By Justin Turner CIM, DMS®, CFP®
Stocks have gotten off to a rough start so far in 2015 and the 'January Effect' is nowhere to be found thus far. Energy has continued its slide with crude falling below $48 dollars a barrel today, a level unimaginable only 6 months ago. This of course has had a significant effect on the TSX which fell another 145 points today after falling a whopping 2.5% the day before.
It hasn't been just energy names that have suffered as financials everywhere were hit hard today including Canada's big banks which fell about 1 - 3% on the day. Gold continues to benefit from market turmoil and was up 1.3% on the day. As a result materials stocks moved sharply led by gold stocks highlighted by Goldcorp's 8.1% move on the day.
It remains to be seen if things will turnaround in the near term or if we are in for a rough 2015. Many experts are predicting smaller gains and more volatility in 2015 and sentiment appears to be more negative than it was to kick-off the previous year.
