ShareThisPre-opening Comments for Monday March 8th
U.S. equity index futures are slightly higher this morning. S&P 500 futures improved one point in pre-opening trade. Strength in equity index futures was helped by slight weakness in the U.S. Dollar and slight strength in the Euro following confirmation by European politicians over the weekend that Europe was will take action to resolve the Greek financial crisis. Commodities priced in U.S. Dollars including gold, silver, copper, gasoline and crude oil are trading slightly higher.
AIG added 2% and MetLife gained 4% on news that AIG sold a major U.S. unit to MetLife for $15.5 billion. On the charts, MetLife is poised to open above resistance levels at $40.31 and $40.53.
![clip_image001[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2010/03/clip_image00114.gif "clip_image001[1]")
Chart courtesy of StockCharts.com www.stockcharts.com
McDonalds added 1% on news that February same store sales rose 4.8%.
U.S. Steel gained 2% after Goldman Sach upgraded the stock from Neutral to Buy.
Cisco improved 1% after JP Morgan upgraded the stock from Neutral to Overweight. Technically, Cisco broke resistance at $25.10 on Friday to reach an 18 month high.
![clip_image002[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2010/03/clip_image00214.gif "clip_image002[1]")
Chart courtesy of StockCharts.com www.stockcharts.com
Research in Motion gained 2% after BMO Capital Markets upgraded the stock to Outperform. On the charts, RIMM is poised to break above key resistance levels at $72.00 U.S. ($76.17 Cdn.).
![clip_image003[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2010/03/clip_image00313.gif "clip_image003[1]")
Chart courtesy of StockCharts.com www.stockcharts.com
![clip_image004[1]](http://www.timingthemarket.ca/techtalk/wp-content/uploads/2010/03/clip_image00413.gif "clip_image004[1]")
Chart courtesy of StockCharts.com www.stockcharts.com
Economic News This Week
U.S. economic news this week is quiet:
January U.S. Trade Deficit to be released at 8:30 AM EST on Thursday is expected to increase to $41.0 billion from $40.2 billion in December.
February Retail Sales to be released at 8:30 AM EST on Friday is expected to increase 0.2% versus a gain of 0.5% in January. Excluding autos, February Retail Sales is expected to be unchanged versus a gain of 0.6% in January.
January business inventories to be released at 10:00 AM EST on Friday are expected to increase 0.2% versus a decline of 0.2% in December.
Canadian economic news this week generally is positive for equity markets:
February Canadian Housing Starts to be released at 8:15 AM EST on Monday are expected to increase 2.4% to 190,000. New Home Prices to be released at 8:30 AM EST on Thursday is expected to increase 0.4%.
January Canadian Trade Balance to be released at 8:30 AM EST on Thursday is expected be +$100 billion.
February Canadian Employment is expected to increase by 25,000. The Unemployment rate is expected to increase to 8.4% from 8.3%.
Earnings News This Week
Earnings reports are sparse this week.
Monday sees Pengrowth Energy, Petrobank and Power Financial.
Tuesday sees Bank of Nova Scotia.
Wednesday sees Quebecor.
Thursday sees Goldcorp and National Semiconductor
Friday sees SNC Lavalin
Equity Index Trends
The ratio of S&P 500 stocks in an uptrend to a downtrend (i.e. the Up/Down ratio) rose last week from 2.06 to (308/110=) 2.80. Most of the gains were recorded last Friday when a wide variety of stocks broke resistance and reached 17 month highs. The ratio remains intermediate overbought, but continues to trend higher.
Bullish Percent Index for S&P 500 stocks improved last week from 71.40% to 76.00% and remained above its 15 day moving average. The Index remains intermediate overbought, but continues to trend higher.
Chart courtesy of StockCharts.com www.stockcharts.com
The Up/Down ratio for TSX Composite stocks rose last week from 2.21 to (126/54=) 2.33. The ratio remains intermediate overbought.
Bullish Percent Index for TSX Composite stocks increased last week from 78.22% to 81.19% and remained above its 15 day moving average. The Index remains intermediate overbought, but continues to trend higher.
Chart courtesy of StockCharts.com www.stockcharts.com
The S&P 500 Index gained 34.21 points (3.10%) last week. Intermediate trend remains up. The Index is testing resistance at 1,150.45. Support is at 1,044.50. Short term momentum indicators continue to trend higher. MACD and RSI have recovered to slightly overbought levels. Stochastics are short term overbought. Seasonal influences remain positive.
