Peter Chandler
Peter Chandler
closer market trading
You just have so much uncertainty and the one thing the market doesn't like is not knowing, ... We're probably getting closer to a sell-out climax, a washout, that will at least give us a trading rally.
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What is good is that we're seeing a real turn in investor sentiment to the negative, and you need that before you can get any sort of a bounce,
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We had the good economic data south of the border but the problem on our side is the weight of the industrial products sector,
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We went up a long way quickly. This is some healthy profit-taking in what I would suggest is still very much an ongoing bull market in hard assets -- oil, gas and base and precious minerals. A healthy correction is a healthy thing.
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We're in the midst of a rally that probably looks like it will have a bit more legs,
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(Today) was quite speculative, quite frothy, you didn't have a lot of dramatic movement in any of the senior parts of the market today. If anything, some of them were selling off, for example Northern Telecom (now known as Nortel Networks).
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We made a new low on the Nasdaq yesterday and on a very, very short term basis it's oversold and I think that we can expect this kind of activity from time to time where the market gives us some relief, some bounce.
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We're in what I call the dog days of August. It's quiet, it's slow. Most market participants are sitting on the sidelines, waiting for some definitive sign from the economic numbers.
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We're just about through the earnings season. We have to go through this bump and grind. I think it will probably be like this for several months yet to come, until the market starts to focus on looking beyond the short term to the recovery that surely will follow.
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We've got favorable action from the Federal Reserve Board again, indicative that they are going to continue to aggressively ease. So that's a favorable environment for stocks,
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We're seeing relative strength in (metals and minerals). There are a lot of base commodities prices that are trading at higher levels right now. The fact that the (Canadian) dollar is as low as it is has made our metals sector more competitive than they would at higher levels.
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We're still a market that's correcting, that's going to be awfully selective and there's still a bias to the downside.
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We're still in the midst of a new earning season. There's probably going to be more disappointment in earnings than pleasant surprises.
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We've seen pockets of strength in the Canadian markets, so the Canadian market actually acted a lot better than the U.S. market did as a whole.