Chappy’s Stock Picks for November 19th 2007
TSX INDICES
The TSX Composite fell another 2.4 per cent this week. We now have an official sell signal on it. Nine of the 14 sub-indices have gone into sell mode or have been there for a while. Of the remaining five, only gold and energy remain either in up trends or within potentially bullish patterns. Materials to some extent are also in the same category but it is being held up by the gold sub-index, as the metals sub-index looks toppy and is closer to a sell signal.
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More get-out signals came from XIU, XIC and the QQQQ. XGD and XMA weakening but are a hold for the moment at least (although we have changed the classification to topping as the short-term trends have turned down). Only XSB and XBB remain buys.
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LONG PICKS (JUNIOR MINING STOCKS)
It was another lousy week for our remaining junior portfolio. We are going to do some cleaning up. BRX has been a major disappointment and continues in a downtrend. Enough already, particularly since it started printing new lows. JPN broke a support line. Let’s stand aside. ORA is threatening to break down and we have a nice profit so we will exit that one as well.
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