I’m somewhat reassured. A week ago, investor sentiment seemed to be teetering on the edge. The past week has been volatile, but only because the stock market rose before falling back to near where it began the week. That’s not the type of action I would expect from a market that’s beginning a multi-week decline. In fact, it appears that even though some nervous money was scared out of stocks, most investors have remained calm.
I am pretty annoyed, but not at the market. Rather, the TMX website has been reorganized again, and I can no longer find the average P/E or the average dividend yield of the market as a whole. I suspect that the company prefers people not have have this type of information (for free). I’ll get over it, though, since my fair market value estimate doesn’t really inform my investment decisions. Still, it was a nice barometer to have.
European stocks (XIN) are again leading the pack in momentum. IWM is not far behind, but the broader US market (SPY) has edged ahead. I’m not sure why the American markets are outperforming the Canadian market to this degree, but it probably makes up for years where the Canadian market led the way, benefitting from increasing commodity prices. Those days appear to have passed.