Global markets including Canada and US rose today with European shares hitting eight-year highs. Canada’s MTI (Market Timing Indicator) rose for the 4th straight day. Europe was bolstered by a $70B takeover bid by Royal Dutch Shell, but North American markets pared gains after the largest US crude inventory build since 2001 slammed oil prices.
Click the link below for a complete video recording of our CA Colour Guard Report including graphs of leading stocks and industries as well as today’s Derby leading searches.
It’s interesting to study the week-to-week trends of our CA VectorVest at a Glance. It shows some of the volatility in our Canadian market the last six weeks. For example, six weeks ago, our MTI was at 1.06 on our scale of 0-2 (above 1.0 is favourable). Today the MTI closed at 1.01, a full .11 higher than last week. The number of BUY-rated stocks today is 352, up from 268 last week but lower than six weeks ago when we had 404 BUY-rated stocks. We now have a Primary Wave Up (PW/Up) for our short term trend, and with the MTI above 1.0, the long term trend is also Up. Therefore, VectorVest guidance advocates buying safe, undervalued stocks that are rising in price at this time.
CAUTION: The one caution we have is that the price of our VectorVest Composite, the indexed, average price of all 3,012 stocks in our Canadian database, is right at a level of resistance last seen on Sept 3, 2014 and again on March 2, 2015. On both occasions, price failed to break through resistance. So if you’re seeking to add positions tomorrow, it’s a good idea to make sure the futures are rising prior to the market open, and wait at least 15 minutes to one-half hour before placing your trades. If you can’t be at the computer, use a Buy on Stop Limit order a few cents above the last close to protect yourself against a gap down in case the market and/or your purchase target gaps down on overnight news.
DISCLAIMER: The following two stock lists are offered for information and educational purposes only. They are presented to you for consideration of further study. They should not be considered as specific recommendation in any way. Only you know your investment goals, risk tolerance and time horizon. In the interests of my recording time, the lists were generated about an hour before the market close today, April 8.
The stocks below are not sorted by VST. I wanted to display the top 5 Channeling ETF’s together, so I have sorted the list by symbol. The top 5 Channeling ETFs are listed at the bottom.
I hope you find this information interesting and helpful. As always, your comments and questions are welcome.
– submitted by Stan Heller, Consultant, VectorVest Canada