TopPicks from Javed Mirza, analyst, Canaccord Genuity
Javed Mirza is a technical analyst and not a portfolio manager. The stocks referenced here are ones he is monitoring closely.We are seeing a new intermediate-term rally phase attempting to take hold in most major North American equity markets. This rally phase is within the context of a new four-year cycle . Most major North American equity indices remain above a key technical level at their 40-week moving average, confirming the intermediate-term trend is up.
In our short-term view, between two to four weeks, new daily “mechanical buy” signals would be supportive of a short-term rally phase developing in equity markets. Improving price momentum on most major North American equity indices supports new daily “mechanical buy” signals being triggered. From a contrarian perspective in our intermediate-term view, between two and four months, investor sentiment and the CBOE put/call ratio, are showing signs of fear. This is supportive of a new intermediate-term equity market rally phase taking hold. In conjunction with improving market breadth, these technical indicators suggest the worst case scenario is underway for most investors. Including another equity market upleg that we believe has upside into May .
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