On Thursday, the S&P 500 was down 1.2% and Toronto was down 0.4%
It’s possible that a somewhat persistent negative sentiment has come over the market as fears of interest rate increases grow.
Those with cash can consider nibbling on bargains but should not be in a big hurry to deploy cash since this is a modest decline do far.
With Canadian Tire down 3.3% to about $177 (versus its high of $214) I decided to add to my position today. Then, quite coincidently, I went to Canadian Tire where I will be spending at least $1200 for four new tires. It may not be the cheapest place around but it’s very convenient for me an I have been dealing with the same service advisor there for about ten years. A lot of people mistrust Canadian Tire. Whatever, it won’t do my life any good to stress over what I spend there. I occasionally have something to complain about there but in general I am satisfied with the service I get there.
Other stocks on the move today included:
Toll Brothers – down 4.0%
Aecon Group down 4.5%.
I was looking today and I see that RBC has a little report out on Melcor Developments dated September 26 and with a target price of $17. That probably explains the recent bit of buying interest and higher price.
Today marked the end of the third quarter of the year. Within two weeks we will see the first of the third quarter earnings reports come in. The music never stops in the markets.