The improving economic data continues to provide more evidence that the economic stimulus appears to be working. The question now becomes, when we can expect inflation and the central banks to raise interest rates. The better than expected US trade deficit will likely boost the US dollar today and may negate the positive impact of the Canadian job numbers on the Canadian market. Also, the Canadian trade deficit has widened as we are importing more than we are exporting.
The market bias numbers are showing a stronger statistical bias for a pullback. The futures and the DAX this morning are pointing to a down open. The market condition scans continue to show a positive bias and increasing institutional participation. The pattern over the last little while is to see profit-taking into a weekend. We will likely see that today as we are going into long weekend for Canada’s Thanksgiving holiday.
| Index | Change | %Change | Level | Phase |
| TSX | +134.63 | +1.19% | 11484.51 | Bullish |
| DJIA | +61.29 | +0.63% | 9786.87 | Bullish |
| Nasdaq | +13.60 | +0.64% | 2123.93 | Bullish |
| SP 500 | +7.90 | +0.75% | 1065.48 | Bullish |
| Russell 2000 | +5.67 | +0.94% | 607.75 | Bullish |
| NYSE | +78.02 | +1.13% | 6990.67 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive bias
Energy: moderate
Primary Trend: sideways to up
| Sector | Phase |
| Consumer Staples | Bullish |
| Healthcare | Bullish |
| Technology | Bullish |
| Utilities | Bullish |
| Energy | Bullish |
| Financials | Bullish |
| Industrials | Bullish |
| Materials | Bullish |
| Consumer Discretionary | Bullish |
Source: Telechart
Posts
No comments:
Post a Comment