Globe editors have posted this research report with permission of Phases & Cycles Inc. This should not be construed as an endorsement of the report's recommendations. For more on The Globe's disclaimers please read here. The following is excerpted from the report:
The markets remain in a waiting game. In both New York and Toronto there are clear parameters to determine whether the markets' next move will be a resumption of the major bullish up trend or a continuation of a consolidative and mildly corrective period.
We retain our "long-term optimistic and short-term cautious" view of the markets. Our analysis continues to be that the bull's huge gains in 2016 and early 2017 now require an extended period of time to rest and prepare for the next major up move. Protecting profits is our preferred investment scenario.
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Ron Meisels