Time to Shift from the S&P 500 to the TSX
Long-term momentum technical indicator favors the TSX over the S&P 500
Highlights
Long-term momentum technical indicator favors the TSX over the S&P 500
The overlooked election trade is… “volatility”
39 states have seen unemployment rise by +0.5 percentage points from cycle lows
Hurricane effects will distort the coming macro data (not good for a “data-dependent” Fed)
Key Takeaways
Earnings Season Update
One-third of the way into Q3 earnings season: (i) the share of companies beating expectations is a smidge below the long-run norm, (ii) Q4 and 2025 consensus EPS estimates are down, and (iii) guidance has been mixed at best.
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