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bnn market call

Elliott Fishman is director, U.S. and International Equity Trading, Trading Services Group, ScotiaWealth. His focus is technical analysis.

Top Picks:

Macy's (M.N)

This is absolutely an awful sector to be in as most of the big name retailers have suffered big time. More of a hunch: Macy's held the $30 (U.S.) lever back in 2010 while under big pressure. It's there again but its not a fundamental play for sure. I recommend a buy now with a $40 upside. It still has an almost 5-per-cent yield and still pays a nice dividend.


EBay has built a nice trading base (support) at $23.50. It's currently in a very tight trading range of $23.40-$26. It has the appearance of a stock ready to move higher as the sector (tech) has been awesome. Volumes have been solid and I see a test of $30 coming.

SPDR Gold Trust ETF (GLD.US)

GLD is currently building a nice base above its 100-week moving average of $114.25. I like the way gold itself has weathered its usual volatility and appears to be ready to work itself higher from here. $1,400 will be the first stop for gold on the next move up and an easy test of GLD's 200-week moving average of $126.75.

Past Picks: February 19, 2016

Ralph Lauren (RL.N)

Then: $88.28 Now: $95.44 +8.11% Total Return: +8.67%

Netflix (NFLX.O)

Then: $89.23 Now: $101.51 +13.76% Total Return: +13.76%

Boeing (BA.N)

Then: $115.16 Now: $126.41 +9.77% Total Return: +10.67%

Total Return Average: +11.03%

Market outlook:

The Dow has been in a trading range for quite some time now. It is currently at the top of its trading range, but for the first time in a long time, the Dow is showing signs of a possible breakout to the upside. I would continue to hold or add to existing positions.

The TSX is a bit of a different picture here. There has been a huge recent rally along with oil and gold. It is currently testing the 100-week moving average of 14,242. It's currently at 14,083. I sense an oil retracement, which will bring the TSX lower in the short term. The low 13,000s aren't out of the question with any break in oil.

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