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Correction may be near for TSX, but don't confuse this with a bear market
Posted on May 15, 2008
Despite the fact that the S&P/TSX composite index reached a low of nearly 12,000 almost four months ago in January, many are unconvinced that the bull market has resumed. They are waiting for clarity, says Octagon Capital technical analyst Leon Tuey, who warns that when the coast is clear, prices won t be where they are now. Nonetheless, in the short term, he thinks the market is approaching an overbought condition and a correction is near. Mr. Tuey suggests this will occur in June. But he insists that a correction should not be confused with a bear market. A correction, he says, i...
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