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COMMENT
April 9, 2019
The 10-year SP/TSX chart points to new all-time highs. We just started a new 4-year cycle. He targets 3,100 for the S&P and 30,000 on the Dow. Yes, world growth is slowing and expects weak data through June. 2011 and 2016 were the 4-year cycle lows while December 2018 was the last cycle low.
The 10-year SP/TSX chart points to new all-time highs. We just started a new 4-year cycle. He targets 3,100 for the S&P and 30,000 on the Dow. Yes, world growth is slowing and expects weak data through June. 2011 and 2016 were the 4-year cycle lows while December 2018 was the last cycle low.
Javed Mirza
Technical analyst, Canaccord Genuity
COMMENT
COMMENT
April 9, 2019
What technical indicators do you use to determine entry and exit points? Momentum (any indicator will do). Relative strength (is a stock outperforming peers?). Price patterns: 50-day and 200-day moving averages. Volume to support a move higher; ergo, volume when a stock moves down is a concern.
What technical indicators do you use to determine entry and exit points? Momentum (any indicator will do). Relative strength (is a stock outperforming peers?). Price patterns: 50-day and 200-day moving averages. Volume to support a move higher; ergo, volume when a stock moves down is a concern.
Javed Mirza
Technical analyst, Canaccord Genuity
COMMENT
COMMENT
April 9, 2019
Expectations of earnings have fallen so companies come deliver at those expectations or higher. Bond yields have fallen a lot, reflecting slower world growth, but the stock market has rebounded a lot of in effect saying that the market is fine. The curve rate is flat, and inflation will remain low. In this environment you can still do reasonably well. The risk to global markets is the difficulty in getting out of QE going forward. How can interest rates rise in a strong market? How can world banks create the buffer they need if the economy declines later?
Expectations of earnings have fallen so companies come deliver at those expectations or higher. Bond yields have fallen a lot, reflecting slower world growth, but the stock market has rebounded a lot of in effect saying that the market is fine. The curve rate is flat, and inflation will remain low. In this environment you can still do reasonably well. The risk to global markets is the difficulty in getting out of QE going forward. How can interest rates rise in a strong market? How can world banks create the buffer they need if the economy declines later?
Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
COMMENT
COMMENT
April 9, 2019
REITs REITs are one of the best-performing sectors in Canada lately paying high dividends. Apartment and industrial ones have done very well. Some have done poorly, but they are specific, like Boardwalk which focuses on Calgary. It may be tougher for REITs to generate much beyond yields, though, because they have run up so much in recent memory. Also, there's less capacity of apartments coming on. Lower interest rates are a tailwind.
REITs REITs are one of the best-performing sectors in Canada lately paying high dividends. Apartment and industrial ones have done very well. Some have done poorly, but they are specific, like Boardwalk which focuses on Calgary. It may be tougher for REITs to generate much beyond yields, though, because they have run up so much in recent memory. Also, there's less capacity of apartments coming on. Lower interest rates are a tailwind.
Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management
COMMENT
COMMENT
April 9, 2019
Societe General today is frustrated over the loonie and the price of oil, that the relationship has broken down. The relationship hasn't broken down, but yes, there is a great divergence in the CAD's perforance and the rising price of WTI. One, Canadian oil is very hard to get out. Two, the Bank of Canada says that Canadian and global growth has been slower. Plus, there are housing concerns. These pressures weigh down on the CAD.
Societe General today is frustrated over the loonie and the price of oil, that the relationship has broken down. The relationship hasn't broken down, but yes, there is a great divergence in the CAD's perforance and the rising price of WTI. One, Canadian oil is very hard to get out. Two, the Bank of Canada says that Canadian and global growth has been slower. Plus, there are housing concerns. These pressures weigh down on the CAD.
Paul Harris, CFA
Partner and Portfolio Manager, Harris Douglas Asset Management