The Canadian Stock Market for Wednesday June 29 was for the TSX Composite Index to continue to rally.
The TSX Composite Index did rally, pushing higher Wednesday than on Tuesday and gain 194.05 points by the close of the day.
TSX Composite Index Rises 194.05 Points
The TSX Composite Index rally on Wednesday saw the TSX Composite Index break through the 14000 level by 10:00 AM. That set the tempo. For the remainder of the day the TSX Composite Index stayed above 14000.
TSX Composite Index Chart
The break above 14000 at 10:00 AM, sent the market sideways but not back lower. For the next half hour the index trended sideways as investors tried to decide whether the index would hold above 14000.
When it did, investors bought more heavily and sent the TSX Composite Index to a morning high of 14057.97 which ended up being the day’s high. A dip over the lunch hour sent the index back near 14000. That dip though, was seen by investors as a second chance to jump into stocks. Many investors have missed this rally, so the dip over the lunch hour was seen by many as a possible “last chance”. The index moved higher for the afternoon but never regained the mid-morning highs.
The TSX Composite Index closed the day at 14036.74 up 1.40% for a gain better than Tuesday’s.
Nine of the TSX index’s 10 main groups rose with only consumer staples stocks pulling back. Energy stocks rose almost 3 percent as a possible strike in Norway coupled with larger-than-expected weekly drawdown in crude inventories by the USA sent crude rallying.
In financials, Canadian Imperial Bank of Commerce stock (CM) dropped 2.6 per cent to $97.92 after announcing it would buy Chicago-based PrivateBancorp Inc in a cash-and-stock deal for $3.8-billion……………the rest of the Canadian Stock Market Outlook for Tomorrow is for members.
TSX Composite Index – Canadian Stock Market Outlook for June 29 2016
FullyInformed Members can log in through this link to read the latest Canadian Stock Market Outlook for tomorrow for the TSX Composite Index or they can sign in to the full members site here. Non-members can join here or review the benefits of a membership.
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
Ask A Question About A Trade You Are In