TSX Tests Downside & Buyers Appear


Author Larry Berman

Posted: 29 June 2012 re-posted from etfcm

The TSX tried to test downside support yet again yesterday and buyers showed up. It appears that at least for now, the energy (XEG, ZEO) and financials (XFN, ZEB) sectors have hit a minor bottom, which should mean the TSX has also hit a minor bottom.

Support for Europe’s banking sector should be viewed by the global market as a relief. This should stabilize the markets for a while or at least until we see Q2 earnings, which increasingly runs the risks of disappointment. We now look for a relief bounce back towards 12,000, but we would be very surprised if we were able to get much more.

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