Elvis Picardo
Elvis Picardo
cent close healthy lows october per since street
This is just a normal, healthy bout of profit-taking. It's been a one-way street since the October lows and the index was up close to 20 per cent in that time.
candidate close fairly looking mood obvious people recovery stocks taken
With the mood of the market, people are going to be looking for stocks that haven't yet taken part in recovery and I think Nortel would be an obvious candidate because it's still fairly close to its lows.
bad december ended good investors month months november october relief sigh sure
October is a bad month anyway. Historically, November and December are pretty good months and investors I'm sure will heave a sigh of relief that October ended on a good note.
maybe setting summer
Maybe the summer doldrums are already setting in.
gains hard looks rally
This rally looks sustainable because the gains are smaller. It is not like you have a 250-point gain in one day, which is hard to keep up.
ability bad market might move shake
We might be seeing, after a long time, an ability to shake off bad news. That's what we need to see this market move higher.
concerns fall few iran past rise seen today
Over the past few months, we've seen these concerns about Iran and Nigeria. We've seen them rise and fall and today was a day when those concerns were predominant.
definitely rotation sector seeing
We are definitely seeing some sector rotation into technology.
despite energy high investors months profits recent run stocks table taking tremendous
Transportation stocks have had a tremendous run in recent months despite high energy prices, so it could be that investors are taking some profits off the table here.
changed few last pattern seen selling strength
We have seen selling into strength and that pattern has not changed in the last few weeks.
begin fact gains optimistic seemed
It seemed optimistic to begin with. The fact that the gains have not been sustainable is not encouraging.
canadian clearly guidance looking market wait
It was another day of wait and see. Nortel reiterated its guidance for the Canadian market. But the market is clearly looking for leadership.
cycle early easing economy fact fed focus investors market means might next position rally recovery seeing
From here on, I think the market will focus on the fact that the easing cycle is going to come to an end pretty soon. Which means the Fed might be seeing a recovery in the economy early next year. Investors are going to want to be in a position that they'll be in the rally once this happens.
charge closing commodity crude energy giving gold highest led oil surprising usual
Today's charge has been led by the usual suspects: energy and commodity stocks, which is not surprising giving gold prices... and crude oil closing at its highest ever.