Elliott Fishman, director of U.S. and international equity trading at Trading Services Group, Scotia Wealth
Focus: Technical analysis

MARKET OUTLOOK

Markets continue to make new highs with the exception of the Dow and the TSX — which are closing in on all-time highs. It’s very difficult to comment on markets that are trading at levels they’ve never tried. External political pressures have not scared investors (yet). It would take an event to derail current upward momentum in the short term. I’m still leaning towards caution and would take profits or sell half of profitable positions, especially in pot and tech.

TOP PICKS

PAPA JOHN’S INTERNATIONAL (PZZA.O)

Papa John’s has been completely beaten down for various reasons, but it’s begun to bounce at the $40 level, currently trading around $45. First stop to the upside would be $57 (50-week moving average). The last time it tried the $40 level was 2014.

PHILIP MORRIS (PM.N)

Philip Morris is currently trading at 2015 levels. It looks to be building a base around $80. First stop to the upside would be the 200-week moving average of $95. If we can make a case for marijuana stocks, why not cigarettes?

LINAMAR (LNR.TO)

Another beaten-down name, NAFTA has played havoc with Linamar. It’s starting to bounce, however, with the positive outlook on some kind of new NAFTA. That would help. It’s currently at 2016 levels after a real nice run to the upside, trading around $58. First stop to the upside would be the 100-week moving average of $64.50, with plenty of upside from there.

PAST PICKS: JUNE 25, 2018

MORGAN STANLEY (MS.N)

• Then: $47.93
• Now: $50.00
• Return: 4%
• Total return: 5%

TATA MOTORS (TTM.N)

• Then: $20.86
• Now: $18.58
• Return: -11%
• Total return: -11%

COCA-COLA (KO.N)

• Then: $43.58
• Now: $45.37
• Return: 4%
• Total return: 4%

Total return average: -1%

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