Toronto Stock Exchange
The accompanying chart of the Toronto Stock Exchange from 1979 to the present includes the work of Edson Gould’s Speed Resistance Lines (SRL).
What stands out is the coincidence of previous peaks, indicated by uppercase letters of the alphabet, being followed by declines to the current conservative downside target (8,450.30), at the respective lowercase letters. The work of Gould isn’t a cure-all for what might happen in the stock market, however, it does provide a reasonable guideline to work from.
The coincidence of seven prior declines to the 8,450.30 level makes us wonder if the Toronto Stock Exchange has any chance to decline to the conservative downside target of 8,450.30, at (h). It may asking much to suggest that the Toronto Stock Exchange could fall another -39.44% but if it does for some unknown reason then it would be good to have your resources (cash) at the ready.
Canadian Dividend Watch List
Below is the latest Watch List for October 2015:
| Symbol | Name | price | p/e | eps | div | yield | p/b | % from low |
| D-UN.TO | Dream Office REIT | 21.41 | 69.06 | 0.31 | 2.24 | 10.46 | 0.67 | 0.05% |
| BEI-UN.TO | Boardwalk REIT | 54.95 | 17.84 | 3.08 | 2.04 | 3.71 | 0.84 | 0.24% |
| CUF-UN.TO | Cominar REIT | 16.12 | 10.92 | 1.48 | 1.47 | 9.12 | 0.75 | 0.25% |
| CTY.TO | Calian Technologies Ltd. | 15.95 | 12.4 | 1.29 | 1.12 | 7.02 | 1.7 | 1.27% |
| AX-UN.TO | Artis REIT | 13.63 | 13.42 | 1.02 | 1.08 | 7.92 | 0.78 | 2.48% |
| CJR-B.TO | Corus Entertainment Inc. | 12.54 | - | -0.29 | 1.14 | 9.09 | 0.88 | 2.70% |
| ACD.TO | Accord Financial Corp. | 9.3 | 9.68 | 0.96 | 0.34 | 3.66 | 1.16 | 3.33% |
| SJR-B.TO | Shaw Communications, Inc. | 26.11 | 14.59 | 1.79 | 1.19 | 4.54 | 2.45 | 3.49% |
| REF-UN.TO | Canadian REIT | 43.62 | 31.22 | 1.4 | 1.8 | 4.13 | 0.98 | 3.86% |
| PJC-A.TO | The Jean Coutu Group (PJC) Inc. | 19.82 | 17.23 | 1.15 | 0.57 | 2.88 | 3.42 | 4.21% |
| REI-UN.TO | Riocan REIT | 26.29 | 16.7 | 1.57 | 1.41 | 5.36 | 1.1 | 4.70% |
| AGF-B.TO | AGF Management Limited | 5.24 | 8.56 | 0.61 | 0.32 | 6.11 | 0.45 | 6.29% |
| CGO.TO | COGECO Inc. | 53.95 | 11.33 | 4.76 | 1.02 | 1.89 | 1.55 | 7.90% |
| IMO.TO | Imperial Oil Ltd. | 43.78 | 17.3 | 2.53 | 0.43 | 0.98 | 1.64 | 7.97% |
| NA.TO | National Bank of Canada | 42.94 | 9.6 | 4.47 | 2.08 | 4.84 | 1.54 | 9.12% |
| TRP.TO | TransCanada Corporation | 44.9 | 18.4 | 2.44 | 2.08 | 4.63 | 1.9 | 9.25% |
| EMP-A.TO | Empire Company Limited | 27.94 | 19.12 | 1.46 | 1.2 | 4.29 | 1.28 | 9.90% |
| RY.TO | Royal Bank of Canada | 74.85 | 11.41 | 6.56 | 3.16 | 4.22 | 1.95 | 9.99% |
Analyst Estimates
Below is a snapshot of the analysts’ estimated earnings assuming the same price-to-earnings ratio that the stocks currently has and the percentage change in price that is implied based on these earnings estimates. For the stocks that currently don’t have earnings, a P/E ratio of 14 was assigned.
Our best guess is that the analysts are too optimistic. We’d aim for the stocks that are slated to generate average returns going forward.