Today, Jeff Parent B. Eng. FCSI CIM commented about whether GTN-N, WFC-N, KEY-T, NANO-U, DOL-T, CECO-Q, CPG-T, BUD-N, QQQ-Q, GSK-N, SHOP-T, HD-N, OTEX-T, BAM.A-T, FTS-T, TCW-T, TOG-T, HNL-T, WPRT-T, CSU-T, MSCI-N, WMT-N, RY-T, HMMJ-T, BTE-T are stocks to buy or sell.
Market. He likes the fact there are new highs being made on the short term charts. Not a lot of enthusiasm, but good signs. Over the past year the S&P500 has retraced to the 50% mark between the high in January and low in February. All the recent lows are trending higher, which is cautiously supportive. He is holding more cash than normal.
Baytex versus HMMJ. There is no correlation between these two. BTE-T looks fine technically as he thinks WTI should return back above $70 before year end. The recent breakout is positive, especially since it was basing around $3.50. He does not understand the cannabis market, so can’t render an opinion. “You can’t make an iPhone in your basement, but you can grow marijuana.” He thinks demand is already met, so he would only hold a small lot of HMMJ-T to talk about at cocktail parties.
Baytex versus HMMJ. There is no correlation between these two. BTE-T looks fine technically as he thinks WTI should return back above $70 before year end. The recent breakout is positive, especially since it was basing around $3.50. He does not understand the cannabis market, so can’t render an opinion. “You can’t make an iPhone in your basement, but you can grow marijuana.” He thinks demand is already met, so he would only hold a small lot of HMMJ-T to talk about at cocktail parties.
He has a fundamental screener and he thinks it screens well. This is following a similar trend that he sees in many energy sector stocks at the moment. He thinks there are better oil sands based companies to choose from. He likes the new recent high. He likes the oil and gas sector. He expects WTI to be over $70 by year end. He would set a $7 exit price with an upper objective near $9. (Analysts’ price target is $10)