Colin Cieszynski

Quite significant. Real shift in sentiment over the last few days. For him, what's most important is that we're entering what's seasonally the weakest and most volatile time of the year for stocks. It runs from about now usually until the middle of October, give or take a couple of weeks on either side.

Correct. We're getting to the time of year when people start going on holiday and there's less volume. When you have less volume to begin with, when you do have an event, the reaction can be much more pronounced. And we've certainly seen that over the last few days.

A very important point. For the first half of this year and into July, we've had a humongous runup in the markets. Remember that the long-term average return for the stock market is 8% a year over 100 years. So when you're talking being up 20% in 6 months, it's a massive move.

Reality is that we went almost straight up from the end of October 2023 to almost the end of July with no major correction whatsoever, except for a few points here and there. So the market was overdue for a technical correction.

The VIX was really complacent for an awfully long time, even during the period when we could see that uncertainty was building. Rather than a slow acceleration, it did it all at once. And that's why we're seeing it come back down. It crept up to 20, and once it hit that, it just exploded to 60 overnight. Now it's worked its way back into the 20s, what you'd expect in a more normal market.

Too early to call. Often with a reset like this, you get different leadership. Interesting that as part of this correction we've had, it's come at a time when we've already seen rotation in leadership. In mid-July, we started to see capital going away from tech into the broader market.

In some ways, that's healthy. You want a broad market with wide participation. A very few stocks driving the market was a sign of risk.

Too early to call. Often with a reset like this, you often get different leadership. Interesting that as part of this correction we've had, it's come at a time when we've already seen rotation in leadership. In mid-July, we started to see capital going away from tech into the broader market.

In some ways, that's healthy. You want a broad market with wide participation. A very few stocks driving the market was a sign of risk.

Underperforming for quite some time. In his RSI ranking for the US, it's been in the red zone (bottom 50%) in major indexes like the S&P 100. Peaked above $110, then failed. Positive earnings surprise today, still it hasn't come back yet, and that's important. $88 now, technically you want to see it get above $100 again.

Gold's pulled back along with the market correction of the last couple of days. Looking at the chart, steady uptrend of higher lows, quietly working its way higher. At this point, looks like a correction within the trend.

Golds have had quite a good run this year, very strong. Benefiting from gold as a haven and sense of US Fed cutting rates. Gold and the USD always trade opposite each other. 

Really nice uptrend since the end of 2022. Uptrend of higher lows is still there. In his RSI rankings, one of the top 3 stocks in NA even with the pullback. He continues to hold.

Levels are important, as are pullbacks. When you get a pullback, it's important to remember that stocks will often pull back 10-15%, and then they may bounce. So as a longer-term investor, it's important to recognize that stocks can pull back and then rally. A 10% correction doesn't necessarily mean it's all over.

He sold earlier this year as technicals and, more importantly, RSI deteriorated. Pulled back. Too early to say if it's bottomed out or not. He'd be looking for a better base forming and improvement in RSI.

Struggled in general, and relative to Canadian peers. Biggest pullback in 2022. Sideways since then, with a low of $55 and high of $65. Drifting. You're just collecting the dividend, as stock's not doing much.

You compare how it's performing relative to the overall market, but also how it's doing relative to peers. For example, if you want to own a bank, there might be one that's showing better relative strength than others. The Canadian banks do show significant differences in performance and relative strength over time.

Good run earlier this year, but he sold on rapidly deteriorating RSI into the summer. Copper is the barometer of the global economies. Price of copper has come off really hard; mainly due to China weakness, but more recently across the globe and, in particular, the US.