The market is once again getting a bit spooked about the prospect... by Elvis Picardo

The market is once again getting a bit spooked about the prospect of higher rates in the U.S..

Elvis Picardo

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It's been a big turnaround in sentiment, even if the markets may grind their way higher, you can expect a great deal of volatility in the months ahead.

The whole rebound in energy and commodities is still very much a toss-up, the fundamentals are very mixed and there are just so many moving parts.

It's been an unusually volatile month ... (Yellen's) comments yesterday about the likelihood of rates going up this year seems to have given some comfort to the market.

A lot of people are going to breath a sigh of relief once this qu... by Elvis Picardo

A lot of people are going to breath a sigh of relief once this quarter is over.

The Fed seems to have pulled off yet another balancing act, the surge in volatility may have rightfully put the Fed's plans on hold.

The surge in volatility may have rightfully put the Fed's plans on hold, they did what the market was probably suspecting.

It's getting to a point where these big swings are getting normal, the markets have been unusually volatile of late.

The selling is indiscriminate, it's panic-driven, and it doesn't help that the U.S. indices have also turned soft over the past month.

With crude oil today, it was approaching $50.50 and now it's at $52.80, there's an undercurrent of bullishness and big dips will be met with some buying.

Greece is hogging the headlines but from a TSX perspective certainly we have to be more concerned about what's happening in China.

We're seeing a rise in market volatility, largely related to the situation in Greece, the referendum on Sunday might set the tone for the markets for a while.

It's a bounce and that's all it is, once the Greece situation gets resolved, favorably or unfavorably, you're going to have a bit of a news vacuum, and it's really difficult to see the TSX make sustainable headway.

The bond markets are forcing investors' hands, they are making a move ahead of any central bank rate hikes that may or may not come over the next year or two, with higher yields you're paying more for debt.

I think the tendency is if you're seeing quick profits, especially in the oil space, then you take them when you can.

The implications of a rise in royalty rates would be quite negative for the Canadian energy sector, coming as it would at a time of unprecedented turmoil caused by the plunge in crude oil prices, the incipient recovery we have been seeing lately in the energy sector could well be quashed.

All in all it's a recipe for investors to stay on the sidelines until there's more clarity on where we go from here.

Gold stocks are rallying because they've been down in the dumps f... by Elvis Picardo

Gold stocks are rallying because they've been down in the dumps for the longest time.

It's quite likely that value investors are getting into the market as the TSX has underperformed the U.S. stock market for quite a while.

The optimism we saw at the start of the year is dissipating, there's no doubt that the markets will be choppy for the rest of the year.

We're seeing concerns about the timing of the inevitable rate hike of the Fed, our fundamental thesis that the TSX will have a down year still stands.