The market condition scans continue to show a slight positive bias, but energy remains weak. The market bias indicators also have a weak positive bias. Futures this morning are negative along with the DAX, indicating a down open. However, we have been seeing buying volume increase towards the end of the day. Markets remain in a sideways mode as investors digest the improving economic news and wait for earnings and guidance from companies. We remain in a sideways value oriented market. Expect another choppy day today with no strong directional bias. This means that swing trading remains risky. Once again, look for quality stocks with good fundamentals. Remain nimble, and if in doubt stay out. Opportunity always abounds in the market for the patient investor.
The markets have maintained the bullish phase, although we remain in a sideways trend.
The GDP numbers in Canada were positive confirming Canada may be out of the recession, but the GDP growth failed to move the markets or the Canadian dollar. The sell-off in China, had a bigger effect. Gold, silver and oil remain in sideways trends.
| Index | Change | %Change | Level | Phase |
| TSX | -109.76 | -1.00% | 10868.21 | Bullish |
| DJIA | -47.92 | -0.50% | 9496.28 | Bullish |
| Nasdaq | -19.71 | -0.97% | 2009.06 | Bullish |
| SP 500 | -8.31 | -0.81% | 1020.62 | Bullish |
| Russell 2000 | -7.79 | -1.34% | 572.07 | Bullish |
| NYSE | -65.80 | -0.98% | 6643.24 | 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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