The Canadian Technician

Evaluating The Market Structure After The October Run

by Greg Schnell

Every TV station is gasping about the great run-up in stocks. From BNN to Bloomberg, everybody is talking about this October being the best for stocks in 4 years. The US market really popped last week ($100 Billion) between Amazon, Microsoft and Alphabet. That is a step change. For the broader market, it has been much more subdued but we still have two huge weeks of earnings to work through. Looking specifically at Canada, we need to do some major work to get some confidence back into the stocks. On Chart 1, you can see the $TSX underperformed the venture exchange since the September low Read More 

The Canadian Technician

How To Trade The New Politics In Canada

by Greg Schnell

Congratulations Canada! We had a very high turnout for the election which was the largest at 68% since 1993. Voices were heard! One of the major platforms for the new government was a large infrastructure program to stimulate jobs. A couple areas of interest could be real estate construction as well as engineering firms. The first company, Aecon Group (ARE.TO) is up over 5% already this week and the KST for the stock and the relative strength are both turning up. This one looks to be in full buy mode. Here is Stantec. Up almost 4% this week so far Read More 

The Canadian Technician

Could The Dollar Be Going Higher From Here? ($USD)

by Greg Schnell

We have been watching the Dollar for cues into the commodities. Recently, on one of the webinars, we discussed the turning points on the US Dollar ($USD). Options Expiration has been an important time to expect the dollar to reverse direction in the last 9 months. 2 of the 9 were sharp turns down. So we have been rising up from the low since last Thursday. This is also when gold made its recent highs. The important observation is to make sure any directional change in the $USD is or is not affecting the commodities.  The 60-minute chart below is showing the Read More 

The Canadian Technician

Gold Lovers Unite Or Do They?

by Greg Schnell

There has finally been some positive price action on Gold ($GOLD) and to some extent on the gold miners. Let's take a look. Gold has been building this red wedge for almost three years now. The past two weeks it broke above the trend line and tonight we'll see a taller candle approaching horizontal resistance around $1180.  GLD on Chart 2 shows the price action at the 200 DMA today. We only spent one day above the 200 DMA back in May when it slammed back. This is an important area to watch. Notice when the 'GDX:GLD' ratio breaks out, gold usually goes on a Read More 

The Canadian Technician

Three Gushing, Below The Radar, Energy Stocks

by Greg Schnell

Oil stocks have rallied recently over the last few days. While it would still appear to be a volatile time to look for entries some charts are starting to form bases longer than a few days. The big names are always in focus north of the 49th but there are some interesting tickers that have much better chart patterns. Parex PRX.TO Total Energy Services TOT.TO Advantage Oil and Gas AAV.TO Here is Parex Resources (PXT.TO) with an SCTR of 95.9. Nice break above resistance yesterday with follow through today. $11.10 will be very interesting resistance. Read More