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CIBC's Sid Mokhtari Shares Technical Outlook and Top Canadian Stock Picks for Investors
Finance · Investment Banks/Brokers · globe_inside_market · 2026-10-16
SOXX, SMH, IGV, MFST, KEL, NPI, NWC, PET, BB
CIBC Capital Markets technician Sid Mokhtari discusses market breadth, sector leadership, and provides specific technical analysis for several Canadian stocks.
What Happened
Market Outlook and Breadth: CIBC's Sid Mokhtari notes that October market volatility and narrow breadth necessitate a highly selective approach to stock picking. While technology remains a long-term leader, he emphasizes that current market conditions are bifurcated and require careful monitoring of earnings growth and momentum.
Sector Performance Trends: Energy and U.S. healthcare are currently showing strong technical breadth, making them attractive defensive or growth plays. Within the technology sector, software is identified as the top-performing subsector, followed by hardware and equipment, while semiconductors show more selective, bifurcated trends.
Canadian Stock Recommendations: Mokhtari highlights Kelt Exploration (KEL-T) for its strong relative strength and energy sector leadership, alongside Northland Power (NPI-T) for its improving technical base and dividend appeal. Additionally, he points to North West Company (NWC-T) as a potential breakout candidate despite its inherent volatility.
Long-Term Value Opportunities: For investors with longer horizons, he identifies Pet Valu (PET-T) as an oversold value play potentially nearing a bottom, and BlackBerry (BB-T) as a controversial but technically improving stock. He warns that while October remains volatile, the period following should present better buying opportunities for disciplined investors.