Markets were up nicely today.
S&P 500 up 0.6%, Toronto up 0.5%.
The reason the markets were up was because the employment numbers in September int he U.S. were bad enough that the fear of FED tapering is eased. That is not exactly a sustainable reason for the market to rise.
Markets have risen a lot in the past two yeas. That cannot continue indefinitely of course. It’s anybody’s guess when markets could go the other way for a time. I am thinking of building up more cash and reducing my equity exposure. But it’s hard, after all I like the stocks I hold.
As far as our Stock picks today we had Canadian Tire up 1.7% to $96.30 and Toll Brothers up 2.5% to $32.65.
Given the rise in Canadian Tire I ended up selling what amounted to 19% of my position. As is almost always the case with me this was in a non-taxable account so I don’t have to worry about triggering a capital gains tax. I may regret this if Canadian keep rising. But considering I have made a very good return with Canadian Tire it seemed reasonable to take some profits.