Markets to Open Flat

The Futures and the DAX are marginally positive this morning, indicating a flat open.  The market condition scans are showing no strong directional bias and neither is are the market bias indicators.

The Bank of Canada re-confirmed their commitment to keep the central bank rate low until June 2010, although the Bank of Canada Governor, Mark Carney is quite vocal about the fact that interest rates cannot be at these historically low levels forever.  He cautioned Canadians to be aware of the impact of rising rates on the cost of borrowing.  This clarity regarding Canadian interest rates seemed to be enough to bring the Canadian Dollar down to the 95 cents level.  It is important to be aware of the movements between the Canadian and US Dollar as this has an impact on the inter-listed stocks that trade on the TSX as well as Oil prices and energy stocks.

Index	Change	%Change	Level	Phase
TSX	-151.24	-1.31%	11302.13	Bullish
DJIA	-109.13	-1.08%	9972.18	Bullish
Nasdaq	-10.82	-0.50%	2154.47	Bullish
SP 500	-13.31	-1.22%	1079.60	Bullish
Russell 2000	-12.52	-2.04%	600.86	Bullish
NYSE	-116.11	-1.62%	7066.80	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