Javed Mirza

He's cautious heading into 2025 and expects a correction at some point. Indicators tell him this, including excessive euphoria, as seen in the put-call ratio (investors were buying a lot of calls recently). Typically, markets are bullish for 3-6 months, then corrects for 1-3 months. He thinks we're building towards that correction. The S&P last pulled back in August. He expects the S&P to pull back to 5,850 to correct the excesses, perhaps in January. 

For the past 6 months, the chart has been sharply up. Pays a lovely yield. He would add at current levels. Strong technicals. He likes pipelines. Energy should do fine at least for the first half of 2025.

The 2024 chart is choppy, but there have been a series of higher lows. In mid-October 2023, we started a new 3-5 cyclical bull market, into the second half of 2025 or first half of 2026, but that's where the extreme danger zone is. As we get deeper into the cycle, the economy is running on all cyclinders which is when energy and materials are bid up. He remains constructive on energy. He's also bullish on natural gas.

The chart shows a downtrend since early 2023 and is testing the bottom at $75. Meanwhile, its peers like Royal are breaking to the upside. He expects a wider market correction to come, too, so you don't want to hold a laggard like this. You could nibble at TD, but he sees more downside.

An amazing chart, but be cautious adding at current levels.

First, what is your time frame? Weekly? Monthly? He looks at moving average divergence (MD), relative strength (be long the winners, short the losers), and what institutions are buying or selling, because they influence markets so much. Also, what market are we in, bear or bull? In a bull, a rally usually lasts 3-6 months with the up legs bigger and the pullbacks shorter; in a bear, the down legs are bigger, the bounces shorter.

The chart has been in an uptrend since early 2022, but is weakening now. It just moved below its 50-day moving average. He's cautious about DOL, though it's been a super performer in recent years. There's been institutional selling in the past month or so. Expect more downside in the coming weeks, down to its 200-day moving average. Maybe buy in January and February on pullbacks.

It's oversold. Crude oil's price is turning up and we'll be getting a broad-based rally in energy stocks. You can add at current levels. It's testing resistance now. CNQ should bounce 10% in the next month.

This and Barrick have an overhang regarding Mali. He expects a 10% correction in both names coming. Technically, they look weak, The chart shows a bigger downtrend.

It's broken out since mid-July in a solid run. We're late in the overall cycle in which energy, materials and staples thrive, because this is when inflation comes back. Unfortunately, he expects inflation to return in 2025. Staples can pass on inflation to consumers.

It broke out since mid-July but has been sideways lately. As long as the stock holds at lows around $44, fine, but if it breaks below that, there will likely be more downside.

It broke out in mid July, but declined starting in September due to interest rates. He expects interest rates to actually rise in 2025 in the US.

 A beautiful chart. Let it run. But next year, he expects a correction, 15-20%. However, you can nibble at this now to build a position.

He's been wrong on this. Commercial hedgers have been quite long the CAD and remain so. Starting to see this on the Euro as well. He follows the commercial hedgers, who aren't always right, though. The next target for the CAD is 65 cents. The CAD is trying to find a floor. The 72-cent level is key; if we rise above that, it's positive. Watch 72 cents. Don't short the CAD. Probably, most of the bad new is priced in, so we could see a sharp snapback in the CAD. All this is driven by interest rates, particularly the US which look extended.

It was rangebound in 2022-2023, but has recently broken to new lows. Not a great chart. Note that the energy chart (XEG) has been in a choppy trading range the past year with little real movement. But money managers seeking dividends have been moving out of telcos and into energy, which are now worth considering. Veren looks weak, though.