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TOP PICK
Stockchase Research Editor: Michael O'Reilly We again reiterate HIU, an Inverse S&P500 ETF priced in Canadian dollars, as a TOP PICK. The 0.75% increase in the US FED rate (the most since 1994), slowing housing starts, softer jobs numbers and the first increase in Swiss interest rates in 50 years all point to the risk of stagflation -- a slowing economy and tightening fiscal policy. It is time to add to a defensive position. We like the fact this is in Canadian dollars, which will provide further safety for Canadian investors as the greenback strengthens to other currencies. We now recommend trailing up the stop (from $13) to $14. Yield 0%
E.T.F.'s

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TOP PICK
Stockchase Research Editor: Michael O'Reilly With overriding concerns growing about the state of markets, we again reiterate this defensive global utility ETF priced in Canadian dollars as a TOP PICK. Utilities are better able to manage inflationary pressures and rising interest rates than most companies as these costs are able to be passed directly along to the consumer. We like the global diversification and its yield. We recommend sliding the stop loss down to $17.75 to account for current market volatility. Yield 7.4%
E.T.F.'s

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TOP PICK
Stockchase Research Editor: Michael O'Reilly We again reiterate ZTL, a low MER ETF holding long term US government bonds priced in Canadian dollars, as a defensive buy during this period of global uncertainty. Interest rates are on the rise and the ETF has taken its lumps, but we view it as a safe haven for the foreseeable future. We think of it as insurance -- as such we will not set a stop-loss nor upper price objective. It pays a yield to park your cash and we like that it is in Canadian funds -- as we expect weakness in the Canadian dollar during any sizable market pullback. Yield 3.16%
E.T.F.'s

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PAST TOP PICK
(A Top Pick May 26/22, Down 12%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with SNY has triggered its stop at $49. To remain disciplined, we recommend covering the position at this time. This will result in a net investment loss of 5.3%, when combined with previous buy recommendations.
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PAST TOP PICK
(A Top Pick Jun 02/22, Down 13.7%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with F has triggered its stop at $12. To remain disciplined, we recommend covering the position at this time. This will result in a net investment loss of 15%, when combined with the previous buy recommendation.
Automotive
COMMENT
Recession shopping list. Time to prepare for a recession is not when one is in full swing. Just like the time to buy insurance is not when your house is already on fire. He set plans in motion earlier this year in anticipation of a slowdown in the economy. It's looking increasingly likely a recession is in the making, and you want to be positioned for the environment 12 months from now. Your portfolio should be more defensive, have more cash, more gold and utilities and staples, light on high beta and financials and industrials and some cyclicals. Do your research on things you want to own for the next up cycle. Bull markets follow bears, as surely as night follows day.
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COMMENT
What if you haven't raised cash by now? Sell now, or ride it out? A recessionary bear market lasts, on average, 16 months. S&P 500 is down 1/3 off prior highs. Shortest recessionary bear market was 2 years ago, which started in February and ended in March. You don't want to be making binary decisions of all in or all out. Look at your portfolio, stock by stock, and sector by sector. How resilient is it? Strong balance sheet? A need or a want? This one will be driven by consumers tightening their belts. Groceries, gas are needs. $6 foamy latte could become more of a want when things get a bit darker.
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