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Strategies & Market Trends : Canadian Market Direction
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To: ddcox1 who wrote (27)6/23/1997 9:09:00 AM
From: Jan Johnstone   of 35
 
David, can't disagree with your views on the "duality" within TSE. I still believe TSE 300 is too heavily biased in favor of resource stocks, which does not reflect trends in the modern Canadian economy. The heavy emphasis on golds especially, has been a drag on the TSE rise. The other mining stocks should recover as we contiue to move into the later stages of the economic cycle.

What has been nice is the diminished volatility in the TSE relative to the DOW. I still feel overall, the TSE will move primarily with changes in US Fed Policy. The high unemployment rate suggests that the economy should continue to improve with a steady Fed policy, as should the TSE.

In the short term the TSE may weaken to the 6000 level, but should approach 6800 before the year is over. I see the Fed possibly tightening by the end of the summer, so things may not look so rosy then.

Any other calls ?

Jan
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