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Stock markets in for further swings, investors try to gauge depth of downturn

– canadianbusiness.com

TORONTO – Stock markets are likely in for more volatility this week as traders wonder if sharp gains at the end of last week signal an end to what would be a relatively mild retracement — defined as a temporary reversal in the direction of a stock’s price that goes against the prevailing trend — or a full blown correction. That sort of downdraft carves at least 10 per cent from market highs.
“Neither we nor anyone else knows exactly how deep (the declines) will run, (or) how long it will take,” said David Wolf, portfolio manager at Fidelity Investments.
“What we do know is that this has happened before in markets, it will happen again in markets and in the meantime, the key message is don’t panic.”
The TSX ended last week with two back-to-back triple-digit advances for a flat performance on the week after six straight weeks of losses, while the Dow industrials declined one per cent, adding to five weeks of losses.
North American markets have nose-dived since hitting recent highs in September on worries that the U…

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