The Technical Take - March 17, 2014

8/12/2019 The Technical Take - March 17, 2014

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Report prepared by:

Ryan Lewenza, CFA, CMT

North American Equity Strategist

Inside

Technical Commentary ......................... 2

Technical Trading Ideas ...................... 10

Sentiment Indicators ........................... 14

Overbought/Oversold Stocks .............. 15

Market Statistics .................................. 16

This Document is for distribution to Canadian

clients only.

Please refer to Appendix A in this report for

important information.

Volume 14 Highlights

We believe the S&P/TSX Composite Index (S&P/TSX) is due to

take a break after advancing 6% since its February lows. We are

targeting the S&P/TSX to pull back to 13,800 to 14,000, which is the

convergence of: 1) previous resistance, now support; 2) the 50-day

moving average (MA); and 3) the lower channel line. If correct in our

call for a short-term pull back, we would use the opportunity toincrease equity exposure, as the long-term technical profile for the

S&P/TSX remains constructive.

The technical profile of gold miners has greatly improved in recen

months, with the S&P/TSX Capped Global Gold Index breaking

above its year-and-a-half downtrend. If the gold price continues to

trend higher and/or hold steady, we believe gold miners could

continue to rally given how beaten up they were in 2013.

The S&P 500 Index (S&P 500) broke above short-term resistance o1,850, making a new all-time high. The new high for the S&P 500was accompanied by new highs for: 1) the NYSE Advance/Decline

line; 2) a relative high for the Russell 2000 Index versus the S&P500; and 3) the Dow Jones Transportation Index. For us, this pointsto a continued strong bull market for U.S. equities. In the short-termwe see the potential for some backing and filling for the S&P 500 asit works off its overbought condition.

In this weeks report, we highlight Honeywell International Inc(HON-N), Vermilion Energy Inc. (VET-T) and FinningInternational Inc. (FTT-T) as attractive buy candidates andrecommend investors trim/sell General Motors Co. (GM-N).

Chart of the Week The bears are in hibernation. Just 17% of

polled professional investors are bearish, which is the lowes

reading since the mid-1980s

March 17, 2014


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The TechnicalTake March 17, 2014

Page 2

Technical Commentary

S&P/TSX Composite Index

The S&P/TSX has traded in a tight range of roughly 14,200 to 14,300 over the last few weeks. This does not come

as a surprise, as the S&P/TSX is trading at its upper channel line, which is an important resistance level

Additionally, horizontal price resistance comes in at 14,330, which dates back to the 2011 highs. Given the

convergence of these two resistance lines, we see the 14,300 to 14,350 as a key technical level for the S&P/TSXA break above this level would be very bullish, in our opinion.

However, many of our secondary technical indicators are signalling a short-term top in the S&P/TSX, increasing the

odds that the S&P/TSX will fail in breaking above this important technical level on its first attempt.

We believe the S&P/TSX is due to take a break after advancing 6% since its February lows. Our call for a short-

term pause/pullback is predicated on: 1) the S&P/TSX trading at stiff technical resistance; 2) momentum weakening

with the MACD indicator beginning to rollover; and 3) the S&P/TSX appearing to be in the early stages of working

off its recent overbought technical condition.

As such, we are targeting the S&P/TSX to pull back to between 13,800 and 14,000, which is the convergence of: 1

previous resistance, now support; 2) the 50-day MA (13,902); and 3) the lower channel line.

If correct in our call for a short-term pull back, we would use the opportunity to increase equity exposure, as the

long-term technical profile for the S&P/TSX remains constructive.


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S&P/TSX Global Gold Index

The technical profile of gold miners has greatly improved in recent months, with the S&P/TSX Capped Global Gold

Index breaking above its year-and-a-half downtrend.

The S&P/TSX Global Gold Index is trading above its rising 50- and 200-day MAs, and in recent days, has formed a

golden cross with the 50-day MA crossing up through its 200-day MA (green circle).

Additionally, the gold miners index continues to outperform the spot gold price, following a period of sustained

underperformance.

If the gold price continues to trend higher and/or hold steady, we believe gold miners could continue to rally given

how beaten up they were in 2013.


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S&P 500 Index

The S&P 500 broke above short-term resistance of 1,850, making a new all-time high. The new high for the S&P500 was accompanied by new highs for: 1) the NYSE Advance/Decline line; 2) a new relative high for the Russell2000 Index versus the S&P 500; and 3) a new high for the Dow Jones Transportation Index. For us, this points to acontinued strong bull market for U.S. equities.