Chart courtesy of StockCharts.com www.stockcharts.com
Percent of S&P 500 stocks trading above their 50 day moving average increased last week from 52.00% to 79.00%. Percent is intermediate overbought, but continues to trend higher.
Chart courtesy of StockCharts.com www.stockcharts.com
Percent of S&P 500 stocks trading above their 200 day moving average increased last week from 82.80% to 88.40%. Percent remains intermediate overbought, but continues to rise.
Chart courtesy of StockCharts.com www.stockcharts.com
The Dow Jones Industrial Average jumped 240.94 points (2.33%) last week. Intermediate trend remains up. Resistance at 10,729.89 is being tested. Support is at 9,835.09. The Average moved above its 50 day moving average last week. Short term momentum indicators continue to trend higher. MACD and RSI are slightly overbought. Stochastics are overbought. Strength relative to the S&P 500 Index previously was positive, but is showing early signs of turning negative. Seasonal influences are favourable.
Chart courtesy of StockCharts.com www.stockcharts.com
Bullish Percent Index for Dow Jones Industrial Average stocks improved last week from 70.00% to 73.33%. The Index remains below its 15 day moving average. The Index remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
Bullish Percent Index for NASDAQ Composite stocks improved last week from 58.59% to 62.19% and remained above its 15 day moving average. The Index remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
The NASDAQ Composite Index added 88.09 points (3.94%) last week. Intermediate trend is up. The Index closed at an 18 month high on Friday on a break above resistance at 2,326.35. Support is at 2,100.17. Short term momentum indictors continue to trend higher. MACD is slightly overbought. RSI and Stochastics are overbought. Strength relative to the S&P 500 has turned from neutral to positive.
Chart courtesy of StockCharts.com www.stockcharts.com
The Russell 2000 Index gained 37.46 points (5.96%) last week. Intermediate trend is up. Favourable seasonal influences have just concluded. Seasonal investors are looking for a technical reason to exit the trade. The Index broke above resistance at 649.15 last week. Support is at 580.49. Short term momentum indicators (MACD, RSI and Stochastics) are overbought, but continue to trend higher. Strength relative to the S&P 500 Index remains positive.
Chart courtesy of StockCharts.com www.stockcharts.com
The Dow Jones Transportation Average added 61.27 points (1.48%) last week. Intermediate trend is up. The Average is testing resistance at 4,265.61. Support is at 3,742.01. Short term momentum indicators continue to trend higher. MACD and RSI are slightly overbought. Stochastics are overbought. Strength relative to the S&P 500 Index remains neutral.
Chart courtesy of StockCharts.com www.stockcharts.com
The TSX Composite Index jumped 345.51 points (2.97%) last week. Intermediate trend remains up. The Index is testing resistance at 12,070.20. Support is at 10,990.41. Short term momentum indicators continue to trend higher. MACD, RSI and Stochastics are overbought. Strength relative to the S&P 500 Index remains positive. Seasonal influences remain positive.
Chart courtesy of StockCharts.com www.stockcharts.com
Percent of TSX Composite stocks trading above their 50 day moving average rose from 50.00% to 61.39% last week. Percent is slightly intermediate overbought, but continues to trend higher.
Chart courtesy of StockCharts.com www.stockcharts.com
Percent of TSX Composite stocks trading above their 200 day moving average increased from 75.25% to 76.24% last week. Percent remains intermediate overbought.
Chart courtesy of StockCharts.com www.stockcharts.com
The Australia All Ordinaries Composite Index gained 122.30 points (2.63%) last week. Intermediate trend is neutral. Support is at 4,483.30. Resistance is at 4,984.20. The Index moved above its 50 day moving average last week. Short term momentum indicators continue to trend higher. MACD and RSI are slightly overbought. Stochastics are overbought. Seasonal influences remain positive. Strength relative to the S&P 500 Index remains neutral.
Chart courtesy of StockCharts.com www.stockcharts.com
The Nikkei Average improved 242.93 points (2.40%) last week. Intermediate trend is up. Support is at 9.867.38. Resistance is at 10,982.10. Short term momentum indicators are trending higher. All recently have recovered from an oversold level to a neutral level. Seasonal influences remain positive. Strength relative to the S&P 500 Index recently has turned from positive to negative.
