Colin Cieszynski, Chief Market Strategist, SIA Wealth Management
Focus: Relative Strength and Technical Analysis
Top picks: First Quantum Minerals, Teva Pharmaceuticals, BMO Global Gold Index ETF
MARKET OUTLOOK:
Stock markets enter 2026 trading at or near all time highs coming out of a strong 2025.
Late in the year, some questions about valuations relative to growth in the AI sector emerged. The reaction to results in the upcoming earnings season may give a better indication of whether investors are prepared to keep the party going or if a retrenchment is possible.
Precious metals have started the year off strong as has copper, which reached a new all-time high earlier this week.
Crude oil trading, however, has been mixed so far. Political uncertainty related to Venezuela, Greenland, tariffs, Ukraine and other flashpoints may continue to influence trading in commodities and currencies in the weeks ahead.
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TOP PICKS:
First Quantum Minerals (FM TSX)
First Quantum is the second highest ranked stock in the SIA Canadian large cap universe (Number 1 is Barrick Mining, a past pick).
Copper hit an all-time earlier this week. First Quantum also benefits from being one of a very small group of senior North American base metal producers.
Teva Pharmaceuticals (TEVA NYSE)
Teva is the highest ranked stock in the SIA American Depositary Receipts/Canadian Depositary Receipts universe. Drug stocks have been performing well on a relative strength basis. The stock has been rallying since it broke out in October.
BMO Global Gold Index ETF (ZGD TSX)
BMO Global Gold is ranked number one is the SIA Canadian ETF universe, and BMO Junior Gold ETF is number two currently. It is benefitting from the rally in gold and silver prices.
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| FM TSX | N | N | Y |
| TEVA NDAQ | N | N | Y |
| ZGD TSX | N | N | N |
PAST PICKS: OCT. 2, 2025
Barrick Gold (ABX TSX)
Then: $47.42
Now: $66.20
Return: 40%
Total Return: 40%
GE Aerospace (GE NYSE)
Then: US$299.45
Now: US$317.28
Return: 6%
Total Return: 6%
SoftBank CDR (SFTB NEO) **NOTE - we do not get data for the NEO so we are showing the Tokyo Stock Exchange numbers**
Then: ¥19295.00
Now: ¥4263.00
Return: -12%
Total Return: -12%
Total Return Average: 11%
| DISCLOSURE | PERSONAL | FAMILY | PORTFOLIO/FUND |
|---|---|---|---|
| ABX TSX | N | N | Y |
| GE NYSE | N | N | Y |
| SFTB NEO | N | N | N |
