The Canadian banks are very interesting here.
Well, here is the dashboard.
The Financial services sector has been rising nicely. You may remember I compared the $SPTFS to the $SPX and we still underperform the $SPX with our financial sector, but it doesn't mean there isn't some money to be made.
The BNS.TO chart finally broke above the $54-$55 level that has been a ceiling for 9 months. Good news.
BMO.TO looks to be hanging just below that $60 resistance level.Can it finally break out?
CM.TO finally broke through $75, Consolidated at $75 to $77 and recently moved above that. Bullish.
RY.TO has been doing even better. It is testing last years highs. It sits about 5% below $61 level.
TD.TO is testing the 2011 highs right now. Bullish!
They are all trying to move higher.
But here is one more chart. Check out this bullish action. Higher highs, higher lows, already through the 2011 highs and has been up there for 2 weeks.Notice the SPURS are keeping pace with the $SPX. Really outperforming!
Now that's a leader!
Good Trading,
Greg Schnelll, CMT
