Canadian TSX update

Big picture charts offer some helpful perspective on where we are at after the wild jolts of taxpayer-funded capital injections the past few years. Canada–hardware store to a world where 82% of manufacturing data is now contracting–continues to look weak and vulnerable. We can also look forward to a more normal cyclical recovery in stocks (note the slower, steady price action from the bottom in 2002-03 until the credit mess blew in 2006) one day once central banks stop flooding and let slow demand find its own organic level.

Source: Cory Venable, CMT, Venable Park Investment Counsel Inc.