Markets were up in the morning only to close relatively flat. Oil continues to rise as investors continue to pour money into the commodity as a hedge against inflation. This led to a small decline on Wall street, while Bay street managed to eke out another small gain. This morning, the retail sales reports have been better than expected, showing consumers are returning to the malls. Also fewer Americans are filing for unemployment benefits, but those receiving benefits is on the rise, indicating it is taking longer for those seeking work to find it. Canadian new home prices are falling, declining by 3% in April. The 10 year US Treasury rates continue to creep up and are now at 4%. Gold has been unable to pierce the key $1000 level, and remains in a tight range. Similarly, silver has hit the $15 mark and appears to be also consolidating sideways.
Futures this morning are flat and the DAX is positive, indicating a flat open. The market bias indicators are neutral, showing no directional bias short term. The market condition scans are also neutral once again indicating a choppy insipid market for today.
| Index | Change | %Change | Level | Phase |
| TSX | +50.12 | +0.48% | 10597.98 | Bullish |
| DJIA | -24.04 | -0.27% | 8739.02 | Recovery |
| Nasdaq | -7.05 | -0.38% | 1853.08 | Bullish |
| SP 500 | -3.28 | -0.53% | 939.15 | Accumulation |
| Russell 2000 | -4.22 | -0.80% | 523.71 | Accumulation |
| NYSE | -3.51 | -0.06% | 6098.06 | Accumulation |
Source: Telechart
Short Term market outlook:
Bias: Scans showing a neutral to positive bias
Energy: weak
Primary Trend: sideways
| Sector | Phase |
| Consumer Staples | Recovery |
| Healthcare | Recovery |
| Technology | Bullish |
| Utilities | Recovery |
| Energy | Accumulation |
| Financials | Recovery |
| Industrials | Recovery |
| Materials | Recovery |
| Consumer Discretionary | Recovery |
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