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

MARKET OUTLOOK

The TSX had a nice bounce off its support of 15,800 basis points. Now, it’s surged back to the top of its range of 16,672 with no sign of rates going higher. However, these could go lower and any short-term weakness should be treated as such.

The S&P 500 as with the TSX has short-term weakness, which was met with a surge of buyers. That helps with my thought process that lower rates will keep this overinflated market afloat. We’re seeing a tight range of 2,800 to 3,000, with a similar situation for the Dow causing a range of 25,200 to 27,400.

TOP PICKS

ROGERS COMMUNICATIONS (RCI/B:CT)

In an overheated market I’m looking for value and Rogers is currently breaking down through its 100-week moving average of $66.42. This hasn’t happened very often over the past few years and it’s always been followed up with bounce. I’m seeing a range of $62 to $70.

SUNCOR ENERGY (SU:CT)

Maybe energy stocks aren’t considered value plays just yet, but a breakdown through the longer-term 200-week moving average support grabs my attention. Suncor has had more than its fair share of breakdowns, but has also followed up with some strength. I’m currently seeing a range of $36 to $45.

PFIZER (PFE:UN)

A rare test of breaking down through long-term support, Pfizer has shown pretty good support at $35. I’m considering a short-term buy here with hopes of a bounce. Range is $35 to $42.

PAST PICKS: JULY 9, 2019

INTEL (INTC:UW)

• Then: $47.75
• Now: $50.92
• Return: 7%
• Total return: 7%

UNITEDHEALTH GROUP (UNH:UN)

• Then: $246
• Now: $229
• Return: -7%
• Total return: -7%

TELUS (T:CT)

• Then: $49.04
• Now: $48.91
• Return: -0.3%
• Total return: -0.3%

Total return average: -0.1%