The Canadian market ($TSX) has been flat for the month. With a small burst in the first few days, the Canadian market is now only up 0.5%. That compares with the $SPX at 3.85% and the $NDX at 5.33%. While Canadians felt some relief by some rising resource stocks, they were still outperformed massively by the US markets.
One of the bright industry spots in the market still appears to be Gold mining. The XGD.TO opened lower today and rallied up to close back in the range of Monday. The zoom box on the right shows this.
Natural Gas ($NATGAS) is trying to break out of a slow down trend.
I covered off quite a few components of the overall market and the level of breadth available which is high. However, the current level of thrust is the highest on a weekly chart in 50 years. Hardly an area where just 'climb on' is a good strategy. The three areas of the market I am watching closely are precious metals, Natural Gas, and the Utilities. I explain more about the Utilities in the recording.
Canada Pauses Into 2018 With Greg Schnell 2018-01-16 from StockCharts.com on Vimeo.
One piece of news I am happy to share tonight is that the Stock Charts for dummies book that I wrote last year is newly available in e-book format like Kindle/Nook as of January 16th, 2018 ie. today! Woot Woot!
If you have the opportunity, I would appreciate if you could submit a review of the book and post it on the site you bought the e-book from. Thank you immensely for your interest and support!
Good trading,
Greg Schnell, CMT, MFTA
