TSX Stocks: The Quest for Value

Friday, November 11th, 2011

This online video features Anish Chopra, Managing Director, TD Asset Management and Portfolio Manager of the TD Canadian Value Fund, in conversation with MaryAnn Matthews.

The Canadian earnings season is well underway and early trends have been encouraging. Against the backdrop of an uncertain global economy, Anish discusses his outlook for earnings going forward. He also shares names of some stocks that he likes.

In the interview, Anish Chopra addresses the following questions:

• What are some trends you are noticing in reported earnings?
• Which sectors are expected to show strong earnings?
• How are valuations on the TSX?
• How are you factoring the European debt crisis in your investment decision making?
• Can you share names of some stocks that you like?

Click here or on the image below to view:

Copyright © TD Waterhouse

Tags: Addresses, Asset Management, Backdrop, Canadian, Canadian Earnings, Canadian Market, Debt Crisis, Earnings Season, Factoring, Global Economy, Investment Decision, Managing Director, Maryann, Names, Outlook, Portfolio Manager, Sectors, Stocks Online, Stocks Quest, Tsx, Valuations, Video Features, Waterhouse
Posted in Canadian Market, Markets, Outlook | Comments Off

Looking for Three Signs of a Market Bottom (Lewenza)

Thursday, September 8th, 2011

Looking for Three Signs of a Market Bottom

by Ryan Lewenza, CFA, CMT, U.S. Equity Strategist, TD Waterhouse

In May of this year, we turned cautious on U.S. equities given: 1) weak seasonality from May to September, 2) the end of
Quantitative Easing 2 (QE2) in June, and 3) the extreme bullish sentiment that we witnessed in Q1/11 which, from a
contrarian perspective, was negative. We’ve maintained our cautious and defensive posture since that time and will
remain so until we see the following signs:

- S&P 500 Index (S&P 500) breaks above key resistance of 1,260/70
- 10-year bond yield breaks above 2.7-2.9% range
- Gold prices pull back, following its huge run

In the recent sell-off, the S&P 500 broke through key support of 1,260/70. We are now witnessing an oversold bounce with the S&P 500 closing in on the key 1,260/70 level. This level is important because: 1) the 50-day MA currently intersects at 1,260, and 2) this level was previous support in March and June of this year. When key technical supports are broken they become resistance levels on the way back. Therefore, if we see the S&P 500 break back above this now resistance level, it will signal a stronger market to us, and that the correction could be over.

- Readers of our work know that we watch the bond markets closely to help us isolate turns in the equity markets. With the U.S. 10-year bond yield falling to record lows of around 2%, clearly the bond market is pricing in slowing economic growth, and potentially even a recession.

- For us to get more positive on equities, we will need to see the 10-year yield bond move higher, breaking above the 2.7-2.9% range, which would signal to us that the growth scare is over and investors are moving back to more risky assets, such as stocks.

- We remain long-term bulls of gold, but believe that the recent parabolic move in gold prices has been negative for U.S. equities. Said differently, as investors grow more concerned over sovereign debt issues and the prospect of a recession, investors have been moving funds out of equities and into gold, given its safe haven status in times of distress. Essentially, some investors are growing wary of paper assets, and as such, are moving funds into hard assets like gold.

- We believe a pullback in the overbought gold market will be necessary for U.S. equities to stabilize and move higher in the coming months.

Conclusion: In sum, the confluence of these three events occurring would greatly impact our near-term cautious view, making us more constructive on equities, believing that the current market correction has ended.

***

Looking for Three Signs of a Market Bottom – September 1, 2011

Appendix A – Important Disclosures

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The TD Waterhouse Portfolio Advice & Investment Research analyst(s) responsible for this report hereby certify that (i) the recommendations and technical research opinions expressed in the research report accurately reflect the personal views of the analyst(s) about any and all of the securities or issuers discussed herein and (ii) no part of the research analyst’s compensation was, is, or will be, directly or indirectly, related to the provision of specific recommendations or views contained in the research report.

Conflicts of Interest:

The TD Waterhouse Portfolio Advice & Investment Research analyst(s) responsible for this report may own securities of the issuer(s) discussed in this report. As with most other TD Waterhouse employees, the analyst(s) who prepared this report are compensated based upon (among other factors) the overall profitability of TD Waterhouse and its affiliates, which includes the overall profitability of investment banking services, however TD Waterhouse does not compensate analysts based on specific investment banking transactions.

