May 24, 2019
Elliott Fishman's Top Picks: May 24, 2019
BNN Bloomberg
Full episode: Market Call Tonight for Friday, May 24, 2019
Elliott Fishman, director of U.S. and international equity trading at Scotia Wealth
Focus: Technical analysis
MARKET OUTLOOK
TSX: The TSX has been acting much better of late as it continues to build a base around 16,000. I expect much of the same going forward.
DOW: The Dow is mirroring the TSX, with a base building period going on. It continues to be extremely resilient although the sentiment in my opinion is lower.
S&P: The S&P is no different as it is extremely resilient and continues to build a base at its 50-week moving average of 2,776.
TOP PICKS
HOME DEPOT (HD.N)
On a straight technical look Home Depot continues to walk the line up, but recent selling pressure has sent the name to a rare 100-week moving average test of $182. Since 2011, Home Depot has had very few breakdowns below its 100-week moving average, so I wish to take advantage of this current test. A hold here and the old high of $215 is close.
BERKSHIRE HATHAWAY (BRKb.N)
Another name that’s having a rare test of longer-term support. Retailers overall have been weak and Berkshire is no exception. Technically great support at $198. A hold will send it back to $225.
MANULIFE FINANCIAL (MFC.TO)
Financials have been under pressure and Manulife is currently testing its 200-week moving average of $22.37. I will take my chances now. It does have history of breaking that support level, but always bounces back. As per usual, I’m looking for 10-per-cent upside from here.
DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
---|---|---|---|
HD | N | N | N |
BRKb | N | N | N |
MFC | N | N | N |
PAST PICKS: MARCH 11, 2019
DOLLARAMA (DOL.TO)
- Then: $37.04
- Now: $43.05
- Return: 16%
- Total Return: 16%
PFIZER (PFE.N)
- Then: $41.50
- Now: $41.95
- Return: 1%
- Total Return: 2%
UNITEDHEALTH (UNH.N)
- Then: $243.15
- Now: $247.63
- Return: 2%
- Total Return: 2%
TOTAL RETURN AVERAGE: 7%
DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
---|---|---|---|
DOL | N | N | N |
PFE | N | N | N |
UNH | N | N | N |
WEBSITE: https://www.scotiabank.com/global/en/global-site.html