TSX index looks exhausted on all time frames I wouldn't be surprised if we get some form of consolidation for January.
the 200 daily MA is 16380 which would constitute a 6% pull back.
Interesting to note that 28% of the TSX is Financials and if you look at the TTFS the TSX financials index more specifically at the Quarterly window in the top left corner you will notice this past quarter was very positive for financials, as a matter of fact to find a quarter as good as this one ( +15.40%) you have to go all the way back to the first quarter of 2009. I would say its more than rational and healthy to anticipate some consolidation.
Materials and Energy make up the largest remaining share of the index at 14% and 13% respectively.
For Materials it seems to be all dependent on what gold and silver prices do over the month of January, its up to anyone what gold will do in January.
For Energy if you look at the Quarterly timeframe again you will see XEG is up 40% this past quarter which is the best quarter it has ever had going back to 2001. Some consolidation here also seems over due.
There will be lots of profitable trades to make in 2021 as we get further into Q2 and Q3 2021I have no doubt.
the 200 daily MA is 16380 which would constitute a 6% pull back.
Interesting to note that 28% of the TSX is Financials and if you look at the TTFS the TSX financials index more specifically at the Quarterly window in the top left corner you will notice this past quarter was very positive for financials, as a matter of fact to find a quarter as good as this one ( +15.40%) you have to go all the way back to the first quarter of 2009. I would say its more than rational and healthy to anticipate some consolidation.
Materials and Energy make up the largest remaining share of the index at 14% and 13% respectively.
For Materials it seems to be all dependent on what gold and silver prices do over the month of January, its up to anyone what gold will do in January.
For Energy if you look at the Quarterly timeframe again you will see XEG is up 40% this past quarter which is the best quarter it has ever had going back to 2001. Some consolidation here also seems over due.
There will be lots of profitable trades to make in 2021 as we get further into Q2 and Q3 2021I have no doubt.
Comment:
Might of been slightly early in my call but it was obvious we were due for some weakness