SYNOPSIS
All major indexes ended lower again last week. The trends for Canadian small caps (S&P/TSX Small Cap Index and S&P/TSX Venture Index) remain extremely negative. Even Nasdaq is now faltering.
ProfiTrend Portfolio… Our PTP annualized growth rate is now at 32%, down from the previous week. But that compares with -42% for the S&P 500 and -59% for the S&P/TSX Composite Index!
Seasonality… We continue our discussion of what October and November has in store as far as calendar effects go.
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State Street Investor Confidence Index… We include the September results once again. The current global index up to 123.9 in September, up 3.8 points from August’s revised reading of 120.1. 100 is considered the neutral point in the balance between risky assets (i.e. stocks) and low risk assets (i.e. bonds). The regional breakdown continues to favour European equities, contrary to popular opinion. Note that the overall numbers run contrary to everything you’ll see below in terms of the shorter-term outlook.
Topic of the Week… 2014 – Q3 Review – Part 2
Following up on reader requests, we have more coverage of Q3 results. It appears that some of you would have preferred to see individual quarters addressed separately, as opposed to the year-to-date format we prefer to use. That’s fine. We’re happy to oblige. In fact we’ve prepared separate charts isolating each of the first three quarters. It’s a good reminder how relative performance can change across broad indexes, sector indexes and US vs Canada vs globally.