Happy Thanksgiving! The TSX is closed for the holiday.
The TSX had a much better week last week, rising almost 5%. It’s still lower than one year ago, but the outlook is now a lot less bleak. The Canadian dollar is just starting to make gains on the USD. Interest rates are stable and bond values are retreating.
Gold (IGT) maintains the best momentum among the various asset classes. Having said that, its momentum is not great and the situation could change with little warning. At the same time, four of the top five TSX60 stocks (by momentum) are gold producers. The other is COS, which was the subject of a takeover bid. In the US, the top momentum stocks are still Nike (NKE) and Amazon (AMZN), with EMC and GE sneaking just above Google.
And what’s this? Is oil beginning to rebound? The bottom may be behind us. This will be something to watch.