Many Market Experts have recently predicted a probable 10%+ downturn in the North American Exchanges. That would mean we’re only about half way there. As mentioned in the last few blogs, one should remain cautious and only buy on dips. Most of the recent recommendations of this blog have been for intermediate and not short term gains. With the European debt crisis increasing in volume, one must pay attention to the warning signs. This however, does not deny the fact that Canadian Large Cap Stocks are looking more inviting.
Stocks recommended last blog (May 2) performed similar to the TSX Composite, down -4.29% vs -4.24%. Best performers included Telus (T) +3.01%, Agnico Eagle (AEM) +1.71% & Goldcorp (G) +1.41%. 23 of the 24 stocks selected were at some point higher than their previous Friday close.
Stock Recommendations going forward include:
Precious Metals: Agnico Eagle, Goldcorp & Kinross (K).
Telecom: BCE, Bell Alliant (BA.UN), Rogers (RCI.B) & Telus. Financials: Bank of Montreal (BMO) & National Bank (NA).
Income: Crescent Point Energy (CPG), Cineplex Galaxy (CGX.UN), Ricoan (REI.UN), TransCanada (TRP) & Yellow Pages (YLO.UN).
Energy Stocks have come down hard this past week but are certainly worth watching for purchase on any further substantial drops. These include: Canadian Natural Resources (CNQ), Cenovus (CVE), Encana (ECA), Husky (HSE), Nexen (NXY), Suncor (SU) & Talisman (TLM).
Energy trust units also worth watching include: Arc (AET.UN), Bonavista (BNP.UN), Baytex (BTE.UN), Canadian Oil Sands (COS.UN), Pengrowth (PGF.UN) Penn West (PWT.UN), & Vermillion (VET.UN).
Financials worth watching include: Power Financial (PWF), Royal Bank (RY), Sunlife (SLF), TSX (X) & TD. Lastly are mining stocks Agrium (AGU), Potash (POT) & Teck (TCK.B).
Lighten up, opportunities will unfold. Good luck, Warren.
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