Well, that was not a fun week to own stocks. Small caps were particularly painful (from experience), large caps didn’t do very well in Canada and even gold fell. US large caps (SPY) continue to carry the day. Bonds also rose while interest rates fell. Momentum has shifted from stocks (which I thought were improving) back in favour of bonds. I would maybe not act immediately on this new signal, but stocks could produce a rough ride over the next couple weeks. I’m buckling up and shutting my eyes tight until next week…

Market Outlook December 1, 2014

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