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

MARKET OUTLOOK

The TSX looks fantastic, blowing through records to the upside. With rates staying the same or going lower, there is no stopping this current upward momentum. Financials look to be leading the way and technically all look like “buys.” The S&P 500, like the TSX, is dealing with record levels: finally, after months of churning, upward momentum has been restored. The same goes for the Dow.

TOP PICKS

SCOTIABANK (BNS:CT)

The Canadian financials look fantastic for the first time in a while, so I may as well choose one near and dear to my heart. Over the year and a bit, Scotiabank was making lower lows while breaking through long-term 200-week support levels. Recently on it’s recovery back up and over old resistance levels, it made three higher highs in a row. Now, like the others in the group, it has positive momentum return while breaking out above all resistance levels. First stop: $80.

MGM RESORTS INTERNATIONAL (MGM:UN)

2018 was a year in transition as the stock price broke down below it’s 200-week moving average of $28. This current rebound has made higher highs after higher highs and now it looks to retry $35 while having made a great base at $29 to the downside.

JOHNSON & JOHNSON (JNJ:UN)

Johnson & Johnson has been trading in a channel while building a base at $128. It has just completed a big test of support of its 200-week moving average at $128 and now has jumped up through shorter-term resistance levels, heading back to $140.

PAST PICKS: SEP. 6, 2019

ROGERS COMMUNICATIONS (RCI/B:CT)

• Then: $65.63
• Now: $63.47
• Return: -3%
• Total return: -3%

SUNCOR ENERGY (SU:CT)

• Then: $39.13
• Now: $41.73
• Return: 7%
• Total return: 7%

PFIZER (PFE:UN)

• Then: $36.50
• Now: $37.66
• Return: 3%
• Total return: 4%

Total return average: 3%