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Robert McWhirter, president, Selective Asset Management
FOCUS: Canadian Dividend & Growth Stocks
S&P 500 earnings for the fourth quarter of 2015 are forecast to decline 4.1 percent on a year over year basis. This would be the largest earnings decline in seven years and the first sequential quarterly earnings decline since Q4/2009. S&P 500 earnings are expected to decline 3.6 percent in the first quarter of 2016. Canadian earnings estimates for the S&P/TSX Composite Index have been cut by eleven percent in the past ninety days. Historically negative U.S. earnings growth typically leads to a decline in U.S. employment. It appears that the recent decline in U.S. consumer discretionary stocks is reflecting this concern. Gold recently closed above its 200 day moving average confirming the recent long term technical analysis buy signal. As a result of the uncertain economic outlook Investors should focus on low volatility dividend paying stocks with stable/rising earnings as a safe haven.
Top Picks
Agnico Eagle Mines (AEM.TO) Boralex (BLX.TO) Saputo (SAP.TO)
Click here for more information on Robert McWhirter's top and past picks
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