The Week Ahead:
With July 1st and US July 3rd closings, market action of the previous week didn’t give much to go on. Note that the traditional saying of: “Go away in May (June) and come back in September” is quite valid so I recommend CAUTION. Don’t take large positions. Opportunities for the week ahead are based on a reasonably positive market. With US corporate quarterly profits/losses beginning this week, there could be some rough waters ahead.
Best Opportunities based upon price weakness from this past week are:
- Canadian Natural Resources (CNQ) @ $58.28** (I purchased this stock in my M-in-Law's RRSP account this week.)
- Petro Canada (PCA) @ $41.58* (I purchased this stock in my trading account this week.)
- Suncor (SU) @ $32.85
- Talisman (TLM) @ $15.65
- Manulife (MFC) @ $19.98* (I purchased this stock in my trading account this week.)
Second Best Opportunities are:
- Canadian National Rail (CNR) @ $48.20
- Encana (ECA) @ $55.36
- Nexen (NXY) @ $24.50
Best Opportunities based upon price strength are:
- Potash (POT) @ $113.30
- Teck.B (TCK.B) @ $19.99
Should gold move up this week, keep your eye on Agnico Eagle (AEM). Agrium (AGU) will probably go in the same direction as Potash (POT). Canadian Banks seem to have got too close to their 52 week averages even though price momentum looks terrific.
Good luck, Warren.
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