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The statements and statistics contained herein are based on material believed to be reliable, but are not guaranteed to be accurate or complete. This report is for information purposes only and is not an offer or solicitation with respect to the purchase or sale of any investment fund, security or other product. Particular investments or trading strategies should be evaluated relative to each individual’s objectives. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance. This document does not provide individual, financial, legal, investment or tax advice. Please consult your own legal, investment, and tax advisor. All opinions and other information included in this document are subject to change without notice. The Toronto-Dominion Bank and its affiliates and related entities are not liable for any errors or omissions in the information or for any loss or damage suffered.

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Tags: Bond Market, Bond Markets, Bond Yield, Bullish Sentiment, Canadian, Canadian Market, Cfa, Cmt, Defensive Posture, Gold, Gold Prices, Market Bottom, Posture, Qe2, Recession, Resistance Level, Resistance Levels, Risky Assets, Seasonality, Strategist, Technical Supports, Three Signs, Waterhouse
Posted in Canadian Market, Gold, Markets | Comments Off

US Debt Deal – Insights on North American Equities (Gorman)

Thursday, August 4th, 2011

August 3rd, 2011 (6 minutes)

This special online video features Bob Gorman, Chief Portfolio Strategist, TD Waterhouse, in conversation with Patricia Lovett-Reid.

While the US debt ceiling deal removed the threat of an imminent technical default by the US Government, some uncertainty still remains in the equity markets. Bob explains why the opportunity cost of keeping excess cash in a portfolio could be high. He also shares key emerging investment themes and names of some sectors and stocks that he likes.

During the interview, Gorman addresses the following questions:

• Should investors be staying in cash?
• What key investment themes are emerging from the global debt issues?
• What role can dividend paying companies play in the portfolio?
• Which sectors and stocks do you currently find attractive?
• Final advice to investors

Click here or on the image to view:

Source: TD Waterhouse

Tags: Addresses, Bob Gorman, Debt Ceiling, Debt Deal, Debt Issues, Dividend Paying Companies, Excess Cash, Global Debt, Image, Insights, Investment Themes, Investors, Opportunity Cost, Patricia Lovett Reid, Portfolio Strategist, Sectors, Stocks, Uncertainty, Us Government, Waterhouse
Posted in Markets | Comments Off

Outlook for Gold and Silver (Bart Melek)

Monday, July 25th, 2011

This week’s online video features Bart Melek, Head of Commodity Strategy, TD Securities, in conversation with Patricia Lovett-Reid.

With gold trading near the $1,600 level many investors are asking if it is in bubble territory or will it continue its decade long uptrend? Bart discusses his outlook for Gold and other precious metals.

In the interview, Melek addresses the following:

• Following up on your correct call of gold at $1600, what’s your current outlook?
• Do you see the potential for a push back to the gold standard?
• What is your outlook for silver?
• Thoughts on other precious metals such as palladium?
• What role can precious metals play in an investor’s portfolio?

Click here or on the image below to view:

Copyright © TD Waterhouse

Tags: Addresses, Bart, Commodity Strategy, Current, Decade, Gold And Silver, Gold Metals, Gold Silver, Gold Standard, Gold Trading, Investor, Investors, Online Video, Outlook, Palladium, Patricia Lovett Reid, precious metals, Uptrend, Waterhouse
Posted in Markets | Comments Off

Equities and the European Debt Crisis

Friday, June 24th, 2011

TD Asset Management’s Les Grober, Managing Director, and Portfolio Manager of the TD Balanced Growth Fund, in conversation with Patricia Lovett-Reid.

With Greece’s Government surviving a crucial non-confidence vote in parliament, is this an inflection point in their debt crisis? Given the backdrop of the European sovereign debt crisis, Les discusses his outlook for equities and shares names of some stocks he likes.

In the interview, Les Grober addresses the following points:

• With Greece’s Government winning the vote of confidence, is it a turning point?
• How are companies in Europe performing?
• Should North American Banks be concerned about European exposure?
• Your thoughts on the potential for QE3 in the US?
• Can you share names of some stocks that you like?

Click here or on the image below to view it.

