The markets were relatively listless for most of the day yesterday, with selling accelerating into the close. Futures this morning are mixed with the DAX negative, indicating a down to flat open. The market bias indicators remain neutral with no strong bias. The market condition scans are indicating a lack of energy in the market, so the most likely scenario for today is another day of slip sliding price action as the markets continue to digest the previous bullish run.
In terms of earnings today, some of the key names to watch include McDonalds (MCD), EBAY, and Merck (MRK). Oil remains at the $80 dollar level, and gold and silver continue to consolidate sideways.
In Canadian news, retail sales rose about 0.8%, which is a positive sign of recovery in this sector. Husky Energy (HSE.to) also reported this morning, with a 73% drop in profit due to the drop in oil prices. Potash Corporation (POT.to, POT) recorded an 80% drop due to lack of demand.
In tech news, Microsoft (MSFT) has launched Windows 7. Will it spur a surge of upgrades? Also, can we expect some positive momentum in the stock price?
| Index | Change | %Change | Level | Phase |
| TSX | -96.10 | -0.83% | 11442.02 | Bullish |
| DJIA | -92.12 | -0.92% | 9949.36 | Bullish |
| Nasdaq | -12.74 | -0.59% | 2150.73 | Bullish |
| SP 500 | -9.66 | -0.89% | 1081.40 | Bullish |
| Russell 2000 | -8.30 | -1.35% | 605.11 | Bullish |
| NYSE | -51.06 | -0.71% | 7107.21 | Bullish |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a positive to neutral bias
Energy: weak
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
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