Year end brings many things. A great time to enjoy family and friends. A great time to enjoy a good book. A great time to set goals for the year ahead.
I wanted to take this opportunity to say thank you for reading the blog, for following the market through the charts and for those of you who sent suggestions back to me. The blog is a communication channel and communication is best with quick feedback.
After 10 very tough turbulent quarters, the $TSX was finally able to break out above a 24 month ceiling in the 4th quarter. This price action makes it easier to have confidence that something is changing.
This chart makes for a positive finish on a market full of side currents. While the aviation sector takes off, the telecom sector has a few hang ups and the pipeline companies did a lot of talking. The rails struggled with numerous issues including Le Megantic, the floods and the derailments, but the stocks were not derailed. The oilsands companies continue to work to improve the environmental impact, and continue to expand. However the oilsands stocks really couldn't get momentum. The gold sector could not find a bottom, and a broad array of miners had trouble making headway. The financial sector continued to enjoy the upside push in the market. We really need to keep investing in the church of what is working now with this splintered market.
Hopefully we'll find stronger ways to communicate that through the charts this year. Enjoy the holiday season.
Good trading,
Greg Schnell, CMT
