Written by: Mike Simonato, Ontario Presenter: “Investing for the Long Term, presented to the Feb. 6, 2021 International Online Forum, you can watch by CLICKING HERE.
This week saw a lot of noise in the news, ie lots more talk of companies being hacked ie Canada Post, Microsoft etc. President Biden is still talking about doubling the tariffs on Canadian lumber and Costco warning about “Inflation Abounding”. The current projection is 3.1%
Here is what I watched.:
Gold had a strong reversal day Friday and closed above $1900 per ounce
$CDN failed at the 83 cent level but the bulls came back to life after a mid-week sell-off to finish the week at 82.88 cents so maybe in time will break the key 83 cent level
S&P 500 sold off into the close, indicating a reluctance of traders to hold over the memorial day weekend.
So with the USA Mkts closed, don’t expect much on Monday but watch close from Tuesday onward.
VectorVest gives us 5 World Markets The consensus is 3 are still urging a degree of caution whereas 2 are looking strong.
USA: C/UP on Wed as expected
DOW JONES: Broke out of the channel Friday but weak candle and weak vol likely due to upcoming holiday weekend
NASDAQ: Still continues in large wedge pattern Currently in the middle of the pattern
S&P 500: Broke above resistance but again no real strength and sold off into the close
MKT TIMING: Again weak candle but everything is rising and heading to the most recent high
Read Views, Strategy
CANADA
PTSE: Still continues a beautiful uptrend with big vol on Thursday
VENTURE: Still nothing until I see it break above the 79SMA on strength
MKT TIMING: Hit new high on Friday with everything rising nicely. MTI broke Trend Line on Friday
Read Views and Strategy
EUROPE: Read Views and Strategy
BRITAIN: Read Views (Perhaps a safer version of the 3&8&20), Strategy
AUSTRALIA Read Views (applies to Nov 2020 International Forum), Strategy
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