The outlook for the TSX for Thursday was for a 50 percent chance the index would close up. During the day the index was up to as high as 15318.36 but shortly before 2:00 PM selling started and the index showed weakness as is fell back managing to close up just 12.59 points at 15241.16. Oil was one of the reasons as it fell $2.82 to close at $48.17 (US) on the day. As well the Canadian dollar which had been holding back above 80 cents for the past few days closed lower falling to 79.83 as the US dollar rose.
Both CIBC stock and TD stock soared higher on better than expected bank earnings and both banks raised their dividends. This has to be hurting the huge flood of short sellers. With Canadian Bank Stocks sitting among the top 20 most shorted stocks on the TSX, part of today’s rise could be a result of short sellers covering some of their losses. I entered into a combination trade on Toronto-Dominion Bank Stock today which I discusses during the afternoon.
Loblaw Company more than doubled its 4th quarter revenue numbers … (the rest of this article is for Canada Members)
For FullyInformed Canada members, here is the Market Direction Outlook for the Toronto Stock Exchange for Thursday Feb 27 2015
TSX Market Direction Outlook for Feb 27 2015
FullyInformed Canada Members can login through this link to read the market direction outlook for the Toronto Stock Exchange for Feb 27 2015 or members can sign in to the full Canada members site here. Investors can join FullyInformed’s Canada section or read about the benefits of being a member through this link.
Disclaimer: There are risks involved in all investment strategies and investors can and do lose capital. Trade at your own risk. Stocks, options and investing are risky and can result in considerable losses. None of the strategies, stocks or information discussed and presented are financial or trading advice or recommendations. Everything presented and discussed are the author’s own trade ideas and opinions which the author may or may not enter into. The author assumes no liability for topics, ideas, errors, omissions, content and external links and trades done or not done. The author may or may not enter the trades mentioned. Some positions in mentioned stocks may already be held or are being adjusted.
Internal Stock and Option Trades Links
Put Selling Strategies For Members
Covered Calls Strategies For Members
Profit And Income Strategies Index
Stock and Option Strategies For Members
Stock And Option Trades Explained For Members