With the Taper off, Recession on? – (we are hardware store to the world after all) 

Nonsensical diversions aside: this big picture view of the Canadian broad market TSX ( we are hardware store to the world after all) is not looking so perky, continuing to wobble around the 12,800 level now since the fall of 2011 (well actually since 2006 but why quibble).  11,000 remains the downside neckline test needed to finally resolve whether this secular bear will complete the massive head and shoulder’s pattern that has been looming over it for the past 2 years.  Resolution has been a long time pending but market forces move at a pace all of their own. No one gets to command timing–certainly not central banks or governments. All we can do is time our own capital’s exposure to the price cycle. Such is the test of public markets: they are perfectly adept at driving the weak, impatient and unaware into assets just as price risks are the highest, while scaring them out once prices have collapsed once more. Heartbreak hill indeed.

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