The relative-strength indicators for Wall Street and the TSX have been less than impressive this quarter, warns Scotia Capital's Andrew Pyle. And the failure to maintain momentum by setting new record highs suggests problems ahead. On top of that, he writes in an investment commentary that there are concerns over second-quarter financial results in Canada, where the stratospheric loonie is ready to eat into the profits made on U.S. revenues. Any hiccups in the emerging markets might also exacerbate anxieties for those aggressively overweight stocks, he adds. And, if bonds extend their recent rally because of a deterioration in economic growth or corporate earnings, then stocks could remain in the doldrums a while longer.