The technical outlook for Tuesday for the Toronto Stock Exchange was for stocks to move sideways with a bias to the upside. Instead Saudi Arabia cut oil prices further in an effort to hold its market share. This led to further declines in oil stocks. The energy sector in general was down 4.15 percent with Athabasca Oil down 9.7 percent and Canadian Oil Sands down 6 percent.
Of my two oil stocks, Suncor Energy Stock was down 3.45% and Cenovus stock was down 1.83%. Both of these stocks continue to be traded in my Canadian Portfolio and despite the downturn in oil they are generating profits for my portfolio.
Adding to concerns, Bank of Nova Scotia announced job cuts and a one-time charge against its Caribbean operations. At one time the TSX was down over 200 points and then closed down 147.19 points for a loss of 1%. The index though still managed to stay within the trading range between 14250 and 14500 as it closed at 14390.43. BNS Stock is another stock in my portfolio and I am continuing to roll my naked put positions to avoid assignment of shares until such times as I am willing to accept shares.
Telecommunications Stocks
BCE Stock was up 1,75% to $51.06. I will be unloading my shares shortly in BCE Stock.
Fortis Stock
Another stock in my portfolio doing well is Fortis Stock (FTS) which today was up 1.40% to another new all-time high of $37.75. I will also be selling my shares shortly in Fortis Stock.
The rest of this TSX market direction outlook article is for Canada Members.
TSX Market Direction Outlook for Nov 5 2014
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