Mohican is doing a quiet little cheer this Thursday as markets around the world, overvalued by many measures for a while now, are coming back down to more prudent valuations this week. I don't take pleasure in losing money or my client's money but I have had money on the sidelines now for many clients and the satisfaction of protecting them from this market correction is fantastic. It will also provide us with some great buying opportunities once the dust settles.
The TSX is down over 6% on the week so far as the resource and financials heavy S&P TSX Composite Index is feeling the selling pressure. The US markets and overseas markets are declining even more. Emerging markets and especially Latin American markets are being hit the hardest. The Brazil and Mexico stock indices were down over 5% today alone.
All in all, the Canadian market is fairing better than other world markets although it never reached the same lofty valuations as many others - especially those emerging markets. In contrast, with the TSX Composite down nearly 6% on the week the Canadian Value Index is down less than 5% indicating that, even over short term corrections, value is the safest place to be.
The TSX is down over 6% on the week so far as the resource and financials heavy S&P TSX Composite Index is feeling the selling pressure. The US markets and overseas markets are declining even more. Emerging markets and especially Latin American markets are being hit the hardest. The Brazil and Mexico stock indices were down over 5% today alone.
All in all, the Canadian market is fairing better than other world markets although it never reached the same lofty valuations as many others - especially those emerging markets. In contrast, with the TSX Composite down nearly 6% on the week the Canadian Value Index is down less than 5% indicating that, even over short term corrections, value is the safest place to be.
No comments:
Post a Comment