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:
In our previous Market Comment we concluded that "it is inevitable and normal that the S&P 500 will pullback and enter a more prolonged corrective period at some point." But not just yet....
Toronto finally may be about to declare whether it is going to end its multimonth correction or go lower to the mid-14,000s.
It is likely that the end of the summer rally is near. New York is slowing down and pulling back and a healthy multiweek corrective period is now possible. However the longer-term picture remains bullish and the recommended strategy is to purchase strong stocks on weakness.
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Ron Meisels