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Technically Speaking - Patience...A market bottom is at hand |
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As mentioned in a market note distributed a week or so ago I was away at the beginning of September and this publication was not distributed. So in this letter I will try to catch us all up with recent market developments. With the close of the third quarter on Sept 30, the TSX recorded a 3 month pullback of 12.7%. It was a volatile and news driven period to say the least. From a technical analysis viewpoint the market was volatile but right on course.
For 6 months now the TSX has been correcting and clearing the path for the next upturn. This we expect to begin later this quarter or early next. The sell off by the market during the final weeks of September was and is consistent with that forecast. During this period key support levels for our market and other key commodities came under severe pressure. A decisive break of those key levels however, did not take place. This is important.
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