The outlook for the Toronto Stock Exchange for Monday was for stocks to continue higher but there was the possibility of some selling. I did not expect there to be much of a move lower so the drop by over 100 points during the day was a bit of surprise until you knew it was caused by a downgrade on dozens of resource stocks by Raymond James brokerage. Raymond James is a boutique type brokerage that prides itself on extensive research.
Their downgrade on particularly metals and mining stocks really caught investors by surprise. I couldn’t quite figure out why it took Raymond James so long to come out with their downgrade as the sell-off in metals has been extensively going for most of this year. Still the downgrade spun the index lower even though not all stocks participated.
However the TSX is heavily resource and finance reliant so naturally the drop in metals and mining stocks hurt the index today.
The rest of this TSX market direction outlook article is for Canada Members.
TSX Market Direction Outlook for Nov 25 2014
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