | +0.69% | 9344.61 | Bullish |
Nasdaq | +16.13 | +0.82% | 1983.20 | Bullish |
SP 500 | +8.49 | +0.85% | 1003.24 | Bullish |
Russell 2000 | +6.66 | +1.20% | 562.49 | Bullish |
NYSE | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: weak
Primary Trend: sideways
Sector | Phase |
Consumer Staples | Bullish |
Healthcare | Bullish |
Technology | Bullish |
Utilities | Bullish |
Energy | Bullish |
Financials | Bullish |
Industrials | Bullish |
Materials | Bullish |
Consumer Discretionary | Bullish |
Source: Telechart
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