I've never met a metaphor I didn't like. I was reminded of this after hearing from an old Bay St. friend this week - (sorry, DM, but you are old now). The Goldman Sachs market note he sent used the term 'beachball underwater' to describe the current state of the stock market. I was cited by my pal as the originator of the term, despite the lack of any confirming evidence. I probably heard it from somebody else back in the early part of my career. It was perhaps an ex-floor t

You may be asking - What dip? Last week, I posited the possibility of a shallow dip. We got one - sort of, unsatisfactory as it was. But it did exhibit all the necessary attributes. Sentiment declined sharply. The VIX spiked. Bonds outperformed stocks. Financial fraud made front-page news. All that this correction lacked was magnitude. The market is undefeated when it comes to confounding the consensus. The seasonal weakness was pretty temporary. Earnings are now back in the

Having watched prices surge this year, investors might be wondering what gold is saying. Is it higher inflation expectations stemming from tariff-induced price hikes? Is it the threat of regional conflicts spilling over into global wars? Is it the de-globalization of trade creating demand for alternatives from foreign central banks? Is there rampant profligacy of government spending as populist policies expand debt-to-GDP ratios? Answer: a) Yes. ___

This market is so over. I'm not sure what the catalyst is, but the exhaustion phase is here. Canada's most-watched index, the TSX Composite, is the most overbought it has been in the last 20+ years (chart below), relative to the 200 day moving average. So what are you guys waiting for? A bell never rings at the top or bottom. Most turning points creep up on you without warning. XIU ETF % Above 200 DMA Additionally, there is a lack of volume confirmation in conjunction with th