Friday, May 19, 2006

Broad correction on TSX

The TSX suffered considerably this week as the fear of a commodity blowout sent many investors to the exit. As a sample of this broad selling the Stock Trends distribution of Bullish stocks shifted considerably toward Weak Bullish. The S&P/TSX Composite, the big cap S&P/TSX 60 Index, as well as the S&P/TSX Midcap and Smallcap Indexes all lit up us Weak Bullish this week. Most telling of the breadth of the selloff is that 28% of trending stocks are now Weak Bullish. This is an important moment for the TSX as investors will look for a signal that the commodity cycle, while partially deflated, is still in swing.
Bulls & Bears graph

Thursday, May 11, 2006

May begins TSX symbol changes

Yes, the Toronto Stock Exchange has begun its about-face on the symbol extensions it introduced in 2004 - the ones that denoted specific subordinate, non-voting, restricted-voting, and multiple voting stocks. Stock Trends must endeavour to manage these changes again. The schedule for these symbol changes is published by the TSX at

Monday, May 08, 2006

BlackRock jackpot

It has been a long and joyful ride for BlackRock Ventures (TSX:BVI) shareholders, but today caps off the bullish trend with a cherry. Shell Canada has made an offer of $24 share for BVI, putting the buyout at $2.4-billion. The stock jumped on the news today and is now trading at $23.75, up 26% from Friday's close. Stock Trends followers will remember BVI's breakout in early 2005 as the stock was a Pick of the Week and a Stock Trends Portfolio buy on January 13, 2005 (at $8.80). That trade was stopped out at $9.22 on some volatility, but BVI has remained bullish through the stocks rallies and retreats. For those that stuck with BlackRock there is good reason to celebrate today.

Friday, May 05, 2006

Potash Corp turns bullish

Although Potash Corp. (TSX:POT) was playing with a trading range as it recovered from its bearish trend in the later half of 2005, the stock is showing signs of moving past resistance at $115. The secondary trend line for POT has moved above the long-term trend line, an event signalled by the Stock Trends Bullish Crossover. The newly Bullish stock is currently out-performing the S&P/TSX Composite by 9% over the last quarter and could be poised for a summer move.