34 ordspråk av Elvis Picardo
Elvis Picardo
Over the past few months, we've seen these concerns about Iran and Nigeria. We've seen them rise and fall and today was a day when those concerns were predominant.
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Overall, fourth-quarter earnings growth will be weak because the economy has slowed much faster than people had expected.
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Overall, the market is looking for some direction ahead of Cisco, which is going to affect the market greatly tomorrow. Investors are being cautious ... It's a wait and watch approach.
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People are still paying a lot of attention to the data. I would not say investors are being bearish. But they are taking profits when they can.
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That is a factor that has helped sentiment today. Canada is a prime target for many overseas buyers because we are so strong in energy and commodities, and the valuations are definitely lower than the U.S.
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The action this week does indicate that the recovery horizon has been pushed out further. Investors are now pushing the horizon into the next year or perhaps even after that.
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The broad recovery is a good sign.
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The fact that the Wednesday rally was not sustainable is a cause for concern. It shows that the market does not want a short term solution. Much of the reaction was euphoric.
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The financial services sector is especially strong because interest rates are stable and the economy is growing at a good pace.
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The market tried to race higher ahead of those results, but there was still uncertainty as to what Cisco would say about future quarters.
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This has been a fairly volatile month for the TSX, and today is no exception.
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This is just a normal, healthy bout of profit-taking. It's been a one-way street since the October lows and the index was up close to 20 per cent in that time.
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This rally looks sustainable because the gains are smaller. It is not like you have a 250-point gain in one day, which is hard to keep up.
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Today's charge has been led by the usual suspects: energy and commodity stocks, which is not surprising giving gold prices... and crude oil closing at its highest ever.
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Transportation stocks have had a tremendous run in recent months despite high energy prices, so it could be that investors are taking some profits off the table here.
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