2024 has been a stellar year for equity markets, and, according to CIBC’s chief market technician Sid Mokhtari, further gains are in store for investors. He notes the S&P/TSX Composite Index has delivered an average return of 1.3 per cent in December over the past 30 years with all 11 sectors rising.
This month, there are seven new stocks on your top-10 best ideas list and three carryovers. Of the 10 stocks, which ones appear particularly strong to you on a technical analysis basis? We think large-cap indices may be in more of a range bound condition on the upside within a lot of rotation among sectors.
For this basket, we can highlight Exchange Income, which is a smaller cap by relative terms. Another would be Cineplex , a smaller cap name, but it is demonstrating a better set of tendencies in terms of rotation that we see out there. In the U.S., we believe the preference of the style and the preference of cap size is now becoming more tied to the Russell 2000 and the S&P MidCap 400 Index, which by definition are the smaller market cap names.
And that’s been, I think that’s a very reasonable call, especially given we have a pro cyclical indicator that has been triggered in the U.S. and that’s called the Dow Theory buy signal. The general trend of the Canadian dollar off the 2021 reference points has been on the weaker side. The backdrop of trend structure for the Canadian dollar is generally on a weakening bias and then the recent breakdown of the reference points for the Canadian dollar reaffirmed that trend bias for us.
When it comes to where it may go from here to year end, I would say $98,000 to $112,000. That is the measured move for bitcoin on the upside and we’re not too far away from it. So, we look at 100 ETFs in our matrix work. Our process is very much systematically based and ranks ETFs according to their constituents and its members within them. And then we use a quad model quantification process and it tells us what ETF’s that are producing better alpha and better momentum, internally speaking, from a breadth perspective.
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