The outlook for the Toronto Stock Exchange for Wednesday was for the TSX to exhibit some weakness but move up slightly. The morning open saw a negative start but by 11:00 AM the TSX was up to 15,226.31. That was the high for the day as stocks drifted sideways for the rest of the session and closed slightly higher, up 14.38 to 15,202.09.
The biggest jump came in the gold sector with a gain of 1.6 percent as gold rallied $22.90 an ounce to close at $1308.20, back above $1300.00 as tension rose in Ukraine.
The Canadian dollar was also up to 91.63 following news of a 2.5 year high in the trade surplus.
Barrick Gold Stock (ABX)
The only gold stock I trade is ABX Stock. Barrick Gold Stock closed at $20.05 today as it begins to look like the stock will move back to the most recent highs in mid-July when the stock reached $20.65.
Meanwhile my naked puts for August 16 expiry at the $19 put strike look set to expire as the stock jumped higher on today’s big increase in the price of gold.
ABX Stock to August 6 2014
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TSX Market Direction Outlook for August 7 2014
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