Juggling Dynamite

CNBC’s Rick Santelli talks with Pimco’s Mohamed El-Erian, about the likely outcome of central banks’ “experimental” monetary policies: “Again today the numbers disappointed on the economic side, but instead of stepping back and asking why, they [Central Banks] are going deeper and deeper.” Here is a direct link.

I will be in Calgary Thurs and Friday speaking at the annual Cambridge House Calgary Resource Investment Conference. My keynote is Friday morning at 9am at the Calgary Telus Convention Centre. You can see more about the Agenda here.

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.