The TSX is closed for trading today for the Labour Day holiday. And thank goodness, given the kind of week it was last week. Maybe the market can sit quietly in a corner and think about what it’s done. -2.8% over the past five business days, for anyone who wasn’t keeping score.
Gold (IGT) is the only asset class with a positive outlook. That, in itself, is pretty pessimistic. Oil lost a lot of ground over the past few weeks, but there are other asset classes that have a worse outlook, including emerging market and BRIC stocks. Yikes.
The Yen is now showing strength compared to the US dollar, but the Canadian dollar doesn’t look ready to make up any lost ground. Too bad it’s not easy for a Canadian individual investor to buy gold in Yen. Because there are no (large-cap) stocks in Canada or the US that appear attractive at this point.