For FullyInformed members here is the TSX Composite Index Outlook for the for Wednesday Mar 16 2016.
From the open, the TSX Composite Index was pummeled by the collapse of Valeant Pharmaceuticals International Stock which lost 50% of its value in one day. While not unprecedented for the TSX Composite Index for a stock to fall that much in a single day, it is rare when a large cap that has so many investors can collapse so spectacularly.
TSX Composite Index Falls 77.23 Points
The TSX Composite Index dropped right from the open and fell all morning. By the lunch hour the index was down over 193 points from Monday’s close. But investors then noticed that not all sectors of the TSX Composite Index were falling.
Sectors that were trying to hold the market together included Telecommunications, Cyclical Consumer Goods and Services, Basic Materials, Industrials and even other Healthcare stocks. This brought in buyers and as the afternoon progressed the TSX Composite Index fought its way back higher reaching 13400 by the close for a loss on the day of 77.23 points or 0.57%.
TSX Composite Index Momentum
Momentum at the open was strongly negative and it stayed that way until around 10:30. While momentum was still negative into the lunch hour it was muted and by the early afternoon the bias had changed back to positive as stocks climbed back up……..the rest of this article is for FullyInformed Members.
TSX Market Direction Outlook for Mar 16 2016
FullyInformed Members can login through this link to read the latest market direction outlook for the Toronto Stock Exchange 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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