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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:

Both New York and Toronto have made major gains of over 7 per cent in the last 12 weeks. Conditions are developing to suggest that the current advance is nearing an end and that both markets may experience 2.5-to-4-per-cent pullbacks. While further new all-time highs are possible, short-term upside potential seems limited. We expect that a minor pullback will be followed by a reassertion of the major bullish trend.

Profit-taking in extended stocks and pruning of some positions should be considered, but investors should be ready to recommit funds to this bull market when the advance resumes.

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