Chart courtesy of StockCharts.com www.stockcharts.com
The Shanghai Composite Index slipped 20.88 points (0.68%) last week. Intermediate trend is down. The Index moved below its 200 day moving average last week. Support is at 2,890.02. Resistance levels are at 3,306.75 and 3,334.01. Short term momentum indicators are giving mixed signals. MACD is recovering from an oversold level. RSI is neutral. Stochastics recorded a sell signal on Friday by falling below the 80% level. Strength relative to the S&P 500 Index remains negative.
Chart courtesy of StockCharts.com www.stockcharts.com
The London FT Index rose 245.23 points (4.58%), the Frankfurt DAX Index jumped 278.90 points (4.98%) and the Paris CAC Index gained 201.62 points (5.44%) last week. The London FT Index broke to a 17 month high on Friday.
Currencies
The U.S. Dollar was virtually unchanged last week. It continues to show early technical evidence of an intermediate peak. Intermediate resistance has formed at 81.34, just below long term resistance at 81.47. Short term momentum indicators have rolled over from overbought levels. Current intermediate downside risk is to the top of a previous trading range at 78.45 and its 200 day moving average at 78.05. ‘Tis the season for the U.S. Dollar to reach an intermediate peak.
Chart courtesy of StockCharts.com www.stockcharts.com
The Euro was virtually unchanged last week. It continues to show early technical signs of an intermediate bottom. Support may be forming at 134.61. Short term momentum indicators have bottomed and are trending higher. Current intermediate upside potential is to the bottom of at previous trading range at 142.20 or to its 200 day moving average at 143.28. ‘Tis the season for the Euro to reach an intermediate bottom! Technical action by European equity exchanges suggests that at least a temporary resolution to the Greek debt crisis will be reached this week, a scenario that is short term bullish for the Euro and short term bearish for the U.S. Dollar.
Chart courtesy of StockCharts.com www.stockcharts.com
The Canadian Dollar gained 2.05 cents U.S. (2.16%) last week and currently is testing resistance at 97.79. Short term momentum indicators continue to trend higher. The Canuck buck is poised to move above its six month trading range. Current intermediate upside potential on a break above resistance is to 103.75 cents U.S.. The complete story is offered in a report below.
Chart courtesy of StockCharts.com www.stockcharts.com
Commodities
The CRB Index added 2.16 points (0.78%) last week despite virtually no change in the U.S. Dollar. Once again, it moved above its 50 day moving average. Support is at 256.89. Resistance is at 293.75.
Chart courtesy of StockCharts.com www.stockcharts.com
Crude oil gained $1.84 U.S. per barrel (2.31%). Resistance at $83.95 is being tested. Short term momentum indicators continue to recover. ‘Tis the season for crude oil to move higher until the end of May!
Chart courtesy of StockCharts.com www.stockcharts.com
Gasoline gained another $0.05 per gallon last week and is at an 18 month high. ‘Tis the season for gasoline to move higher until the end of May! Current intermediate upside potential is to $2.60 per gallon. Gasoline continues to outperform crude oil (i.e. the crack spread continues to widen).
Chart courtesy of StockCharts.com www.stockcharts.com
An improving crack spread is good for U.S. oil refinery stocks. They finally are responding. Sunoco is a good example. Nice move last week!
Chart courtesy of StockCharts.com www.stockcharts.com
Natural gas continues to struggle on the charts. Short term momentum indicators continue to trend lower. Support is at $4.434 per MBtu.
Charts courtesy of StockCharts.com www.stockcharts.com
The S&P Energy Index moved above its 50 day moving average on Friday. Short term momentum indicators continue to recover from oversold levels.
The TSX Energy Index also moved above its 50 day moving average on Friday. Short term momentum indicators continue to trend higher. Seasonality remains positive.
Charts courtesy of StockCharts.com www.stockcharts.com
Gold gained another $16.70 last week. Short term momentum indicators continue to recover. Resistance is at 1,161.80 and 1,226.40.
The Philadelphia Gold and Silver Index gained 4.61% last week. It moved above its 50 day moving average. It continues to outperform gold. Momentum remains positive.
Charts courtesy of StockCharts.com www.stockcharts.com
Silver gained 5.41% last week and moved above its 50 day MA. Strength relative to gold remains positive. Seasonal influences remain positive. Momentum remains positive.
Platinum gained another 2.61% last week. Seasonal influences remain positive until the end of May. Intermediate trend remains up. Short term momentum indicators continue to trend higher. Below is a 20 year seasonality chart showing seasonal sweet spot from January to May.
