Feb 3, 2020
Javed Mirza's Top Picks: Feb. 3, 2020
BNN Bloomberg
Full episode: Market Call Tonight for Monday, February 3, 2020
Javed Mirza, technical analyst at Canaccord Genuity
Focus: Technical analysis
MARKET OUTLOOK
An equity market correction is underway. Downside risk on an intermediate-term correction is near 3,097 on the S&P 500 and 16,900 on the TSX, or a 4 and 2.4 per cent downside respectively from current levels. During the last couple of weeks, we remained steadfast in our view that clients sell into strength and reduce equity exposure as a variety of technical negatives strongly suggested the correction was pending.
TOP PICKS
TOROMONT INDUSTRIES (TIH TSX)
CANADIAN NATURAL RESOURCES (CNQ TSX)
WASTE CONNECTIONS (WCN TSX)
DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
---|---|---|---|
TIH | N | N | N |
CNQ | N | N | Y |
WCN | N | N | Y |
PAST PICKS: DEC. 24, 2019
HUSKY ENERGY (HSE TSX)
- Then: $10.57
- Now: $8.62
- Return: -18%
- Total return: -18%
WEST FRASER TIMBER (WFT TSX)
- Then: $57.49
- Now: $53.68
- Return: -7%
- Total return: -7%
FINNING INTERNATIONAL (FTT TSX)
- Then: $25.30
- Now: $22.86
- Return: -10%
- Total return: -10%
Total return average: -12%
DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
---|---|---|---|
HSE | N | N | N |
WFT | N | N | N |
FTT | N | N | N |
TWITTER: @canaccorgenuity
WEBSITE: https://www.canaccordgenuity.com/capital-markets/what-we-do/research--strategy/