Gold Went Ballistic, Is S&P/TSX Next?
That chart I posted this morning about gold proved all too prescient, as the yellow metal blasted off the launch pad. The Red-Hot Canadian Small-Caps portfolio did very well today.
Yesterday, I posted about the S&P/TSX index -- how it was at a make-or-break point. If you think the action in gold was good for the big Canadian index, you're correct, but it's still not out of the woods.
What the S&P/TSX needs to do is push away from that green line (which shows price support) and I'd be much happier if it closes above the 50-day moving average (the dotted blue line). Cross your fingers and hope for the best.
Mining stocks had a rip-roaring day, Energy and Agriculture stocks continue to do well, and defense stocks are looking very strong.
P.S. Red Hot Resources subscribers, you should have hit Profit Target 1 on Valero today. You already moved your stop above your entry, so not much to do there. Look for a new issue Friday morning.
Yesterday, I posted about the S&P/TSX index -- how it was at a make-or-break point. If you think the action in gold was good for the big Canadian index, you're correct, but it's still not out of the woods.
What the S&P/TSX needs to do is push away from that green line (which shows price support) and I'd be much happier if it closes above the 50-day moving average (the dotted blue line). Cross your fingers and hope for the best.Mining stocks had a rip-roaring day, Energy and Agriculture stocks continue to do well, and defense stocks are looking very strong.
P.S. Red Hot Resources subscribers, you should have hit Profit Target 1 on Valero today. You already moved your stop above your entry, so not much to do there. Look for a new issue Friday morning.
Check out my new gold and energy blog at MoneyAndMarkets.com
posted by Sean Brodrick @ 4:32 PM
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