Canadian stocks will lead the next leg up for equity markets, said Olga Sztaba and Ron Meisels, technical analysts at Phases and Cycles.
?While the U.S. market has already had its fair share of the action, our research suggests that Toronto is the next place to look for gains,? they said in a note to clients. ?If this bull market follows its usual path, the Toronto market should be where the action should be.?
While the S&P/TSX composite index could correct after recently advancing above its 50 and 200-day moving averages, it is likely to hit 12,900 as it returns to the forefront of the bull market, the technical analysts wrote.
And as that happens, they said two key sectors to watch for are energy and golds.
?In the first group, Cenovus Energy Inc., Encana Corp., Husky Energy Inc. or Mullen Group Ltd. come first to mind,? they said. ?In the second, the names to consider are Alamos Gold Inc., Yamana Gold Inc, or Vista Gold Corp., among others.?
Source: http://business.financialpost.com/2012/10/17/canadian-stocks-where-the-action-is/
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