Canada Shares Skid
The TSE 300 not only failed to hold gains (high was 8006) but the index reversed direction to close with a 38.1 point loss to 7891.7. True, the bearish reversals in the U.S. indices were a weight but the technical posture was damaged Monday. The minimum target for this move is 7765 -- the 50% retracement of the April 4 to April 19, 766 point rally. Ten of the subindices closed down, with Industrial Products leading the way. Gold lead the other four subindices higher (spot gold is up only 40 cents, while crude oil slid 75 cents).
European markets closed mixed. In London, the Financial Times-Stock Exchange 100 index finished down 31 points, or 0.53%, to 5,840.30. In Germany, the DAX Index ended up 73.09 points, or 1.21%, to 6,124.57. In France, the CAC 40 closed up 27.58 points, or 0.51%, to 5,424.43.
In Asia, the markets ended mixed. The Nikkei gained 27.58 points, or 0.20%, to 13,743.18. In Hong Kong, the Hang Seng ended down 36.89 points, or 0.28%, to 13,274.61.