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Chart Watch: Correction overdue, but underlying up-trend remains

Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:

The current dynamics of this bull market are "how high is high" and "can overbought markets become even more overbought?" The bull has been relentless since early November.

But there are warning signs that the risk/reward balance could shift over the next few weeks. A period of profit-taking is very possible.

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Good opportunities to add attractive stocks to portfolios may emerge over the next few weeks.

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About the Author
President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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