I'm posting a commment as I was invited to by GWR earlier this week and a few others before.

ECU has hit its cycle low I believe..each stock has its own cycle dependant on fundamentals, and ECU was oversold on expectations of production shortfall as well as expectations that all news is 'in the stock'; we are finding out now that isnt the case.

The TSX however may not be a useful summer yardstick. US bonds are often hit during the summer and oil stocks have been/are in retreat into June, the TSX being energy laden may well pull back over the summer accordingly and the S&P along with US bonds, but since inflation is rising (and more some) and the gold oil ratio is falling down on the side of gold at this point, its likely IMO that the ECU low is now in.