In an early morning rally that saw millions of Canadians extend a tentative leg out of bed, Wednesday has jumped to fourth on the TSE 100’s list of top-performing days of the week, setting a new benchmark for the underperforming weekly occurrence.
“What you’re seeing is a lot of speculators making the calculation that Friday may now be just around the corner,” says Chris Faraday, senior analyst in TD Bank’s miscellaneous division. “This is causing a surge in optimism that many of us may yet survive another week, despite the extreme bearishness of Monday and Tuesday. And the markets are responding accordingly.”
While the Bank of Canada wouldn’t rule out having to instigate a Thursday at some point tomorrow, most investors see this as a necessary move to get us to the weekend.
“Right now our goal is to see as many Canadians as possible arrive at Saturday with a low amount of sleep-debt, high reserves of expendable cash, and reasonable rates of interest in getting out of bed,” said Stephen Poloz, as he practiced his golf swing while engaging an assistant in a lively debate about which is the best brunch spot in Ottawa. “I for one welcome Wednesday as a necessary part of that process, and hope this rally lasts right through to next week.”