Chart courtesy of StockCharts.com www.stockcharts.com
Platinum Futures (PL) Seasonal Chart
Chart courtesy of www.equityclock.com
Copper gained 4.07% last week. Seasonal influences remain positive. Short term momentum indicators are trending higher. A test of resistance at 354.40 is pending.
Chart courtesy of StockCharts.com www.stockcharts.com
The grain ETF is struggling again. It fell 1.73% last week. It remains near long term support at $34.23 and below its 50 and 200 day moving averages.
Chart courtesy of StockCharts.com www.stockcharts.com
Lumber continues to struggle on the charts following completion of its period of seasonal strength. Short term momentum indicators continue to trend lower.
Chart courtesy of StockCharts.com www.stockcharts.com
Financials
The yield on 10 year U.S. Treasuries rose 0.08% last week. Yield remains stuck in a nine month range between 3.21% and 3.98% and shows no technical inclination to change. Yield is telling us that the Fed is unlikely to change policy soon.
Chart courtesy of StockCharts.com www.stockcharts.com
The S&P Financial Services Index gained 3.70% last week, but remains stuck in an eight month range between 181.83 and 212.09.
Chart courtesy of StockCharts.com www.stockcharts.com
The TSX Financial Services Index gained 3.86% last week. On Friday, the Index broke above resistance at 181.93 on better than expected fiscal first quarter earnings. ‘Tis the season for the sector to outperform the TSX Composite Index from the end of February to the end of May! Current intermediate upside potential is to 203.
Chart courtesy of StockCharts.com www.stockcharts.com
Other Factors
The VIX Index fell 10.67% last week and is testing support at 16.86%. Confidence in equity markets is returning.
Chart courtesy of StockCharts.com www.stockcharts.com
The Baltic Dry Index jumped 18.4% last week, a sign that international trade is recovering strongly.
Chart courtesy of StockCharts.com www.stockcharts.com
U.S. economic data this week is quiet. The focus is on February retail sales. Economic reports for February to be released later this month will be dampened by stormy weather in the U.S. North East at the beginning and end of February implying that March data will show a strong recovery.
Quarterly earnings news this week is quiet on both sides of the border.
Seasonal influences on equity markets in March are positive.
Currencies remain a focus. Media reports suggest that the Greek crisis is over at least temporarily. Confirmation this week will have a positive impact on the Euro, a negative impact on the U.S. Dollar and a positive impact on the Canadian Dollar.
Short term technical parameters are overbought, but have yet to show signs of peaking. Selected sectors broke above resistance levels last week to reach 17 month highs. Others are testing key resistance levels.
The Bottom Line
The recovery in equity markets since February 5th is the start of an intermediate move by North American equity markets that is expected to last until May. However, equity markets have become short term overbought. Preferred strategy is to purchase equities and Exchange Traded Funds on weakness in sectors with favourable seasonality including silver, platinum, mines & metals, oil services, energy and materials.
Tech Talk’s Financial Post Column released on Saturday
(Available by paid subscription at www.nationalpost.com )
An Outlook for the Canadian Dollar
The Canadian Dollar has a history of moving higher from mid March to the end of May. Will history repeat this year?
Seasonal influences
A recent seasonality study by EquityClock.com based on data for the past 20 years shows that the Canadian Dollar has a seasonal sweet spot between mid March and the end of May. On average, the Canadian Dollar has gained 2.0 percent per period against the U.S. Dollar. The sweet spot corresponds to a period when seasonal demand for commodities such as lumber, copper, zinc and nickel as well as manufactured goods such as autos reaches a high. ar Forex (F) Seasonal Chart
Chart courtesy of www.EquityClock.com
Technical influences
The Canadian Dollar appears poised to move above a tight five month trading range between 92.16 cents and 97.79 cents U.S. Intermediate trend is up. The Canuck Buck recently bounced from its 200 day moving average currently at 92.71 cents U.S. . The Canadian Dollar held its trading range despite a 9.6 percent gain by the U.S. Dollar Index since December. Historically, the Canadian Dollar has traded lower when the U.S. Dollar traded higher. A break above resistance at 97.79 cents U.S. implies intermediate upside potential to 103.75 cents U.S.
Chart courtesy of StockCharts.com www.stockcharts.com
Fundamental influences
A series of events are coming together to trigger a breakout by the Canadian Dollar during its next seasonal sweet spot between mid March and the end of May.