Copyright © TD Waterhouse

Tags: American Banks, Asset Management, Backdrop, Companies In Europe, Confidence Vote, Debt Crisis, Greece, Grober, Inflection Point, Managing Director, Names, Parliament, Patricia Lovett Reid, Portfolio Manager, Qe3, Sovereign Debt, Stocks, Turning Point, Vote Of Confidence, Waterhouse
Posted in Markets | Comments Off

Investing Overseas: Outlook for Europe & Japan

Sunday, April 10th, 2011

Bruce Cooper, TD’s Vice-Chair, Equities, provides his thoughts on the first interest rate hike by the European Central Bank since 2008 and which Eurozone countries offer attractive investment opportunities. One month after the triple disaster in Japan, Mr. Cooper assesses the outlook for Japanese equities and shares names of some international companies he likes.

In the interview, Bruce Cooper answers the following questions:

• What are your thoughts on ECB’s decision to raise rates?
• Are there European countries we can look for opportunities in?
• What is your outlook for Japan in the next 12-18 months?
• Are there any specific sectors that you like in Japan?
• Can you name a couple of international companies that you like?

Click here on the image below to view the video:

Copyright © TD Waterhouse, TD Mutual Funds

Tags: Attractive Investment Opportunities, Bruce Cooper, Disaster, Europe, European Countries, Eurozone Countries, Interest Rate Hike, Japan, Japanese Equities, Mr Cooper, Outlook, Sectors, Td Mutual Funds, Vice Chair, Waterhouse
Posted in Markets, Outlook | Comments Off

Outlook for Gold and Silver

Sunday, April 3rd, 2011

In 2010, global demand for gold reached a 10 year high in tonnage and an all time high in value. TD’s Head of Commodity Strategy, Bart Melek,  discusses the key factors that are supporting the strong demand for precious metals and shares his outlook for the price of gold and silver.

In the video, Bart Melek discusses the following:

• What are the key factors driving the demand for gold?
• How does gold perform in times of uncertainty?
• What’s your outlook for the price of gold?
• Why is the Gold/Silver ratio trending lower and what’s the outlook for silver?
• What role can precious metals play in a portfolio?

You may watch the video by clicking here, or on the image below:

About Bart Melek:

Before joining TD Securities Bart was a Global Commodity Strategist at a major Canadian Financial Institution for over five years where he was responsible for analyzing and forecasting commodity, industry and global economic trends.

He was also a Senior Economist and Senior Analyst in Treasury and Risk Management at another major Canadian chartered bank.

Bart holds a masters degree in economics from York University, with a Specialisation Certificate in International Finance/Banking.

Source: TD Waterhouse

Tags: Bart, Canadian, Canadian Financial Institution, Commodity Industry, Commodity Strategy, Global Commodity, Global Demand, Global Economic Trends, Gold, Gold And Silver, International Finance, Masters Degree In Economics, Melek, precious metals, Price Of Gold, Risk Management, Senior Analyst, Strategist, Td Securities, Tonnage, Waterhouse, York University
Posted in Canadian Market, Gold, Markets, Outlook, Silver | Comments Off

Global Headwinds: Where to Invest?

Monday, March 28th, 2011

March 25, 2011 (9 minutes)

In the context of a global economy facing headwinds from European sovereign debt issues, political conflicts in the Middle East and North Africa and finally the recent events in Japan, TD Asset Management’s Les Grober provides us his outlook for financial markets and commodities. He also shares names of some stocks that he likes.

In the interview Les Grober touches on the following points:

• How would you evaluate the impact on Japanese stocks given the events?
• What are your thoughts on gold and oil?
• Where do we stand with the Euro zones debt issues?
• Can you share some names that you like?

Click on the image below, or here, to watch this interview:

About Les Grober:

Title: Managing Director

Education: BA Economics, York University; MA Economics, Reading University; Chartered Financial Analyst

Industry Experience: Since 1994

Fund: TD Balanced Growth Fund

Copyright © TD Waterhouse

Tags: Ba Economics, Chartered Financial Analyst, Commodities, Conflicts In The Middle East, Debt Issues, Director Education, Financial Markets, Global Economy, Gold, Grober, Headwinds, Industry Experience, Japanese Stocks, Managing Director, North Africa, oil, Political Conflicts, Sovereign Debt, Td Asset Management, Waterhouse, York University
Posted in Commodities, Energy & Natural Resources, Gold, Markets, Oil and Gas, Outlook | Comments Off