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Talisman a rare highlight in overbought, expensive TSX

The S&P/TSX Composite index spent another week treading water, adding a mere 0.4 per cent for the past five trading sessions. On a Relative Strength Index (a technical indicator measuring momentum) basis, the domestic benchmark sits right at the overbought sell signal of 70.

The S&P/TSX right now is technically overbought and more expensive than the S&P 500 on both forward and trailing earnings. All of these things are regrettable for the market at large, particularly for investors looking to hold the entire index.