Today, Bill Carrigan commented about whether TBE-T, META-Q, TID-T, BBD.B-T, MFC-T, HCG-T, ATD.B-T, SGR.H-X, MRE-T, CEN-T, WOOD-Q, ONEX-T, ECA-T, JE-T, AGU-T, BAC-N, TLM-T, AVO-T, MCB-T, AD-T, SGY-T, ZEB-T, AFN-T, FM-T are stocks to buy or sell.
Markets. Thinks trying to time the market is a big mistake. There is always some kind of a crisis and we look for some excuse to Sell. All Bull markets since 1974 are quite long so basically the market has been going up more than it has been going down. The market goes up 85% of the time. To try and anticipate some magic event, you blow out half a portfolio which is foolish. If you latch on to a good investment, try not to time the market. Yes, use sector rotation when a sector becomes overbought with some sectors coming in that should be bought.
Trying to reinvent itself by turning itself into a dividend player. Not sure if this is a growth stock or a piggy bank now. This change has driven the advance for the last few months. If you own, he would be inclined to take some money off the table, but it is currently in an upward channel, so keep it as long as it is in that channel.
Banks. Banks are one reason he is so bullish on the market as no bull market can be sustained unless you have leadership from the financials. Most of the Canadian banks are above the financial crisis peaks. When this happens, it is just blue sky and you don’t know how high it is going to go. Rather than trying to stock pick, he would just go with an ETF. (See Top Picks.)
He is interested in stocks that are base building where there is a transition with weak money going out and moving into strong hands. We are also in the right stages that as the bull market matures, cyclicals should get going. Chart shows a lot of support at around $16 with a descending triangle and he is looking for a breakout. This is a favourable sector and there aren’t a lot of choices.