The technical outlook for Friday for the Toronto Stock Exchange was for stocks to try to rally to the 200 day EMA but basically trend sideways.
The US dollar’s rise is continuing to pressure commodity stocks lower. Instead stocks opened the day higher and then trended sideways for much of the day.
Canadian investors were buying a variety of stocks on Friday, picking through the carnage of commodity stocks, but the move might be premature. If the US dollar continues to rise, commodity stocks will continue to be under pressure. Buying commodity stocks at the present time should be followed by the use of in the money covered calls to help protect against further declines as the US dollar shows no sign yet of ending its run higher.
The rest of this TSX market direction outlook article is for Canada Members.
TSX Market Direction Outlook for Nov 3 2014
FullyInformed Canada Members can login directly through this link to read the market direction outlook for the Toronto Stock Exchange for Nov 3 2014 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.
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