Keith Richards’ Top Picks for November 12, 2025

Keith Richards, President and Chief Portfolio Manager, ValueTrend Wealth Management

Focus: Technical analysis

Top picks: BMO MSCI India Selection Equity Index ETF, Aecon, Invesco S&P 500 Equal Weight ETF

MARKET OUTLOOK:

Markets have been weak over the past week or two. Is this the end, my friend? (to paraphrase The Doors), or is this just a pullback?

In the big picture, we can see some negative divergence and potential rolling over in momentum on both the TSX and the SPX right now.

For example, money flow momentum (MFI) is rounding over (meaning that less money is entering the market) - and bearish divergence on the MACD histogram (meaning that price momentum is slowing).

As markets show some long overdue volatility - will the dip-buyers come back out for fresh rounds of support? Or has exhaustion has finally set in? The answer probably lies in the 50-day moving average- which has supported the current bull run since April. If the 50-day moving averages hold on the major markets, then we can expect another bounce. If not, then one can expect to see the first true market correction since April.

Meanwhile, ValueTrend is focusing on securities that are less correlated to the stock market – especially avoiding the tech stocks which are showing signs of weakness.

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TOP PICKS:

BMO MSCI India Selection Equity Index ETF (ZID TSX)

Aecon (ARE TSX)

Invesco S&P 500 Equal Weight ETF (RSP NYSEARCA)

PAST PICKS: August 27, 2025

ARC Resources (ARX TSX)

Then: $26.14

Now: $23.90

Return: -8%

Total Return: -8%

Global X Silver Miners ETF (SIL NYSEARCA)

Then: US$55.95

Now: US$69.00

Return: 23%

Total Return: 23%

CASH (CASH TSX)

Then: $50.08

Now: $50.03

Return: -0.9%

Total Return: 0.5%

Total Return Average: 5%