The market condition scans are showing a positive bias along with the market bias indicators, but energy remains weak. Futures are positive indicating a bullish open. Potential market moving news this morning will be the retail sales reports and the employment report which is due out tomorrow.
The OECD is calling for a 7 country contraction of 3.7%. The Materials sector was the primary winner yesterday, while financials and energy pulled back. Technology sectors are holding their own. This may be a sector to look for opportunities. We remain in a market condition where it is prudent to continue to be highly selective in investment choices. Look for companies with improving or stable fundamentals and strong chart patterns.
Yesterday, inflation fears drove a 30 dollar rise in gold which is continuing today. However, the caveat is that both gold and silver remain within in the confines of their trading ranges that have been in place for the last two months.
| Index | Change | %Change | Level | Phase |
| TSX | -210.85 | -1.93% | 10701.32 | Bullish |
| DJIA | -262.85 | -2.75% | 9280.67 | Bullish |
| Nasdaq | -57.36 | -2.83% | 1967.07 | Bullish |
| SP 500 | -33.37 | -3.25% | 994.75 | Bullish |
| Russell 2000 | -28.19 | -4.83% | 555.83 | Bullish |
| NYSE | -213.15 | -3.19% | 6474.79 | 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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