The technical outlook for Monday for the Toronto Stock Exchange was for stocks to show signs of weakness and fatigue and possibly even turn lower. I tightened the stop-loss on the market direction portfolio but was not taken out. At the end of the day I was surprised at the strength of momentum climbing to the upside.
Gold stocks did well as gold moved up 5.70 to $1244.70 US.
Bank stocks started the day weaker but moved higher into the afternoon.
Valeant Pharmaceuticals reported earnings of $718.8-million or $2.11 per share, which was 11 cents ahead of forecasts and they raised their 44th quarter outlook and revenue growth for 2015. Shares rose $5.30 to $140.74.
Rogers (RCI.B) which is one of the stocks I actively trade, gained 1.39 to 43.67 as they announced a teaming up with Netflix to show the series “Between”. At the close of the day today the TSX is now down 9% from the September all-time high.
Here is the market direction outlook for the TSX for October 21 2014. The rest of this TSX market direction outlook article is for members.
TSX Market Direction Outlook for Oct 21 2014
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