- The Canadian economy is recovering strongly. News last week, that fourth quarter real annualized Gross Domestic Product rose by a faster than expected 5.0% rate, confirmed the trend. Growth is coming from greater federal government spending related to an economic stimulus program and from rising demand and prices for commodities including copper, zinc, nickel, crude oil, potash and lumber.
- Strength in the Canadian economy and its currency relative to other G8 countries is attracting speculative attention by international investors. The Russian central bank recently noted its intentions to diversify its currency reserves by purchasing Canadian Dollars.
- Early technical signs of an intermediate peak in the U.S. Dollar Index have appeared during the past two weeks. Recent strength in the U.S. Dollar Index was triggered partially by weakness in the Euro that, in turn, was triggered by concerns about a possible default by Greece’s debt. At least a temporary resolution of Greece’s financial crisis is likely to be reached this week. The U.S. Dollar Index has a history of peaking each year near the end of March. Technical confirmation of an intermediate peak in the U.S. Dollar likely will be the trigger for a breakout by the Canadian Dollar above the 97.79 cents U.S. level.
- The Bank of Canada confirmed last week that monetary policy is expected to remain accommodative until at least the end of the June, but hinted that an easy money policy was approaching an end. Anticipation of a tightening monetary policy in the second half of 2010 will prompt strength in the Canadian Dollar.
What to do
The preferred strategy is to continue to own investments that trade in Canadian Dollars. Investments in securities trading in other currencies also are possible if they are fully hedged against currency risk. Investments in U.S. Dollars are particularly vulnerable if not hedged.
Tom Rogers’ “Elliott Wave” Blog
Following is a link to Tom’s weekly blog:
http://www.tomrogers.net/signpost.htm
Thackray’s 2010 Investor’s Guide
Tech Talk frequently mentions Brooke Thackray and his book entitled, “Thackray’s 2010 Investor’s Guide”. The book summarizes attractive seasonal trades that are available during the year. The book can be purchased directly at Amazon.ca and Amazon.com. Following are links to these book stores:
Seasonal trades in the book that currently are active include Consumer Discretionary, Platinum, U.S. Materials, U.S. Retail, U.S. Oil Exploration & Production, U.S. Energy and Metals & Mining.
Disclaimer: Comments and opinions offered in this report at www.timingthemarket.ca are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.
Don Vialoux is a research analyst for JovInvestment Management Inc. All of the views expressed herein are the personal views of the author and are not necessarily the views of JovInvestment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by JovInvestment Management Inc
HAP Seasonal Rotation E.T.F. HAC –T $10.55 March 5 2010
· High 10.55
· Low 10.42
· Bid 10.52×0 lots
· Ask 10.55×0 lots
· Volume 4,396
· Open 10.42
· Previous Close 10.55
· 52-week High 10.65 on Jan 18
· 52-week Low 9.44 on Feb 5
· Beta 2.36
· Net Asset Value per unit: $10.51
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Discussions from the Tech Talk Forum:
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March 8th, 2010 at 6:51 am
Hi Don – I bought XCS on your seasonality recommendation. I notice that is not on your list of Thackray’s current active trades today but have not read anything here about selling out of it. I also own HAC and have great expectations on it – good luck with it. Thanks
March 8th, 2010 at 7:26 am
Hi Don,
Thanks for your helpful advice. I wonder if it is too late to get into the Energy or metals for this seasonality. If not what are your best suggestion in each section. I am just trading in TSX (Canadian Market)
Thanks
Reza
March 8th, 2010 at 8:05 am
Hi Don,
Is there an ETF tthat follows the Canadian Dollar? What do you recommend as the best way to trade the Canadian $?
March 8th, 2010 at 8:35 am
Don,
How can we trade the VIX index?
March 8th, 2010 at 10:50 am
Hi Don,
As with Gerry (note 1), I am a holder of HAC as well, and also have great expectations. However, one of my conerns is that it appears to be thinly traded. Is this normal for an ETF at this stage of it’s marketting (early ?).
And I am still an avid reader of your daily reports. They are very beneficial
Thanks Don !
March 8th, 2010 at 10:52 am
Nicholas,
Try VXX (US).
March 8th, 2010 at 10:55 am
Hi Don, may I ask you for a TA on TD.TO and T.TO?
It appears that the $70-$72 area is proving tough for TD.TO.
