The Canadian TSX Index pushed up to 14,700 today for its third pass at the all time high reached last summer. The question for the week is whether buying momentum will now be sufficient to break through to a fresh up leg on convincing volume or whether this time will prove a triple top formation acting as resistance as it did in July and November. Only time will tell.



The main drivers this morning were oil and gold. But oil did a major about face and fell mid-day after a stream of negative economic data underlined that slowing growth and spiking inflation are inflicting economic stress around the world. The on-going "disconnect" between recently soaring equity markets and relentlessly plunging economic data is nothing if not striking.

Today the Organization of Economic Cooperation and Development (OECD) warned that the composite of leading economic indicators (CLI) show the economic downturn in the US is truly going global. See OECD warning as stagflation goes global.   more »