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

MARKET OUTLOOK

The TSX has been very strong, albeit toppy at these levels. Both crude and gold have been better and kept the index solid. I’m still advising to take wins at these levels, waiting for the long-expected sell-off which just hasn’t materialized yet.

The S&P has recouped everything and more from the December 2018 meltdown. It has created a new high, but appears to need a rest to consolidate and prove that it’s ready to move higher. Like The TSX, I’m advising to take wins as the summer volumes creep in. Rates don’t appear to have the upward risks of last year, so markets should remain fairly unscathed.

The Dow, like the S&P, has recouped all and more from December, but sits at an almost three-year high. It appears to need some consolidations to create some more upward momentum.

TOP PICKS

Elliott Fishman's Top Picks

Elliott Fishman of Scotia Wealth shares his top picks: Intel, UnitedHealth and Telus.

INTEL CORP (INTC.O)

Very volatile: It’s gone from the December test of $40 to the $60 test earlier this year back below $40 and now heading to  $50 again. The 50-week ($48.66) and 100-week ($47.70) moving averages are being tested now. A victory here and the momentum should carry it back through $50.

UNITEDHEALTH GROUP (UNH.N)

I have tried to show this volatile name some love before and it’s worked out OK. Currently, UnitedHealth sits at a very interesting entry point, as it battles its 50- ($254.69) and 100-week ($239.96) moving averages. First stop will be $254.69 and then it’s banking on momentum to carry it back up to the high $280s. I watch this with a very tight leash and at any break of its 50-week moving average I would exit the name as a trade.

TELUS (T.TO)

As a technical analyst, you like to see every bounce of strength return with a higher high than the last time. From December’s wipeout, Telus has rallied and retested such lows. Now, it’s about to make its fourth higher high. I’m looking for all-time highs getting through $51. Great support has been formed at $47 to the downside.

 

DISCLOSURE PERSONAL FAMILY PORTFOLIO/FUND
INTC N N N
UNH N N N
T N N N

 

PAST PICKS: MAY 24, 2019

Elliott Fishman's Past Picks

Elliott Fishman of Scotia Wealth reviews his past picks: Home Depot, Berkshire Hathaway and Manulife.

HOME DEPOT (HD.N)

  • Then: $193.59
  • Now: $212.00
  • Return: 10%
  • Total return: 10%

BERKSHIRE HATHAWAY (BRKb.N)

  • Then: $201.69
  • Now: $214.75
  • Return:  6%
  • Total return: 6%

MANULIFE FINANCIAL (MFC.TO)

  • Then: $23.26
  • Now: $24.64
  • Return: 6%
  • Total return:6%

Total return average: 7%

 

DISCLOSURE PERSONAL FAMILY PORTFOLIO/FUND
HD  N N N
BRKb N N N
MFC N N N