March 8th, 2010 at 11:22 am
Hi Don,
I would like your comments on Arc Energy Trust (AET.UN – T)as I purchased some at higher costs than today’s. Is it a seasonal play or should I exit ? Many thanks
March 8th, 2010 at 11:50 am
Hello Don,
Considering that the $USD is entering its unseasonal period and the $CDN is seasonal from March to May. If I’m holding a sizeable amount of pure cash in $USD right now, would it be better to convert to $CDN for a hold till June ?
Thanks,
Richard
March 8th, 2010 at 11:52 am
Hi Don,
With regard to my USD/CDN question, if the option is to hedge the US cash, how can I do that ?
Richard
March 8th, 2010 at 11:59 am
Hi, Richard:
I would buy some U.S Stocks.
March 8th, 2010 at 12:04 pm
Hi, Nicholas:
I think we ask broker for the question…..
March 8th, 2010 at 12:33 pm
G’ Day Don,
What is the ceiling/resistance for RIM.to and if it breaks that, what is the next potential upside? Do you see it as a hold for now ? Thanks for all the reports today.
Joe
March 8th, 2010 at 4:08 pm
Don
Above you mention that stocks are short term overbought and preferred strategy is to buy the seasonally strong stocks on weakness such as silver, platinum etc. Neither one of these has performed strongly especially silver which really has been struggling ie SLW,PAA etc. If they are weak Presently, is this the time to buy? Why have they not outperformed like the metal?
March 8th, 2010 at 5:29 pm
Hi Don,
Can I please get your TA, support and resistance on BNK.to and CLL.to ?
KC
March 8th, 2010 at 5:38 pm
Don,
Does Storm Exploration (SEO.to) not follow the seasonality for the Canadian Energy sector? It seems to be very eratic and on a down trend. Would appreciate your TA and thoughts.
KC
March 8th, 2010 at 8:40 pm
Hi Don,
I would appreciate if you could post more companies that are reporting their earnings in your daily reports.
March 8th, 2010 at 9:13 pm
Mark, I use this calendar: http://biz.yahoo.com/research/earncal/today.html... mainly US stocks (and some cross-listed Cdn stocks).
March 9th, 2010 at 8:58 am
Hi Gerry F. NIce trade in XCS and IWM (ie. Small cap ETFs)since release of the Financial Post article on December 19th. According to Thackray’s 2010 Investor’s Guide, the period of seasonal outperformance for the Small Cap sector ended on March 7th. Accordingly, Small Cap was no longer included in the list of current favoured sectors in his book as of March 8th. Both ETFs technically remain attractive. A refined exit point based on technical analysis currently is being sought.
March 9th, 2010 at 9:00 am
Hi Reza. Metals & Mining and Energy sectors remain attractive for seasonal trades at current and lower prices. Seasonal influences for both sectors are favourable until May.
March 9th, 2010 at 9:03 am
Hi Marcel. The best way to the Canadian Dollar (other than through the futures market) is to own Canadian Dollar investments.
March 9th, 2010 at 9:06 am
Hi Jim. Liquidity (bid/ask) is provided by a market maker who brackets the Net Asset Value. Best to place limit orders. Larger orders (say 10,000 units or more)can be arranged at close to Net Asset Value by contacting the market maker.
March 9th, 2010 at 9:09 am
Hi AW. TD has long term resistance to its all time high at $77.10. Intermediate momentum remains positive. Seasonal influences are positive until the end of May.
March 9th, 2010 at 9:13 am
Hi Richard. Preferred strategy is to convert U.S. Dollars into Canadian Dollars or to hedged U.S. investment holdings. Upside potential of the Canadian Dollar between now and the end of May is signficant.
March 9th, 2010 at 9:17 am
Hi Richard. Hedging existing holdings is possible using futures contracts. Best strategy for new investment positions is to own ETFs that are hedged. Horizons, Claymore,iShares and BMO offer fully hedged U.S. investment products.
March 9th, 2010 at 9:20 am
Hi Joe. Nice breakout in RIMM in U.S. Dollars yesterday (Monday)and nice breakout in Canadian Dollars this morning. Current intermediate upside potential is to $90.
March 9th, 2010 at 9:37 am
Hi Roy and KC. Performance by individual stocks within a sector can vary substantially. Seasonal influences and technical influences are two factors. Current fundamental prospects also are an important influence. Sorry, I am not familiar with the fundamentals of PAA, SLW and SEO. Technically, returns from silver producer stocks since the buy signal on Silver on February 9th have been all over the map from a gain of less than 5% for Silver Wheaton to a gain of more than 30% by Silvercorp.