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View from Toronto: Trade Ideas for US, Canada Markets

07/25/2017 2:59 am EST

Focus: STRATEGIES

Ziad Jasani

Managing Director and Partner, Independent Investor Institute

S&P 500 projects up to 2,496 with better odds of pausing at 2,483 and softening to end the week, remaining above 2,450. TSX bounces up off support at 15,175-110, and tests again, says Ziad Jasani, of the Independent Investor Institute, Toronto, in his weekly video.


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Strategic summary for global markets the week of July 24-28:

Broad-Decisions: HOLD for mid-to-longer-term equity positions but get your stop-losses in, short-term look-long (BUY) with focus on US Technology, Canadian Energy, Defensives and Precious Metals in the front half of week.

Implications (US): S&P 500 (SPX) projects up to 2,496 with better odds of pausing at 2,483 and softening to end the week, but remaining above 2,450. Growth out-performs (Technology), Financials stagnate at highs but hold up, Materials/Mining favorable front end of the week only, Defensives (including Bonds) favorable the front end of the week but underperform mid-week onwards. Energy bounces again but still ends up range bound.

Trade-able Short-Term Front half of the week ↑ (US):
SPDR S&P 500 ETF Trust (SPY)
PowerShares QQQ Trust Series 1 ETF (QQQ)
Technology Select Sector SPDR Fund (XLK)
iShares US Technology ETF (IYW)
iShares S&P 500 Growth ETF (IVW)
Consumer Staples Select Sector SPDR Fund (XLP)
Utilities Select SPDR Fund (XLU)
iShares Barclays 20+ Year Treasury Bond ETF (TLT)
Energy Select Sector SPDR ETF (XLE)
Market Vectors Gold Miners ETF (GDX)
SPDR S&P Metals & Mining (XME)
SPDR Gold Trust ETF (GLD)
iShares Silver Trust ETF (SLV)

Implications (CDA): TSX bounces up off support at 15,175-110 (again) and attempts another test of its 200-Day Average (15,312). Financials hold-up with better chance to rise front end of the week. Energy attempts another bounce to start the week. Materials enjoy front of the week out-performance with Defensives, but weaken mid-week onwards.

Trade-able Short-Term Front half of the week ↑ (CDN):
iShares S&P/TSX Capped Composite Index (XIC-T)
iShares S&P/TSX 60 Index ETF (XIU-T)
iShares S&P/TSX Capped Energy Index ETF (XEG-T)
iShares S&P/TSX Capped Financials Index ETF (XFN-T)
BMO S&P/TSX Equal Weight Banks Index ETF (ZEB-T)
iShares S&P/TSX Global Gold Index ETF (XGD-T)
iShares S&P/TSX Capped Materials Index ETF (XMA-T)
BMO Equal Weight Utilities Index ETF (ZUT-T)
iShares S&P/TSX Capped Consumer Staples Index ETF (XST-T)

My suggested trade ideas and scenarios follow on this chart and in the accompanying video recorded Monday, July 24.

View the Independent Investor Institute trading ideas and strategies video here