I'm not sure what is going on but I'm making a little money on my index funds these days. Up a couple of percent since April 20th. That beats the heck out of safe havens like GICs.
The TSX both comp and venture appear to be on jet fuel lately. I really don't care why...oil, banks, whatever. Maybe it's just month end buying by mutual fund managers or pension fund managers. I guess they have routines like all of us.
Those guys, the one's receiving all the savings from the "soon to be retired baby-boomers" have a lot of money to place somewhere. For one reason or the other additional money is going into the markets. It all works for me.
TSX Comp link
Update: I heard later in the day that a run on Alcan was responsible for the increase in the TSX Comp today (Monday). However, Alcan does not explain what happened to the index prior to today.
The chart for Alcan is interesting. (Link below)
I will not be betting any money on this prediction... but the Alcan chart strongly suggests a further price increase. The volume is decreasing as the price moves sideways near $90.00. Once the shares available for sale near $90 are sold any motivated buyers will have no choice but to pay a higher prices. There may also be some buy stop orders sitting just above this sideways price, aimed at riding the next wave upward. This could cause further gap ups. It will be interesting to watch.