TradeForGain.com

Today I will look at ‘weekly’ charts for some of the TSX stocks I track.

Banks

Most of the Canadian banks had a very nice run with NA, RY,  TD and BMO giving the best returns. CM is the laggard. Look at some charts below.

CM is the laggard – humm…. could this be a short soon?

Insurers

SLF and GWO best returns, MFC not so much. Returns are much smaller than the banks.

Railways

CNR then CP in returns.

Tech

RIM and CLS have delivered good returns since February. RIM looks poised for $100.

Telecom

Not looking good.

Oil

CNQ, PCA, SU and others delivered good results but it’s too volatile for me at this point, will stay out.

Cable Operators

RCI (Rogers) and Cogego (SJR) look like a buy to me.

Agri

POT and AGU are wait and see at this point, don’t like the violent sell off…

Utilities

Transalta (TA) – buy

Gold

Buy TCK.B-TC, AEM-TC.

Dow Jones closed poorly but volume was very low – my bias is to the upside right now.

Gold – beautiful reversal and took Gold stocks along.

Oil – Indecision, almost bearish – would stay away for now.

US Dollar – sometimes I don’t like when it’s too obvious but the US$ is looking weak.

Canadian Sectors Highlights

Consumer looking strong

Gold/Mining very strong

Utilities (Mentioned last time) solid breakout – strong name in this sector is Transalta (TA-TC)

Summary

• Stocks could get some more upside over the next few days
• Gold looking very bullish again
• Oil looks exhausted
• US Dollar could go for a quick bounce up but will likely resume the descent (only make sense to the USA).
• Strong sectors are Gold/Mining, Consumer and Utilities… health care starting to show signs.

It’s called overnight risk….

Dow Jones ($INDU) – indecision, not much to write here other than the big volume spike on Friday – where will that go? Next week will tell. We know: Trend is up.

Gold – Waiting for more upside?

Oil – Bearish indecision.

US Dollar – Weekly chart shows more downside IMHO.

Canadian Sectors

Consumer Discretionary & Staples – Looking good, good spike on good volume.

Real State Index – Getting some traction.

Utilities – Bottom in place IMHO.

Energy and Financials – Looking ‘tired’.

Gold – Looks ready for more upside.