The sell-off on Monday did not break the trend for the TSX. The outlook for Tuesday was for stocks to move higher and they did by 58 points but stocks failed to recover all of Monday’s loss.
Retails sales rose by 0.8 percent in September led once again by auto sales. Auto sales have remained strong for months. The Canadian dollar finally move up by 0.29 of a cent to 88.87 cents US. A prediction by the Organization for Economic Co-Operation and Development forecast the Canada’s inflation rate by Spring 2015 will be up to 2 percent and the Bank of Canada will raise interest rates. They predicted rates would rise in May 2015.
Crude oil was back in the picture on Tuesday as OPEC meets to decide on oil production. Crude sold lower by $1.69 to $74.09 a barrel. My personal outlook is crude will eventually fall to around $65 a barrel but that’s just a prediction which is not based on any technical outlook.
The rest of this TSX market direction outlook article is for Canada Members.
TSX Market Direction Outlook for Nov 26 2014
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