Hudson Bay Minerals [HBM_ca] follow through above 12.50 would confirm a primary up-trend.
21-Day Twiggs Money Flow holding above zero indicates buying pressure, while recovery of 63-day Twiggs Momentum above zero suggests a primary up-trend.
Canada TSX: Potential breakouts
Most interesting of the stocks on my Potential Breakouts screen (Incredible Charts #48895):
Canada TSX: Top Momentum stocks
Interesting new stocks on my Top Momentum stock screen (Incredible Charts #48894):
Northern Graphite (daily chart)
Atna Resources (weekly chart)
Connacher Oil & Gas (weekly)
Imperial Metals (weekly)
Canada: TSX 60 breakout
The TSX 60 broke through resistance at 720, signaling a primary up-trend. Recovery of 63-day Twiggs Momentum above zero strengthens the signal. Expect retracement to test the new support level, but target for the advance is 790*.
* Target calculation: 720 + ( 720 – 650 ) = 790
Nasdaq approaches 2650 target, S&P500 finds resistance
Nasdaq 100 index is approaching its target of 2650*. Expect retracement to test the new support level at 2400. Respect would confirm a strong up-trend despite the lower high (bearish divergence) on 13-week Twiggs Money Flow.
* Target calculation: 2400 + ( 2400 – 2150 ) = 2650
The S&P 500 encountered short-term resistance at 1370, indicated by declining 21-day Twiggs Money Flow, but the primary up-trend appears healthy. Retracement that respects support at 1300 would signal trend strength — even better if we have a narrow consolidation below the resistance level.
* Target calculation: 1300 + ( 1300 – 1150 ) = 1450
Canada’s Household Debt Is Rising – WSJ.com
OTTAWA—Increased household debt in Canada, underpinned by rising house prices and low interest rates, poses a key domestic risk to financial stability, the Bank of Canada said on Thursday.
The finding, contained in the central bank’s quarterly economic review, was the latest in a series of warnings from economists and Canadian officials that high consumer borrowing has emerged as one of the economy’s biggest risks. Household debt stood at over 150% of personal disposable income as of the third quarter of last year, the report noted.
Aussie Dollar and Canada’s Loonie encounter resistance
The Aussie Dollar is testing short-term support at $1.06, the lower peak at $1.08 warning of selling pressure. Breach of the secondary rising trendline (and support at $1.06) would warn of a correction to the long-term trendline around $1.02. Recovery above $1.08, however, would signal a fresh primary advance with a long-term target of $1.20*.
* Target calculation: 1.08 + ( 1.08 – 0.96 ) = 1.20
Canada’s Loonie continues to consolidate below $1.01 on the weekly chart, while 63-day Twiggs Momentum crossed to above zero, indicating a primary up-trend. Breakout above $1.01 would confirm, offering an initial target of $1.06*.
* Target calculation: 1.01 + ( 1.01 – 0.96 ) = 1.06
Both the Aussie and the Loonie are strongly influenced by commodity prices. If the CRB Commodities Index breaks resistance, expect both currencies to follow — though Canada will benefit more from higher oil prices.
Canada: Potential breakouts
A quick follow-up on the three stocks mentioned earlier in the week.
You can run the screen yourself on Incredible Charts:
- Open the Stock Screener
- Click the Shared tab
- Click the Edit link next to #48895 TMX Potential Breakouts
- Review the filters then click the Run Screen button.
Here is what to look for:
Husky Energy (HSE) broke through resistance at 26.00. 63-day Twiggs Momentum oscillator rises above zero, confirming a primary up-trend. 21-day Twiggs Money Flow holding above zero indicates buying pressure.
Crew Energy (CR) broke resistance a few weeks ago and is now retracing to test the new support level. Respect of support would confirm the primary up-trend.
Bank of Nova Scotia (BNS) is testing resistance at 55.00. Breakout would confirm the strong buying pressure and 63-day Twiggs Momentum recovery above zero.
Canada: TSX 60 and potential breakouts
The TSX 60 index is consolidating in a narrow band between 700 and 715. Upward breakout is likely and would signal a primary up-trend. Recovery of 63-day Twiggs Momentum above zero would strengthen the signal. Target for the initial advance is 790.
* Target calculation: 720 + ( 720 – 650 ) = 790
A screen of stocks with low Momentum but high buying pressure, as indicated by 21-day Twiggs Money Flow, reveals a list of 93 potential breakouts (after filtering out stocks with daily Value/Turnover traded of less than $1 million). Husky Energy [HSE], Crew Energy [CR] and Bank of Nova Scotia [BNS] are three that look interesting.
QE3 – Wall Street’s biggest fantasy? | WSJ.com
WSJ.com – Mean Street
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Steven Russolillo discusses the prospects of another round of quantitative easing by the Federal Reserve based on recent comments by Dallas Fed Chief Richard Fisher.