The outlook for Monday was for little change in the market direction outlook. The move was to be sideways with a bias lower. Instead the jump in US equities was enough to get investors back buying Canadian stocks. In general however the rise in the TSX gave way in the afternoon as stocks sagged and at one point stocks were up only marginally. This lasted most of the afternoon. The collapse came with a plunge of $30.70 in gold prices which stunned many gold enthusiasts. Let’s look at the intraday action for July 14 2014.
TSX Intraday Market Direction for July 14 2014
The earnings from the Citigroup were enough to enthuse investors. The start of the quarterly earnings season has been decent and at present with just a handful of companies reporting, seems to be supporting the belief that stocks will surprise to the upside with revenue and earnings. With many investors believing this to be the case, stocks pushed up at the outset and the TSX easily reached 15180 and trended along that height until around 11:00 AM. At that point stocks began a slide. Copper fell 2 cents but gold tumbled $30.70 to $1306.70. This caught most gold enthusiasts by surprise. Gold had been climbing over the past several weeks and most analysts had called for gold to easy reach $1400 an ounce. With miners down, the afternoon saw stocks drift just barely positive. The last hour though saw investors step back into stocks and a quick recovery managed to push stocks to $15,171.23 at the close.
The TSX Intraday 1 minute chart for Jul 14 2014
The afternoon plunge assisted in creating a number of opportunities for trades for Tuesday. Before discussing them, let’s look at the 10 day chart once again. The rest of this article is for members only.
TSX Market Direction Outlook for July 15 2014
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