The Canadian Technician

Mid Year Update On Canadian Banks

The Canadian banks have underperformed the $SPX so far this year. They have drifted lower since March but they have some interesting traits on the indicators pointing to an interesting time now. Two have yields of 3.65%, two have 3.83% and CIBC has 4.65%.

First of all, BMO. The yield is 3.8% which is very big. I'll come back to the SCTR but the downslope in relative trend was broken this week. While that is hardly a starting point, it coincides with the price breaking back above the 200 DMA. The Friday volume was great and the MACD crossed above the signal line. Looking at the SCTR, I do like when a large cap stock in Canada like a major bank dips below 25 and then starts to climb back up through 30. 

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The Canadian Technician Video Recording 2017-05-30

Here is this week's link to The Canadian Technician Video Recording for Tuesday, May 30th.

The Canadian Technician, Greg Schnell 2017-05-30 from StockCharts.com on Vimeo.

Also, here is the chart I spoke of specifically in the video. You can click on it to open up the chart on your workbench. Then click on annotate to alter some small detail before saving. Then click save and store the chart in your own chartlist.

Good trading,
Greg Schnell, CMT, MFTA.

 

Canadian Utilities Close At New Highs - Higher Prices For Consumers Coming?

Rolling through the various sector charts shows Canada all mixed up. Technology has been holding up but the anchor tenants of the Canadian market have not. A one month view shows the Material Energy and Financials spaces as mediocre, and the other areas driving the bus. While Healthcare is bouncing off huge multi year lows, it looks impressive, but not really. Shopify and a few other names have led the Technology space higher, but the Utilities seem to be holding up. 

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Gold Stocks Surge! Want A List Of Strong Ones?

Gold stocks bubbled Tuesday and there were some great trend lines broken. So let's work through a collection of the Gold stocks. Here is the XGD.TO Miners ETF in Canada. The SCTR is going ballastic and is still a little below my trigger line of 75. However, this is for the gold stocks average. On the price panel, the trend line finally broke Tuesday and the MACD is moving above zero. The Relative Strength in purple is still weak. We would like to see this move to three month highs. At this point it is just moving to one month highs. Patience should kick in here, but the other improvements suggest to pay attention now. 

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