The outlook for the Toronto Stock Exchange for Friday was mixed with the US dollar dominating. If the dollar continued to rise I was expecting stocks to fall back to 14700. If the dollar fell, then stocks most likely would advance.
On Friday the Canadian dollar had one of its stronger days rising 0.78 of a cent to 88.68 cents (US) on the back of better than expected Canadian manufacturing numbers. Stats Canada indicated that manufacturing sales were up 2.1 percent in September to $53 billion which followed a sharp 3.5 percent decline in August.
In the USA consumer confidence numbers hit the highest levels since 2007 and retail sales moved back up 0.3 percent. The retail sales number basically negated the numbers from September which were down 0.3 percent so basically retail sales were flat, but at least not falling. This seemed to jump start oil which rose $1.61 to $75.66 (US) a barrel. This brought about a jump in energy stocks which boosted the TSX. Meanwhile gold rebounded a hefty $24.10 to $1185.50 an ounce (US) which boosted the gold stock sector. All of this pushed the TSX higher by 64.33 to $14,843.10.
The rest of this TSX market direction outlook article is for Canada Members.
TSX Market Direction Outlook for Nov 17 2014
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