Bay Street Stocks

06/07/2024

I made a post a week back explaining my thoughts on TSLA upside on the weekly inverse head and shoulder formation. We most certainly got the move on this pattern and now I believe Teslas next target is 252.37 then 265.13 with lots of room for consolidation and a daily higher low so be careful and wait for a potential pullback

25/06/2024

The agency says migration will be the key driver of population increase under all scenarios, while natural growth only plays a “marginal role” as the population ages and fertility rates remain low. It says the population will rise from about 40 million in 2023 to a range of 47 million to 87 million over the next half a century, with 63 million being the medium-growth forecast.

24/06/2024

TSLA about to rip on this weekly inverse head and shoulders pattern that’s been playing out so far over the last few weeks. I’ve mentioned it over the last few posts about this set up. Above 191.08, 198.87 is the new target on TSLA

24/06/2024

3 days ago I posted my target on bitcoin as there was very obvious weakness in price which lead me to believe that the next target was $61,780. Hopefully you guys took this short!

21/06/2024

Bitcoin looking like a double top here with a weekly lower high as the likely scenario. $61,780 is the next target for bitcoin

07/06/2024

Natural gas is pumping. Lots of demand for cool air as we approach deeper in the summer months. Natural gas needs to get here 3.00 to see a big push in this sector.

07/06/2024

The average asking rental price in Canada surpassed $2,200 to reach a record high in May, according to a new report that found the average monthly asking price for all residential rentals increased by 9.3% year-over-year to hit $2,202 in May. -CTV

07/06/2024

Air Canada is now offering free beer and wine on flights within Canada and the U.S. until the end of the year.
On Wednesday, the airline announced the expansion, adding complimentary pretzels and cookies to the list of free menu items for economy seats. -ctv

06/06/2024

Greater Toronto real estate prices reversed course, making a sharp decline last month. The composite benchmark, or typical, home price fell 0.9% (-$10.7k) to $1,117,400 in May. Home prices are now down 3.5% (-$40.3k) compared to a year before.

05/06/2024

The Bank of Canada has cut its overnight rate by 25 basis points, a move not seen since the beginning of the pandemic.

Todays announcement puts the policy rate at 4.75 per cent, down from the 5 per cent it has been sitting at since July of last year.

31/05/2024

National Bank of Canada reported a second-quarter profit of $906 million, up from $832 million a year earlier, and raised its dividend.

The Montreal-based bank said Wednesday it will now pay a quarterly dividend of $1.10 per share, an increase of four cents. -BNN

09/05/2024

Initial filings for unemployment benefits have hit their highest level since late August 2023, a potential sign that an otherwise robust labor market is changing.

Jobless claims totaled a seasonally adjusted 231,000 for the week ending on May 4, up 22,000 from the previous period and higher than the Dow Jones estimate for 214,000, the Labor Department reported Thursday. It was the highest claims number since Aug. 26, 2023. - CNBC

07/04/2024

Bell (NYSE & TSX: BCE) also trades on the Toronto Stock Exchange is coming into a major support back from 2020 with high volume at the lows suggesting a bottom is likely here. This chart has been beaten down pretty good and needs to get over 33.70 to reclaim daily uptrend. BCE pays an 8.92% dividend as well 🔥

28/03/2024

Beware of these scam accounts. I will never message you and ask for money so please be careful out there and don’t ever fall for this trap! Please report

06/03/2024

Gold is attempting to breakout to new all time highs and needs to push above 2149.52. As long as gold stays above 2074.15 it’s still in a daily uptrend. Gold is looking extremely strong across all major time frames. Go gold bulls!

15/02/2024

Watch for a break above $25.55 on PLTR tomorrow. A break above this level and PLTRs next target is $27.11

14/02/2024

13/02/2024

TORONTO - Drivers may see higher premiums for their electric vehicles as the insurance industry adjusts to the shift from gas-powered cars to electric alternatives, a new report suggests.

The price tag of EVs and higher costs for repairs are likelyto be key factors that could drive Canadian auto insurance higher in the coming years, similar to a trend seen in the U.K., the report published by Morningstar DBRS on Monday shows.

EVs are computers on wheels and batteries are central to their operations, said Victor Adesanya, co-author of the report and vice-president of insurance at Morningstar DBRS’ Global Financial Institutions Group. - Toronto Star

13/02/2024

US Headline inflation fell to 3.1% in January, higher than expected. Core CPI did not fall and remains at 3.9%.

13/02/2024

Swipe to see additional post ➡️ Two metrics related to China’s “real estate crisis”. The first looks at apartment and commercial property sales and the second is housing starts. Both metrics have seen multi-year declines and coupled with China’s stock market woes, spells trouble for the nation’s economy.

➡️ Falling Sales: China’s new home sales dropped 6% in 2023, with secondhand home prices declining in major cities

➡️ Developer Defaults: Real estate firms faced $125 billion in bond defaults between 2020 and 2023

➡️ Economic Impact: The property sector’s slump has dragged down China’s economy, leading to layoffs and financial instability

➡️ Getting Creative: Municipalities, many of which rely on land sales as a key source of income, have been introducing “old-for-new” support measures meant to stimulate new home purchases

13/02/2024

Shopify Inc. reported sales and profit for the fourth quarter that narrowly beat analysts’ estimates, but that didn’t impress Wall Street after the stock more than doubled last year.