In the short-term, we see the potential for some backing and filling for the S&P 500 as it works off its overboughtcondition. Admittedly, the RSI indicator did not reach the 70 overbought level, but the percentage of stocks in theNYSE above their respective 50-day MAs came very close to the overbought 80% level (lower panel). Additionallymomentum looks to be peaking, with the MACD indicator close to registering a momentum sell signal.

As such, we could see some near-term profit taking, but we remain constructive on U.S. equities, as the long-termuptrend remains firmly in place.

To become more cautious on the U.S. equity markets, we would need to see the S&P 500 break below the 1,735 to1,750 range, which is the convergence of the 200-day MA and the February lows.


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U.S. Sector Highlights

Last Trend of Trend of RSI Market

Name Price 50 DMA 50 DMA 200 DMA 200 DMA 14 Day Condition Current 2 3 4 5 6

S&P 500 FINANCIALS INDEX 297.96 291.33 Uptrend 278.69 Uptrend 62.14 Neutral 1 7 11 11 3 6

S&P 500 INDUSTRIALS IDX 448.27 442.66 Uptrend 411.68 Uptrend 57.33 Neutral 2 6 8 9 6 4

S&P 500 MATERIALS INDEX 297.30 288.14 Uptrend 270.04 Uptrend 60.41 Neutral 3 2 4 3 2 3

S&P 500 INDEX 1863.34 1828.35 Uptrend 1734.48 Uptrend 60.68 Neutral 4 5 7 5 5 7

S&P 500 CONS DISCRET IDX 526.48 517.02 Uptrend 488.52 Uptrend 59.04 Neutral 5 1 6 10 1 9

S&P 500 CONS STAPLES IDX 436.26 430.16 Uptrend 425.88 Uptrend 62.22 Neutral 6 3 10 7 9 11

S&P 500 INFO TECH INDEX 597.14 583.33 Uptrend 539.73 Uptrend 58.82 Neutral 7 9 9 4 4 8

S&P 500 TELECOM SERV IDX 146.35 149.07 Downtrend 153.70 Downtrend 45.43 Neutral 8 10 5 8 11 5

S&P 500 ENERGY INDEX 634.62 630.42 Uptrend 616.04 Uptrend 51.92 Neutral 9 4 3 6 8 10

S&P 500 HEALTH CARE IDX 687.39 662.04 Uptrend 609.49 Uptrend 61.48 Neutral 10 8 1 2 7 2

S&P 500 UTILITIES INDEX 201.61 197.62 Uptrend 194.12 Uptrend 48.97 Neutral 11 11 2 1 10 1

Ranking of Weekly Momentum

Source: Bloomberg Finance L.P. As of March 11, 2014.

Weekly Momentum:

The financials sector jumped to the top spot in our sector rankings last week, reversing a recent trend of

underperforming the broader market. We view the financials sector as an important barometer of the U.S. equity

market, and therefore would like to see this continue.

Defensive sectors lagged last week, with the health care and utilities sectors underperforming the broader market.

The telecom sector continues to post weak relative returns and has been near the bottom of our sector rankings

over the last six weeks.

Market Condition:

All sectors are neutrally ranked, with RSI levels between 30 and 70.

Other:

The telecom sector is trading below its 50- and 200-day MAs, which is a contributing factor in our call to

underweight the sector in portfolios.


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S&P 500 Semiconductor Index

In the July 15, 2013 edition of The Technical Take, we highligh ted the semiconductor space as a particularlyattractive area. The Semiconductor Index is up 19% since then and we see the potential for additional gains.

The index is in a long-term uptrend, and is trading above its rising 50- and 200-day MAs. Its relative trends alsoremain bullish, with the index outperforming the S&P 500 since November 2013, and more recently, making a newrelative high (lower panel).

In the short-term, the Semiconductor Index is overbought, which could result in some short-term backing and filling. Given the bullish technical profile for the industry, we would look to increase exposure on any short-term weakness.


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$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

Jan-80 Jan-85 Jan-90 Jan-95 Jan-00 Jan-05 Jan-10

NYSE Margin Debt(in millions)

Sentiment Update

As articulated in this and many previousreports, the technicals for the North Americanequity markets remain constructive, and wesee the potential for the uptrend to continue.

That said, the equity markets are not withousome concerning readings.

One in particular is investor sentiment, which isskewed heavily to the bullish side.

In the accompanying chart, we note that jus17% of polled professional investors arebearish, which is well below the long-termaverage of 30%, and is the lowest readingsince the mid-1980s.

Sentiment polls are secondary technicaindicators, but we do find this series worryingas it implies that most investors are all in.

Another concern we have is the record amountof margin debt held by investors.

