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Jeff Parent, portfolio manager at Quadrexx Asset Management. (Fred Lum/The Globe and Mail)
Jeff Parent, portfolio manager at Quadrexx Asset Management. (Fred Lum/The Globe and Mail)

BNN Market Call

3 top stock picks from portfolio manager Jeff Parent Add to ...

Jeff Parent is a portfolio manager at Quadrexx Asset Management. His focus is on technical analysis.

Top picks:

Pulse Seismic
I do not own, but will try and accumulate under $2.70. This is a small company in a growth area. Chart looks fantastic, with a nice recovery back above $2. Performing financially. May be able to go to $3.20. Sell below $2.40.

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Canam Group
I do not own, but will accumulate under five. This is another small company which has found a bottom and may become a growth story. The recent quarterly earnings were good. Exit under $4.20. Look for a rally on a breakout to $6.

Short Veresen
Declining fundamentals combined with a clear price trend reversal lead to a short recommendation. Looking for a drop to $10.50 which could come on a dividend cut. Keep in mind that shorts pay dividends, which are currently 8.333 cents per month. Buy back above $13.50.

Past picks: Aug. 22, 2011

VelocityShares Daily Inverse VIX Short Term ETN
Then: $7.07
Now: $13.81
Total return: +95.33 per cent

Finning International
Then: $21.56
Now: $22.46
Total return: +7.14 per cent

National Bank
Then: $69.49
Now: $74.60
Total return: +11.82 per cent

Total return average: +38.10 per cent

Market outlook
While the S&P500 has done well, it may be stalling on declining volumes around the 1,410 level. It would be encouraging to see a breakout above 1,450. Meanwhile, the TSX has been held back by the materials and energies for the past 12 months causing the index to lag. If the TSX can build some momentum around the year end seasonality, it is possible to see a rally move the index above 13,000. The trigger point would be a sustained move above 12,000.

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