Revenue for the period rose 24 per cent to US$2.1 billion, beating the US$2.08 billion average estimate of analysts surveyed by Bloomberg. Profit, excluding one-time items, was 34 cents a share, above the 30-cent expectation. - FP

12/02/2024

Watch Tesla tomorrow for a break above 196.30 to enter an upside gap fill 🚀

09/02/2024

OGI (on the NASDAQ) shows healthy consolidation here and showing more signs of bullish strength after breaking out at the 2.00 resistance then back tested this area which held and now continuing to the upside. 2.44 is the next major target on OGI

08/02/2024

TORONTO — Google is bringing its artificial intelligence chatbot to Canada as the product gets a new name. The tech goliath announced Thursday that Canadians have access to Bard, which it is now calling Gemini, the previous name it gave to its AI model that could reason across text, images, video, audio and code.

The new Gemini allows users to submit queries and in return, instantly spits out succinct responses that can take on formats such as poems, lists, summaries or letters.

Google said users would be able to take pictures of a flat tire and ask Gemini for instructions detailing how to fix it, instruct the chatbot to make a custom image for a dinner party invitation or even get it to draft a difficult text message or write a caption for a photo.

Jack Krawczyk, product lead of Gemini experiences at Google, called it a form of computing “that solves problems with you.”

“I don’t want to pretend that it’s perfect and it won’t make mistakes, but it’s really improved a lot,” he said in an interview with The Canadian Press.

Google positioned the announcement as a product of the company getting more clarity around Canada’s Bill C-18. That bill, known as the Online News Act, requires Google and Meta to enter into agreements that compensate Canadian media companies when their content is posted on or repurposed by the platforms. - FP

07/02/2024

Commercial real estate loan losses remain a manageable risk for Canada’s biggest banks even in the wake of last week’s turmoil at New York Community Bancorp, according to the head of the country’s bank regulator.

Routledge, who leads the Office of the Superintendent of Financial Institutions, said property-loan defaults, particularly those tied to office buildings, remain concerning. But after diving into New York Community Bancorp’s regulatory filings after the regional lender reported a surprise loss tied to worsening credit quality, he saw no need to change his own outlook for Canada’s banks.

“It didn’t really change our fundamental take” on the lenders’ credit risks around property loans, Routledge said. He also cited Jerome Powell’s remarks during a 60 Minutes interview that aired Sunday in which the United States Federal Reserve chair said he believes commercial real estate is a “manageable” problem for the financial system.

Last month, Routledge said banks around the world are likely to suffer “meaningful losses” on commercial-property loans and that Canadian banks’ earnings will likely take a hit, but without a major capital risk resulting.

Of the country’s six biggest banks, National Bank of Canada has no exposure to office real estate in the U.S., while Bank of Nova Scotia’s lending on that front is minimal, according to Lidia Parfeniuk, director at S&P Global Ratings in Toronto. Canadian Imperial Bank of Commerce, Bank of Montreal, Royal Bank of Canada and Toronto-Dominion Bank have larger exposures to U.S. commercial real estate, but their overall portfolio of office loans is between just one per cent and two per cent of total lending, Parfeniuk said. - Bloomberg

07/02/2024

With news coming out this week from the White House regarding the cannabis sector, steam is picking up and the bulls look like they want more upside on a bunch of cannabis names. We have OGI which broke through resistance today since my last post and needs to push over 10.31 and close above for a continued move. 14.60 remains as the weekly target 🚀

06/02/2024

Credit card delinquencies surged more than 50% in 2023 as total consumer debt swelled to $17.5 trillion, the New York Federal Reserve reported Tuesday.

Debt that has transitioned into “serious delinquency,” or 90 days or more past due, increased across multiple categories during the year, but none more so than credit cards.

With a total of $1.13 trillion in debt, credit card debt that moved into serious delinquency amounted to 6.4% in the fourth quarter, a 59% jump from just over 4% at the end of 2022, the New York Fed reported. The quarterly increase at an annualized pace was around 8.5%, New York Fed researchers said. - CNBC

03/02/2024

TORONTO, January 31, 2024–(BUSINESS
WIRE)—Organigram Holdings Inc. (NASDAQ:
OGI) (TSX: OGl), (the “Company” or
“Organigram”), a leading licensed producer of cannabis today announced that it has sent its first shipment of bulk dried flower to the medical division of German cannabis company, Sanity Group, a health and sciences organization dedicated to the medical applications of cannabinoids.
Organigram is pleased to complete its first shipment to Germany, one of the world’s largest and growing medical markets, as part of its multi-year agreement with Sanity Group. -BW

03/02/2024

Organigram Holdings trades on the TSX and also the NASDAQ under the ticker OGI. The weekly chart looks interesting here with a cup and handle and bull flag formation attempt at the 12EMA & 20EMA. Resistance on the US side is at 1.96 then 2.00. Support comes in at 1.55 to set the weekly higher low 🚀