Hap Sneddon's Top Picks: August 8, 2023

Top Picks from Hap Sneddon, chief portfolio manager and founder, CastleMoore Inc.

FOCUS: Technical analysis 

MARKET OUTLOOK:

Inflation in Canada has slowed recently to 2.8 per cent, and in the U.S., to three per cent.  The highs in inflation crested in the spring of last year and markets, particularly the tech sector, troughed just a few months later. When we break down the components, energy (-3.4 per cent) and transportation costs (-3.5 per cent) fell the most. On the other hand, food (+8.3 per cent) and grocery (+9.1 per cent) saw continuing strength as did shelter (+4.8 per cent) and mortgage costs (+30.1 per cent).