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Market Action – Nov. 21/2012
By Allan Barry Laboucan
The major markets did well today, with the Dow, S&P 500 and Nasdaq up nicely. The market in general right now is very cheap, there are signs from retail, housing, auto sales that are suggesting the US economy is gaining strength which will make stocks even cheaper. I have a bullish outlook for the major markets well into 2013. The Toronto Stock Exchange and TSX Venture were also up today, they are great indicators of what is going on with resource companies, from the small explorers to the large producers.
I’m very bullish on gold, silver, oil, copper, diamonds, and uranium, and follow the Toronto markets as they give a good sense of what is happening with sentiment for resource stocks that are focused on these commodities. The Toronto markets bottomed during the summer months after going through a downswing, and then started to get stronger in September, but in past couple weeks got oversold on a short term basis. Although the prices of the various commodities I’m bullish on are doing well, the resource stocks are lagging far behind, and are ready to start playing catch up. Whenever an entire sector of stocks are being under appreciated, it is always a good sign that they are trading on fear not reality, and it is even a better sign that the turnaround is near.
2012-11-21 21:02:55
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