Elliott Fishman, director of U.S. and international equity trading at Scotia Wealth
Focus: Technical analysis
MARKET OUTLOOK
TSX: All-time highs and going higher. If gold and energy go up from here, we could be dealing with huge upside ahead.
Dow and S&P: With a low interest rates and four more years of Trump, there’s nothing but upside from now.
TOP PICKS
SQUARE INC (SQ NYSE)
Better than normal volumes for Square. The stock just jumped over its 50-week moving average of US$68.30. Next stop is a test of US$80. Great support at US$67. The stock is currently trading at US$69.
ENBRIDGE (ENB TSX)
There was a very impressive pop through old resistance levels (the 200-week moving average of $49.30). Looks poised to test $60. $48 will be support as it was resistance.
BED BATH & BEYOND (BBBY NASD)
The stock recently imploded from $20. It now has a new CEO to deal with the mess. The stock saw recent upside on big volumes through its short-term resistance levels of $13.50 and $15 (50- and 100-week moving averages respectively). This stock is a straight flyer, a turnaround story and an over-sold play. I wouldn’t use eating money on this, but if you’re trying to catch a rare wave of upward momentum, here you go. 200-week moving average is $25.50, so there’s still upside from here.
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| SQ | N | N | N |
| ENB | N | N | N |
| BBBY | N | N | N |
PAST PICKS: NOV. 19, 2019
SCOTIABANK (BNS TSX)
- Then: $76.50
- Now: $72.63
- Return: -5%
- Total return: -4%
MGM RESORTS INTERNATIONAL (MGM NYSE)
- Then: $31.81
- Now: $32.39
- Return: 2%
- Total return: 2%
JOHNSON & JOHNSON (JNJ NYSE)
- Then: $134.82
- Now: $149.27
- Return: 11%
- Total return: 11%
Total return average: 3%
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| BNS | N | N | N |
| MGM | N | N | N |
| JNJ | N | N | N |
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