TSX Composite Index – Canadian Stock Market Outlook and 3 Trade Ideas For Oct 5 2016

Oct 4, 2016 | TSX Composite Index - Canadian Stock Market Outlook

The outlook for the Canadian Stock Market for Tuesday was for weakness but not a drop bigger than 30 points. Instead the index pulled back 168.13 points which was well off the low of the day which was down at 14,468.03.

TSX Composite Index Falls 168.03 Points

The TSX composite Index fell 1.14% on Tuesday to close down at 14,521,01, barely managing to hold onto the 14500 level.

This level has proved difficult for the TSX to move above. Part of the reason could be that the TSX is overvalued above 14500 based on earnings and projected revenue numbers going forward.

Bank of Montreal Stock was hard hit when news that the bank had to restate capital requirements to meet regulatory approval. The stock closed down 1.78% but was lower intraday. This set the tempo for the day as gold miners took it on the chin when gold pulled back 3 percent.

The collapse of gold was tied almost directly to US Manufacturing data which beat estimates to the upside which prompted analysts to immediately conclude that higher interest rates were on the way, sooner than December. This tumbled gold.

Barrick Gold stock tumbled 10.49 percent to close at 20.39 and Goldcorp fell 8.12% to close at $19.00.

Here is the Canadian Stock Market outlook for Wednesday Oct 5 2016 and an update to the TSX Market Direction Portfolio along with 3 trade ideas for Wednesday……………………..the rest of the Canadian Stock Market Outlook for Tomorrow is for members.

TSX Composite Index – Canadian Stock Market Outlook for Oct 5 2016

FullyInformed Members can log in through this link to read the latest Canadian Stock Market Outlook for tomorrow for the TSX Composite Index or they can sign in to the full members site here. Non-members can join here or review the benefits of a membership.

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