Canadian bank stocks continue to move higher on better than consensus fiscal first quarter earnings and anticipation of other banks beating estimates. Bank of Montreal was the trigger today with earnings of $1.13 versus consensus of $1.03. Two more Canadian bank stocks broke resistance this morning, Commerce Bank and National Bank.<\/p>\n
The TSX Financial Services Index has a history of outperforming the TSX Composite from the end of February to the end of May. During the past 10 periods, the TSX Financial Services Index has gained 5.46% per period (plus dividends) versus a gain of 5.09% per period for the TSX Composite Index.<\/p>\n
On the charts, the TSX Financial Services Index broke above resistance at 177.76 this morning and is testing its September 2009 high at 181.93. Current intermediate upside potential on a move above 181.93 is to 203.<\/p>\n
Technical action by S&P 500 stocks remains positive. Another eight S&P 500 stocks broke resistance this morning including Akamai, Allstate, Colgate, DirectTV, DaVita, Patterson Dental, Public Storage and Sigma Aldrich. No S&P 500 stocks broke support.<\/p>\n
Comments offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. An attempt to provide accurate data has been made, but accuracy is not guaranteed.<\/p>\n
Don Vialoux is a research analyst for JovInvestment Management Inc. All of the views expressed herein are the personal views of the author and are not necessarily the views of JovInvestment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by JovInvestment Management Inc<\/p>\n
More comments are available at www.timingthemarket.ca <\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Canadian bank stocks continue to move higher on better than consensus fiscal first quarter earnings and anticipation of other banks beating estimates. Bank of Montreal was the trigger today with earnings of $1.13 versus consensus of $1.03. Two more Canadian bank stocks broke resistance this morning, Commerce Bank and National Bank. The TSX Financial Services […]<\/p>\n","protected":false},"author":4060,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-380133","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/380133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4060"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=380133"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/380133\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=380133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=380133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=380133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}