Currently, U.S. margin debt stands at US$451

billion, which is a new all-time high, and welabove the previous peak of US$381 billion inJuly 2007.

Increasing margin debt is supportive to stockprices, as more capital coming into the equitymarkets helps to bid up stock prices.

However, this can quickly change as equitymarkets come under pressure, as increasedmargin calls can lead to a swift unwinding ofthis credit, which can then exacerbate equitymarket declines.

For now, we remain bullish given the verysupportive technical trends, however, we wil

continue to monitor these data series closelyfor signals indicating a potential maturity of thefive-year bull market.

Source: Datastream. As of March 11, 2014

Source: Datastream. As of March 11, 2014


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Intermarket Picture

Reuters/Jefferies CRB Index Coming into the year we were cautious on commodities given our belief that slowe

economic growth in China would result in lower demand for commodities, and in turn, weaker prices. This call has proved

incorrect as the broad-based Reuters/Jefferies CRB (CRB) Index has broken above its long-term downtrend, and has

gained 8.5% year-to-date (YTD). The recent strength in this index is being driven by energy, precious metals and soft

commodities (i.e., gains, coffee, etc.). The CRB Index is currently overbought with an RSI reading above 70. As such, we

expect some short-term profit taking; however, given this important technical breakout, we are revaluating our cautious

stance on the commodity space, and will be monitoring the technical trends closely.

GoldGold has been particularly strong, up 14% YTD. The gold price rallied 1.5% on March 11, taking out the October

2013 high of US$1,361/oz., and opening the door for gold to potentially rally to the August 2013 high of US$1,434/oz.

Gold is technically overbought in the short term, and therefore we expect some backing and filling in the coming days.

However, the technical profile for the gold price has improved significantly, and as such, we have become more

constructive on the precious metal.


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Page 10

Technical Trading Ideas

Honeywell International Inc. (HON-N)Published March 5, 2014

The U.S. industrials sector is one of our top sectors for 2014. Within the sector, Honeywell International Inc. standsout on a technical basis.

The stock is trading in a long-term upward channel, as the stock makes higher highs and higher lows. The stock isadhering very well to the 50-day MA, as it continues to bounce off the important MA on pullbacks. Finally, HONsrelative trend remains positive, with the stock making a new high relative to the broad market in February (lowerpanel).

Given HONs strong price and relative trends we are buyers of the stock, and see the stock hitting new price highs in2014. We would recommend a stop loss at $87 which is just below the stocks 50 -day MA and 2014 lows.


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Vermilion Energy Inc. (VET-N)Published March 7, 2014

We are highlighting the breakout of Vermilion Energy Inc. from our breakout/breakdown model*. We highlighted VET on November 20, 2013 as an attractive technical buy candidate. With the stock up over 7%

since then and making a new high this week, we are reaffirming our bullish stance on VET.

VET remains in a long-term uptrend and is above its rising 50- and 200-day MAs. The stock is adhering well to its 50day MA, as it continues to provide strong technical support. Volume trends also remain supportive, with its OnBalance Volume indicator continuing to trend higher (lower panel).

We continue to view VET favourably and believe it can trend higher in the coming months. We would employ a stoploss at $57, which is just below its 200-day MA.

*NOTE: Our technical breakout/breakdown model is based on a weekly screen of the S&P 500 and S&P/TSX Composite for

stocks making a new high/low over the last 90 days on volume greater than +1 standard deviation from the 90-day average

volume.


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Finning International Inc. (FTT-T)Published March 10, 2014

Finning International Inc. has traded in a range between $21 and $26 for most of the last two years. However, the

stock broke above key resistance of $26 in late-December and we see the potential for additional upside. FTT is trading in a short-term upward channel and is above its rising 50- and 200-day MAs. FTTs relative strength

has improved with the stock making a new relative high in February (lower panel). Following a recent surge in the share price, the stock has become technically overbought in the short term, which

could result in some near-term selling pressure. However, we would buy the stock on any weakness given FTTsimproving technical profile.

We see $26 as a key level for the stock as this was resistance but became support in recent months. As such, wewould employ a stop loss at $25.75, which is just below this support level.


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General Motors Co. (GM-N)Published March 12, 2014

General Motors Co.s share price declined over 4% on March 11. Given the weak technical profile for the stock, we

see the potential for additional weakness. GM recently broke below its upward trendline which had been in place for over two years. The break below its

trendline was on heavy volume, which captures investor distribution. If the stock breaks below short-term support of$34.36 it will result in a lower low and the beginning of a downtrend.

Other negative technical factors include: 1) the stock broke below its 50-day MA, which provided resistance in earlyMarch; 2) momentum remains weak; and 3) GMs relative uptrend was broken in February (lower panel).

