Today the Canadian stock market is down about 2% and offers a glimpse of what happens following weak market internals, once the last prop of support–the financial sector–finally caves too. Today financials are down about 1.5%, following the lead of the Materials, Energy, Metals and Mining sectors that have all been falling since 2011. Key support level to test for the Canadian broad market is marked below at 11,000. Where is all that promise of sector diversification stuff when you need it? Good question to ask the long-always crowd as they fastidiously shuffle deck chairs on sinking ships.
Chart Source: Cory Venable, CMT, Venable Park Investment Counsel Inc.
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