Thanks for all who listened in on Tuesday's webinar. I have had requests coming in this morning for the charts, so I thought I should post them quickly.
Bear signal continues on the $BPTSE. Two-year lows in Canada today.
World's best demographic market, India, breaks a 12-year trend line. MACD rolled over at zero on a weekly chart.
$LUMBER breaks out now that the lumber treaty with Canada ends. This might not be bullish for Canadian Lumber stocks, but it should be for American lumber stocks.
$NYHL chart looks like 2007, not like 2011.
The Canadian Market looks very weak. This is a picture of the high-lows with the data set to invisible, just showing the moving average. The fact that the $TSX is making new 2 year lows is concerning as in 2011, it never did make 2-year lows on the index.
This chart demonstrates the importance of the 13000 level.
Nothing on this chart suggests now is the time to buy energy.
A week after the Canadian banks reported earnings the stocks sell off. RBC.TO announced the largest annual profit ever of $10 Billion. It doesn't appear to matter. Failing at the 40 WMA.
The Canadian market components are really starting to unwind as the $CRB continues lower below the 40-year trend line. Here the industrials are plummeting away from support. After breaking below in July, they bounced back up to test support/resistance from the bottom and failed to break through. This does not have far to go to make 2-year closing lows.
Canada's Utility sector breaking below 5-year support again.
The Income Trusts don't look strong here. $RTCM
Here is Canadian Real Estate. I continue to be cautious on the sector contrary to escalating prices in Vancouver and Toronto.
Saving the most beaten up for last, the Metals and Mining Index continues to cycle lower. The index, yes the index, is down 80% from the highs.
The US indexes are moving sideways and the momentum seems low. I'll cover off a lot more on Thursday's webinar on Commodities Countdown including US indexes. You can register for that webinar by following this link. Commodities Countdown 20151210.
I made a mistake trying to record Tuesday's webinar, so there is no recording. I'll try and make sure the recording works on Thursday!
Good trading,
Greg Schnell, CMT