Given the confluence of negative technical factors, we would look to reduce exposure in this stock.


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Sentiment Indicators

Level 1 M Ago 3 M Ago Level 1 M Ago 3 M Ago16.08 14.14 15.76 0.87 1.11 1.00

Level 1 M Ago 3 M Ago Level 1 M Ago 3 M Ago

Bulls 41.34 40.15 41.27 70 64 64

Bears 26.82 27.34 25.00

Bulls - Bears 14.52 12.81 16.27

VIX CBOE Put/Call

% of Stocks Above

200-day MA

-40

-30

-20

-10

0

10

20

30

40

50

60

Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

AAII Investor Sentiment: Bulls Minus Bears

0

10

20

30

40

50

60

70

80

90

100

Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

NYSE % of Stocks Above 200-day MA

5

10

15

20

25

30

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

Volatility (VIX) Index

0.6

0.7

0.8

0.9

1.0

1.1

1.2

1.3

1.4

1.5

Jan-12 Jul-12 Jan-13 Jul-13 Jan-14

CBOE Total Put/Call Ratio 5-Day MA



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Overbought/Oversold Stocks

S&P 500

Most Overbought Most OversoldName RSI (14D) Name RSI (14D)BERKSHIRE HATHAWAY INC-CL B 82.92 STAPLES INC 29.38

SOUTHWEST AIRLINES CO 77.66 ADT CORP/THE 29.84

KROGER CO 77.56 NETAPP INC 30.82

ELECTRONIC ARTS INC 74.99 KINDER MORGAN INC 31.12

MOODY'S CORP 74.33 TENET HEALTHCARE CORP 32.52

ECOLAB INC 74.19 NOBLE CORP PLC 32.98

BROWN-FORMAN CORP-CLASS B 73.67 FREEPORT-MCMORAN COPPER 34.13

TEXAS INSTRUMENTS INC 73.43 ENSCO PLC-CL A 35.46

EDWARDS LIFESCIENCES CORP 73.09 CLIFFS NATURAL RESOURCES INC 35.56

SAFEWAY INC 72.89 LEUCADIA NATIONAL CORP 35.69

LYONDELLBASELL INDU-CL A 72.87 FAMILY DOLLAR STORES 35.74

TRIPADVISOR INC 72.24 PEABODY ENERGY CORP 35.76

J.C. PENNEY CO INC 71.61 JOHNSON CONTROLS INC 35.98DR PEPPER SNAPPLE GROUP INC 71.49 CABOT OIL & GAS CORP 36.58

BEAM INC 71.26 GENERAL MOTORS CO 36.71


S&P/TSX Composite

Most Overbought Most OversoldName RSI (14D) Name RSI (14D)CAN IMPERIAL BK OF COMMERCE 85.36 AIMIA INC 20.81

JEAN COUTU GROUP INC-CLASS A 80.48 CANEXUS CORP 22.46

PARKLAND FUEL CORP 79.44 DUNDEE CORP -CL A 29.41

FIRSTSERVICE CORP 78.52 LIGHTSTREAM RESOURCES LTD 29.82

TORONTO-DOMINION BANK 78.36 TRANSALTA CORP 30.19

MAGNA INTERNATIONAL INC 76.05 TALISMAN ENERGY INC 31.85

FAIRFAX FINANCIAL HLDGS LTD 75.48 EXTENDICARE INC 32.92

CAPITAL POWER CORP 74.72 CAPSTONE MINING CORP 33.10

ALACER GOLD CORP 74.21 TECK RESOURCES LTD-CLS B 33.32

LINAMAR CORP 74.17 NIKO RESOURCES LTD 33.50

TIM HORTONS INC 72.77 PENGROWTH ENERGY CORP 33.65

IMPERIAL OIL LTD 72.37 THOMSON REUTERS CORP 34.07

OSISKO MINING CORP 71.98 BONTERRA ENERGY CORP 34.48

DETOUR GOLD CORP 71.55 DUNDEE REAL ESTATE INVESTM-A 34.56

CENTERRA GOLD INC 70.97 FIRST QUANTUM MINERALS LTD 35.63



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Market Statistics

Region Index Last 1 Week 1 Month 3 Month YTD 1 Year 3 Year 5 Year

U.S. S&P 500 1868.20 -1.48 1.06 4.16 0.04 18.95 12.34 19.57

Dow Jones Industrial Average 16340.08 -1.70 0.72 2.46 -2.62 11.67 10.25 17.45

Dow Jones Transportation 7585.98 -1.04 2.74 5.57 1.09 20.03 13.42 25.32Dow Jones Utilities 515.52 1.42 0.69 8.79 5.96 6.08 7.54 11.33

