The outlook for the Toronto Stock Exchange was for the index to move higher again on Tuesday. The TSX closed up another 15.46 points which was interesting considering that many commodities pulled back on Monday. Gold pulled back $3.30 and crude fell 54 cents. Meanwhile Ottawa approved the controversial Northern Gateway pipeline with numerous conditions attached. Not at all unusual for government. This pipeline will move 525,000 barrels of bitumen daily along a 1777 kilometre stretch from Edmonton to Kitimat BC. From there tankers will transport it down the Douglas Channel to the Pacific Ocean. This is a bit of slap to the Keystone XL pipeline delay. The recent Iraq fighting has pushed oil prices well past $100 a barrel and shown again how important the Canadian oil sands are to help balance world supplies during difficult and often turbulent times.
TSX Market Direction Outlook for June 18 2014
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