Rosenberg: Are Markets at a Turning Point?

Quick hitter: David Rosenberg, Chief Economist & Strategist for Gluskin Sheff, asks if the market is at a turning point:

Are Markets at a turning point?

* Gold testing its 100-day moving average to the downside
* Canadian dollar and the TSX are both seemingly on their way to test their 50-day moving average
* The CRB index and the oil price broke below its 50-day m.a. yesterday
* Another 35 points, or 3.5%, for the S&P 500 to do likewise
* The 10-year Treasury note yield just smashed through its 50-day m.a. and has 20bps to the downside left to test the 100 day m.a.
* The VIX index jumped 15% to 27.89 — last time it was here (July 10), the S&P 500 was sitting at 879 (100 points south of where it closed yesterday)