Today, Keith Richards commented about whether MFC-T, GOOS-T, TLT-Q, XLP-N, BCE-T, ATRL-T, CME-Q, RIG-N, DML-T, TSGI-T, BNS-T, G-T, IQ-Q, ABX-T, CLR-T, T-N, CASH, BAM.A-T, TRP-T, IMAX-N, JPM-N, ENB-T, XRX-N, META-Q, SQ-N, CCL.B-T are stocks to buy or sell.
A complicated chart. Uptrend, then parabolic, then corrected, and now trapped in a head-and-shoulder formation, but today may be breaking that neckline. Perhaps there'll be resistance at $90. If it breaks $90, it'll be back on trend which will be a good story. His target is $90, which is not much upside, then see what happens.
He likes trading sideways stocks, as long as you know the downside potential. He recently bought MFC off the mid-$20's bounce, and he believes it could teach the mid-high-$20's. Not a huge trade, but pays a good dividend. It could reach that peak in the winter. And it's not a high-risk play. (3.7% dividend, Analysts' price target: $30.03)
It's a great summer play and is now weakening. For the past year it's been consolidating. It could find support, but seasonablity works against it--bonds do well until October, then get out. Why? As on October, risk-on trade takes hold. With rising US rates and risk-on trade, he's no confident that TLT will get a big pop. He's not excited about this.