The mining sector continued to pull stocks lower along with a general decline in the financial sector. Both are understandable as the Ukraine crisis eases and manufacturing activity in China while good, continues to place less pressure on supplies of base metals. Most base metals have had a good run, such as copper and the pull back is not unexpected.
Meanwhile in the financial service sector almost all the banks pulled back after their significant run-up over the past several days as investors anticipated strong returns for the quarter and they were not disappointed. Only National Bank, the smallest of the big banks in Canada, turned in a poor performance. On Thursday we get the quarterly results from the last bank to report, CIBC.
Gold continued to slip again today dragging the gold sector lower by 1.6 percent. In general holding gold stocks for appreciation is, I believe, a very poor strategy for growth. Gold stocks in general are meant to be traded against both in stock and option trades.
With just 2 trading days left in the month before we enter June, let’s see what might be in store for the TSX.
TSX Market Direction Outlook for May 29 2014
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