Another Volatile Week Ahead ?

As predicted in last weekend’s blog, this past week’s stock market performance was both volatile and negative. The week ahead should offer more of the same. Traditional October results have set in. Everyone is quoting Bear Analysts. I recommend extreme caution and wait it out for now. Take some profits off the table and lighten overall positions to take advantage of upcoming price corrections.

New Positions Taken Over the Past Week: I purchased Brookfield Properties new Preferred Share (BPO.PR.L) in my M-in-Law’s RSP account @ $25.00 which is the price that it closed at.

Potential Stock Accumulations Over the Near Future (?): (1)Defensive stocks worth considering include: Bell Atlantic Units (BA.UN) currently paying a 10.6% yield, BCE paying a 6.2% dividend, Manitoba Tel (MBT) paying a 7.81% dividend & Trans Canada Pipeline (TRP) paying a 4.66% dividend.(2) Keep a close eye on the big six Banks as they have temporarily lost their forward momentum and could be picked up shortly at some interesting price levels. (3) Big Energy Stocks undergoing corrections could also be smart choices soon including: CNQ ($68.42), ECA ($59.61), NXY ($22.47), SU ($35.35) & TLM ($17.86). I also like Crescent Point Energy (CPG @ $35.51)in the category which also yields 7.77%.

Remain cautious but open to opportunities in great stocks. Good luck, Warren.