US Stock markets reach new highs plus RRSP deadline fast approaching

By Justin Turner CIM, DMS®, CFP®

Stocks keep pushing forward, with all of the major US indices making new highs.  If the new highs can hold we could see the market continue to perform well over the next couple months. However, historically the month of May usually marks the beginning of a seasonal decline in equity markets.  Whether this will apply to 2014 or not remains to be seen, but considering the run up in equities we have had, it would not be a surprise to see markets cool off by then.

Congratulations to the men’s hockey team for bringing home the gold once again!  It was a highly successful Olympics for Team Canada.

Just in case anyone missed it, the deadline to contribute your RRSP for 2013 is Monday March 3^rd.

Canada threatening top spot in the medal standings and new highs for the TSX

By Justin Turner CIM, DMS®, CFP®

Things couldn't be better for Canadians these days.  Canada just beat the United States in the Men’s semi-final and is threatening Norway for top spot in the medal standings which would be an amazing achievement and beyond anything thing most of us would have thought possible.  The men’s team will now try to take home gold just as the women did in their amazing comeback against the American’s.

The TSX has also done well, and looks like it could challenge its all-time high before the year is out if not sooner.  Amazingly enough, the TSX has been up every trading day in February except for the first trading session of the month.  Gold and oil stocks have lead the way but the strength has been across all sectors.  For the first time in a long time it feels like Canada is a great place to invest your money, although I cannot say the same for the Canadian dollar!

Market continues to rally with TSX poised to make new highs

By Justin Turner CIM, DMS®, CFP®

Stock markets around the world are continuing their rally and the threat of a deeper correction appears to be off the table. Weak job data on Friday got the ball rolling and Federal Reserve Chairman Janet Yellen’s testimony this week sent markets even higher.  Resources have also been rallying especially gold which has been moving up at a torrid pace over the last few sessions.  The numerous calls for $1,000 gold appear to have been premature, with gold breaking through 1300 looking poised to move even higher.

It is a good time to be Canadian!  Not only has Canada had a great start to the Winter Olympics (which will hopefully culminate with double hockey Gold once again!), the TSX has continued to outperform US markets in 2014, and it would not be surprising to see this outperformance carry on throughout the year.  It is definitely welcome after years of lagging our big brothers to the south.

US jobs report disappoints, but the market continues its comeback

By Justin Turner CIM, DMS®, CFP®

The United States had a disappointing jobs report for the second consecutive month, although weather could be partially to blame.  The unemployment rate did drop to 6.6%, but a large percentage of the drop has been due to discouraged workers giving up on their job searches and leaving the labour market altogether.  Fortunately the market brushed off the news and continued its rebound from a two week sell-off which had started to cause worry among investors and some analysts.  The Canadian jobs report was much better, and was a sharp reversal from last month’s horrendous report and the Canadian dollar has started to make up at least some of the ground it has lost. 

We will see if this rebound continues in the coming weeks, or if we are just experiencing a short lived bounce amidst a longer and deeper correction.  It does feel like the correction is over and that the market will continue its upward trajectory.