The Canadian and U.S. markets closed strong this week. There was a bit of weakening on Wednesday, but some big moves for Microsoft and Amazon last night helped the NASDAQ as well as other tech stocks. The energy sector just had a strong couple of days which helped the rest of the market.
A lot of Canadian oil stocks were in play today. Here are a few:
The charts for these either had good daily, weekly, or monthly charts – but none of them had great setups on all three of these timeframes. I decided to take a look at a couple of the energy ETFs, the HOU.TO and XEG.TO.
While it looks like the recent surge could take the sector higher, I checked to see if there is room to move up. The bullish move had already started in September, now nearing previous resistance as marked off on the charts. If the sector moves sideways a little longer with more buying and less selling, it could result in a more substantial move up.
This weekend, as you attend your costume parties and chat about the markets with your friends, try not to get too swept up in all the hype. It’s tempting to get really excited over all the market action that’s happened in the last while. Before you start buying up tech and energy stocks, watch how the market digests this over the next week or two.