The outlook for the Toronto Stock Exchange for Wednesday was for stocks to move sideways with a mixed bias. After two days of rallying with the Burger King – Tim Horton’s combo Toronto was ready for a rest and it took it today.
Bank Stocks continued to do well today aside from Bank of Nova Scotia Stock which took a downgrade hit during the day from TD Securities which removed it from their buy list and indicated the stock was designated underperform, basically meaning “sell it”. National Bank of Canada which investors sold out of last quarter on poorer than expected earnings, came in with better than expected earnings this quarter and the stock moved up over 3% on the day.
My trade strategies continue to generate significant returns in all the banks, and my National Bank of Canada stock is now up 11% in just a couple of months using the Moonlight Strategy. I will be updating that strategy tomorrow.
The rest of this technical analysis of the market direction for the Toronto Stock Exchange is for Members.
TSX Market Direction Outlook for August 28 2014
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