The outlook for stocks on Tuesday was for the Toronto Stock Exchange to continue to climb higher. The TSX followed through and closed at yet another all-time high. As members recall, the 10 day chart I have been analyzing showed that the TSX needed to move to another new all-time high to confirm a move higher still for the Toronto Stock Exchange. Stocks provided that follow through on Tuesday.
Canadian National Railway (CNR)
CNR stock helped with today’s rise and better than expected earnings pushed the stock to close up $1.44 to $74.39. As members recall, this was a trade alert for a short-term pop in the stock on July 18 when I bought shares for $72.02. The trade was based on the transportation sector itself which continues to show exceptional growth. CP Rail moved higher today as well, closing up another 1.06% to add $2.22, to close at $211.93. In the US, the Dow Transports closed at a new all-time high on Tuesday signaling continuing growth in the economy despite the growing number of analysts who are calling for a sharper correction in the transports.
The Bollinger Bands are widening as you can see in the chart at present which signals a continuation of the uptrend in CNR Stock. That may indeed continue but the stock has had a terrific run up so remember the stop-loss strategy being used on CN Stock. Members can review the CNR Trade and stop-loss being used from July 18 here. The Canadian Portfolio is already up over 20% since the start of the year and is getting closer to rivaling my US Portfolio. I am updated the Canadian Portfolio over the coming days to reflect all trades done to date on the Toronto Stock Exchange
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TSX Market Direction Outlook for July 23 2014
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