The week of July 24
- I took no action for the RRSP. I will be depositing $150 this week because we’re entering a new month.
My next consideration for the RRSP was to buy shares of Bombardier (BBD.B.TO) as it was forming a nice base on the daily chart. It did, however, already break out last Friday on a good second quarter earnings report. I might have missed the move; however, if this forms a base from this breakout, then I will still consider getting some shares. I do already own this stock in my TFSA.
The market didn’t do much this month other than hit the levels it was at in November last year – this is what I was hoping for in order to have a substantial enough correction before going up again. If it comes down even more, I’ll be totally okay with that too.
I went through the 100 top weighted holdings of the XIC ETF. The financials look like they’re weakening. It’s hard to say if they’re going through a bit of a slowdown or if they’re on the way to a major plunge. Some of the stocks in the energy sector are starting to move above their bases while some of the other bigger energy stocks are still weak. It’s all very wait-and-see.
I don’t think the market will do much next month. I think this August, it will just be moving sideways. Summer is always a boring time to trade, but this gives you more time to do other things like work on better trade strategies before it gets busy in the fall, or get out and do more fun summer things. I really hope to find a great long-term gem in the next week or two!