Today, Javed Mirza commented about whether WFG-T, GEI-T, PKI-T, WELL-T, BABA-N, XGD-T, GDX-N, U-N, T-T, RCI.B-T, BCE-T, RY-T, BNS-T, SMCI-Q, PIF-T, BLX-T, INE-T, TOY-T, LNR-T, CTC.A-T, TECK.B-T, FNV-T, NA-T, IVN-T, CAE-T, ATZ-T, MFC-T, CCO-T, RY-T, NA-T, TD-T, CCL-N, ADBE-Q, BDGI-T, NVDA-Q, MGK-N are stocks to buy or sell.
"The longer the base, the bigger the time in space." Investors were patiently clipping coupons, and now there's been an upside breakout. Anyone who bought recently is in the green, and that's really positive.
His contrarian view is that rates are actually going higher; pause for 6-9 months, but then inflation's coming back. If not interest rate increases, it will at least mean no more cutting. Higher rates are pretty positive tailwinds for insurance companies. So even if you've got a gain, keep holding.
Fundamental things precipitated recent downdraft. Yesterday's chart showed fair bit of institutional selling. When you see that, typically more downside. Wouldn't be surprised to see $37.
Chart shows a longer-term uptrend, so he doesn't mind accumulating. However, context is 4-year cycle will peak in first half of 2025. There will be a better chance to invest once we're through that.
Doesn't mind nibbling here if we do have some upside until the end of the year. Just as long as you have the discipline to limit your risk near recent lows. If it moves below those lows, take off the position. A trade, since we're late cycle and we're rotating away from info tech. This could be a source of funds for investors, and so head lower.
Golden crosses and death crosses sound good, but he doesn't use them; they're lagging indicators. Next target close to $100, so 20-25% upside. Has price momentum behind it. Recommending to clients.