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TSX on the fast lane to 14,000 as technical indicators all turn positive

FRANK GUNN/THE CANADIAN PRESS

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 text is excerpted from the report:

The market has not only shown an impressive resilience during the political commotion but has also responded well to the forces of a new cycle. It all bodes well for the market going into the festive season.

Some back-and-forth activity is still an option for a while, as the new 105-day cycle evolves, but technical and cyclical evidence points to higher targets for both New York and Toronto. The latter, in particular, should take over the bullish torch from its U.S. counterpart and run with it until the end of this bull market.

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Investors, however, shouldn't stay complacent. It is time to review portfolio holdings very carefully. Take profits in some tired names and inject some fresh blood into portfolios. ....

Technical Indicators (for the S&P/TSX composite index) are all positive. All major Moving Averages are rising; the short-term moving average convergence-divergence (MACD) and the stochastic indicator have just produced buy signals. The S&P/TSX Composite Index had a major breakout. The decisive move above the 13,000 level is putting the Index on the expedited route toward 14,000 and higher.

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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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