As highlighted in blog of last week, the market appears to be near a spring top and this provides for fewer opportunities for short term trading gains. Still, many of the stocks recommended last week for short to mid-term gains posted some very solid mid-week marks, only to shrink back down by week’s end.
These included: Agrium (AGU), Potash (POT), Canadian Natural Resources (CNQ), Suncor (SU), Canadian National Railway (CNR), Russel Metal (RUS), & Teck Resources (TCK.B). Longer Term Precious Metals Recommendations also performed well, including: Agnico Eagle (AEM), Barrick (ABX), Iamgold (IMG) & Silver Wheaton (SLW).
Recommendations Going Forward represent: Stocks in companies worth accumulating and not necessarily short term gains.
These include: Precious Metals: top pick Agnico Eagle (AEM). Metals: Russel (RUS) & top pick Teck (TCK.B). Financials: Bank of Montreal (BMO), Scotia Bank (BNS) and top pick National Bank (NA). Industrials: top pick Canadian National Railway (CNR). Energy: top picks Canadian Natural Resources (CNQ) & Suncor (SU). Income: BCE, Crescent Point Energy (CPG), Rogers (RCI.B), Telus (T), and all the other major banks.
Speculative Longer Term Recommendations include: Cameco (CCO), Silver Wheaton (SLW) – maybe wait for a pullback, and Research in Motion (RIM).
I recognize that most of the recommendations above represent stocks already and often highlighted. However, considering the frothiness of the market at present, it would be best to remain cautious and pick your spots. Continue Market Holding Pattern. Keep ample reserves on hand for opportunities.
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