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fib_1618

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Reply with quote  #1 
In an effort to include a more intermarket view of things, included in this weeks series of charts are those from the Toronto Stock Exchange and its secondary market as measured by the TSX Venture Exchange. With the Canadian economy having a high correlation factor to that of the commodity asset class (energy, mining, agriculture, and logging), along with the currency factor that drives this country's "assets", the analysis provided should provide the insight needed of when an appropriate switch in allocation to this same area would be warranted in the future.

With that said, the charts are now up, and can be reviewed by clicking here.

A happy and prosperous new year to one and all!

Fib

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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

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“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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mortiz

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Reply with quote  #2 
Fib,

Thanks for the weekly update, and particularly the addition of the Canadian internals. A couple years ago, Chris Wood (whipsaw101) and I with the assistance of Tom McClellan, received some Canadian market breadth data from Ian McAvity.  Ian commented at the time the Canadian markets are filled with penny stocks, which is evident in both AD lines... looks a lot like the Nasdaq AD line, and exactly like the 1000 smallest cap stocks' (rated by Russell) AD line.

Perhaps another addition to the cumulative charts suite could be the FTSE breadth data.  First the FTSE AD line.



The FTSE AD McSum has a similar pattern to several US indices' AD McSum, except the FTSE AD McSum was able to probe above its zero line in September.



The FTSE AD MCO exhibited a powerful move in early November, and following a simple structure below its zero line in mid-November, has been able to bounce from its zero line throughout December.  However, the congestion pattern is now over a month old, and congestion patterns sooner or later fall apart to the downside.



FWIW

Randy
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gelfgelf

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Reply with quote  #3 
merry christmas dave and a happy and healthy new year

dave
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fib_1618

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Reply with quote  #4 
Quote:
Ian commented at the time the Canadian markets are filled with penny stocks, which is evident in both AD lines... looks a lot like the Nasdaq AD line, and exactly like the 1000 smallest cap stocks' (rated by Russell) AD line.

Thanks for the input Randy, and the FTSE data as well.

Before I decided to post this new array of information, I took the time to review the longer term A/D structures of these basket of stocks and came to the same conclusion...lots of small caps and start ups that live and die by the degree of monetary stimulus that's within the system at any given time. In fact, the Venture Composite (CDNX) is basically made of the issues that used to trade on both the Vancouver and Alberta stock exchanges that have a heavy weight in many precious metals penny stocks.

With that said, and given the high degree of cheap money that's been introduced into the global economy, my decision to add this data now was based more on a "sensitivity" factor to any inflationary factor that we might see later on down the line if and when a sufficient amount of levees are repaired enough to allow such residual outcomes such as the 2003/2004 period. What the longer term charts also point out is that the volume data becomes more important than that of breadth when it comes to this specific analysis, so there will be a bit more due diligence involved in finding exactly which issues are being supported from those who are likely to be more indifferent to this same economic stimulus.

We'll see how the study goes - hopefully it will become advantageous, especially to our Canadian friends, and maybe it will also compliment (reinforce) the precious metals A/D data shared each week for everyone's benefit.

Fib





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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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