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Msg  65847 of 66002  at  9/20/2019 8:43:30 PM  by

carswell


Market Call

MARKET CALL NEWSLETTER
September 20, 2019


Bruce Campbell's Top Picks: Atco, TD Bank and Corning

BNN Bloomberg

MARKET OUTLOOK

Trade uncertainties, the Saudi oil situation and slowing growth combined with traditional seasonally weak markets make this a time where some caution is due. At the same time, there are still pockets of value in certain sectors and a recession is not right around the corner. GDP growth should be positive, albeit on the slow side into next year.

The Fed cut rates early this week as expected and governments around the world are trying hard to prop up growth. If we get a partial resolution on the trade war later this year, markets will move higher from here. The uncertainty is starting to weigh on economic numbers, so this is an important process to watch.

Interestingly, value stocks have started to outperform growth stocks for the first time in a number of years. Energy and financials in particular offer excellent value if this trend continues.




 
 

                       

 

 


Greg Newman's Top Picks: SmartCentres REIT, Pembina Pipeline and TD Bank

BNN Bloomberg

The bears argue that this time is no different. The yield curve has inverted and thus the clock is ticking towards a recession some 14 to 24 months out.

The bulls argue that we have just gone through a mini growth scare similar to 2011-2012 or 2015-2016 and that due to the central banks accommodation another leg up is upon us. Indeed the recent rotation into value stocks and widening of breadth is evidence of this to them.

We are leaning towards the latter camp so long as the Fed stays agile enough and China-U.S. trade talks progress in a constructive enough direction.

Either way, stocks should rally for the next year or so, as even the first camp acknowledges that this is the typical script.




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