For Monday the outlook was for the Toronto Stock Exchange to move sideways but retain an upward bias. Driven by higher commodity prices including both energy and gold, the Toronto Stock Exchange managed to move ahead another 32.31 points to close at still another new high and continuing to slow creep toward the all-time high of June 6 2008 when the TSX hit an intraday high of $15154.77. Despite the poor employment report on Friday stocks continued to advance as in general Toronto tends to copy much of the American stock movements.
CMHC indicated that housing starts increased to 198,324 in May, up from 196,687 in April. Economists in general had expected housing starts to fall to 185,000. Instead the housing market continues to chug along.
Tonight’s market direction outlook for Tuesday also contains 4 stock trade ideas I was trying to implement on Monday and will continue trying to get fills on Tuesday.
TSX Market Direction Outlook for June 10 2014
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