A well telegraphed inflation print produced exactly the pattern behavioural finance predicts, and the biggest single mover of the day was a decline.

Wednesday's fourth consecutive record close paired financials with gold miners. Thursday broke the pairing apart, and a cooler U.S. inflation print did not do for Canadian yields what it did for the Fed.

Wednesday's record TSX session came with a 12 percent single stock surge and a near 5 percent single stock decline on the same day. The sector rotation underneath the headline number is the more durable signal.

The TSX has closed at a record high in four of its last five sessions. The research on what that streak does to investor judgment should worry advisors more than the milestone excites clients.

A cooling US CPI print eased yields across North America Wednesday, but the TSX's fourth straight record now runs on gold, not oil, and Canada's own economic data still sits underneath the Fed's good news.

Canadian energy and industrial strength pushed the TSX composite to 36,475.92 on Tuesday, even as the Dow, S&P 500, and Nasdaq all closed lower on fading Hormuz optimism.

Deal-hope optimism sent the TSX to a financials-led record while Canada's 10-year yield spiked to a 26-month high on the same day, pricing the same story two different ways.

Strathcona Resources led an 8.74 percent gain on rising Hormuz-driven crude, while Monday's worst performers fell on unrelated company-specific news.

A two cent earnings miss overshadowed 50 percent earnings growth, a production beat and a deal that clears the path to an IPO.

WTI and Brent jumped roughly 4 percent as Washington and Tehran each pointed to the naval blockade as the actual obstacle, a sharper claim than either side has made in weeks. Gold barely moved and the Canadian dollar stayed flat, leaving the loonie without the lift its own yield advantage and oil's rally would normally provide.

Gold miners carried the index to 36,381.23 while banks lagged on BoC risk. Monday's early tape already shows oil reclaiming the leadership gold held Friday.

A blowout Canadian jobs report and a shock US payrolls miss sent the TSX and S&P 500 to record highs this week, pushed gold to a two-month high, and knocked Brent crude down more than 7%, even as the Strait of Hormuz shipping deal stayed stalled in Iran's parliament.

A quiet 0.03% index decline masked a 27% single-stock collapse and a 13% share-offering hit, while a blowout Canadian jobs report set up a stronger Friday open.

Financials have gained 22% since the war began in February while materials fell 25%. The rotation behind that split, not Wednesday's single session, is what built the TSX's record, and Thursday's oil whipsaw shows the war that caused it hasn't actually ended.

Shopify's 16.5% surge and a broad gold miner rally carried the index to 36,146.42. Thomson Reuters and Suncor Energy both beat estimates and both closed lower, a split the headline number does not show.

CRA confirmed the Q4 rate this week based on July Treasury Bill yields. The rate itself is not the risk in a prescribed rate loan strategy. Missing the annual interest payment is.