CIBC’s chief market technician reveals his top 10 stock picks for October
CIBC's chief market technician Sid Mokhtari released his top 10 stock picks for October, including Gibson Energy (GEI-T), Suncor (SU-T), Nutrien (NTR-T), Constellation Software (CSU-T), Shopify (SHOP-T), Finning International (FTT-T), Bank of Nova Scotia (BNS-T), and Northland Power (NPI-T). His portfolio has outperformed the S&P/TSX Composite Index over the past four years, with a 9.29% YTD return. The TSX declined 2.85% in September, with tech as the only positive sector.
How this was made
The 30-second read
Why it matters
The new list provides fresh guidance for momentum‑focused traders targeting Canadian equities.
Market read
Introduces fresh technical targets for the upcoming month, potentially shifting short‑term flows in selected TSX stocks.
What to watch
Macro headwinds from a flattening US yield curve could dampen momentum.
Background
CIBC's chief market technician publishes a monthly top‑10 technical pick list for the S&P/TSX Composite Index.
Ticker impact
Suncor Energy added to the October pick list after a 4.07% rally in September.
likely pressure to the upside as investors follow the pick
Recent rally plus analyst endorsement supports near‑term demand.
Nutrien added to the material‑focused portion of the October list.
moderate buying pressure expected
Technical selection highlights strength; no new fundamental news.
Teck Resources retained as a carry‑over pick for October.
steady or slight upside
Carry‑over indicates ongoing technical strength.
Shopify stays on the October pick list.
possible upward pressure
Retention suggests ongoing technical strength.
GFL Environmental retained as a carry‑over pick.
steady or slight upside
Carry‑over indicates ongoing technical favorability.
Bank of Nova Scotia replaces Brookfield Asset Management in the October list.
potential buying pressure
New inclusion signals a favorable technical outlook.
Brookfield Asset Management removed from the October pick list.
possible slight downside
Loss of endorsement could dampen momentum.
Market effects
Highlights technical strength in energy, materials, financials and utilities on the TSX.
May influence Canadian equity sentiment and sector rotation.
Limited to investors tracking Canadian markets and ADRs.
Counterpoint
Technical picks may be overbought; fundamentals could lag.
Key entities
- personSid Mokhtari
CIBC chief market technician and author of the pick list.
- institutionCIBC
Canadian Imperial Bank of Commerce, provider of the research.