Nasdaq Composite 4323.33 -2.05 0.52 6.55 2.07 31.36 16.22 24.39

Russell 2000 1191.37 -2.32 2.51 6.28 1.11 24.65 13.59 24.52

Russell 1000 Value 935.33 -1.31 1.44 3.89 -0.04 16.76 11.71 19.52

Russell 1000 Growth 881.39 -1.82 0.73 5.15 0.80 22.79 13.54 20.98

Canada S&P/TSX Composite 14319.00 -0.19 1.74 8.53 4.58 11.78 1.37 11.40

S&P/TSX 60 822.45 -0.02 1.70 8.42 4.15 11.51 1.20 10.04

S&P/TSX Smallcap 653.51 -1.32 2.82 10.83 7.41 12.84 -4.40 15.00

S&P/TSX Venture 1046.39 -0.52 4.81 15.59 10.94 -7.30 -23.02 4.02

International DAX 9188.69 -5.50 -6.03 0.13 -5.59 13.13 8.91 17.93FTSE 100 6620.90 -3.46 -1.59 1.77 -2.89 1.12 3.99 11.79

Nikkei 225 14830.39 -2.11 3.51 -3.81 -9.06 19.67 15.48 14.38

Hang Seng 21901.95 -4.17 -2.43 -6.41 -6.65 -3.82 -2.32 11.67

Shanghai 1997.69 -1.96 -4.57 -8.06 -4.58 -11.06 -11.75 -1.05

MSCI World 1672.19 -1.22 1.36 4.90 0.27 16.49 8.19 17.10

MSCI EAFE 1917.99 -2.17 0.46 4.38 -0.91 12.75 4.03 14.12

MSCI Emerging Markets 955.89 -2.64 -0.13 -4.63 -5.79 -9.96 -5.19 12.34

S&P 500 Sectors Consumer Discretionary 528.11 -2.42 1.40 2.33 -1.67 24.68 19.28 29.58

Comsumer Staples 437.40 -0.15 2.01 0.54 -1.66 9.31 12.49 15.39

Energy 634.28 -1.54 1.57 0.73 -3.66 8.42 4.10 13.72

Financials 298.43 -1.26 1.66 4.09 0.31 19.88 9.92 21.99Health care 687.90 -1.17 1.45 9.56 5.94 31.05 21.76 19.44

Industrials 448.97 -2.47 0.69 3.04 -2.11 22.32 11.79 24.16

Information Technology 597.50 -1.81 -0.44 5.82 0.56 22.44 12.26 21.25

Materials 297.37 -2.32 2.26 6.80 1.23 18.16 7.82 19.14

Telecommunications 146.35 -1.42 -2.39 -3.20 -6.10 -6.61 5.12 8.27

Utilities 203.31 2.05 1.36 8.62 6.30 6.83 7.79 11.49

S&P/TSX Sectors Consumer Discretionary 1539.36 -0.39 2.83 5.40 2.22 31.10 12.81 16.61

Comsumer Staples 2693.23 -1.29 1.43 5.91 3.92 22.93 16.70 14.10

Energy 3036.91 -0.39 1.57 7.40 3.94 10.57 -2.54 8.47

Financials 2128.15 0.45 2.23 5.23 1.02 15.83 6.22 16.19

Health care 1874.74 2.02 -3.01 29.16 18.57 71.22 43.64 47.57Industrials 2071.31 0.27 1.67 4.69 1.94 21.01 14.77 21.46

Information Technology 156.36 -1.94 0.69 14.25 7.67 24.18 -14.40 -3.21

Materials 2418.49 -0.91 2.64 23.39 17.68 -9.46 -14.15 1.85

Telecommunications 1161.47 -2.04 0.62 1.41 -0.24 0.29 11.01 12.42

Utilities 1854.54 0.49 0.31 6.39 4.94 -3.20 0.16 6.70



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Appendix AImportant Disclosures

General Research Disclosure

The statements and statistics contained herein are based on material believed to be reliable, but are not guaranteed to be accurate or

complete. This report is for informational purposes only and is not an offer or solicitation with respect to the purchase or sale of any

investment fund, security or other product. Particular investment, trading, or tax strategies should be evaluated relative to each

individuals objectives. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance.This document does not provide individual financial, legal, investment or tax advice. Please consult your own legal, investment and tax

advisor. All opinions and other information in this document are subject to change without notice. The Toronto-Dominion Bank and its

affiliates and related entities are not liable for any errors or omissions in the information or for any loss or damage suffered.

TD Waterhouse Canada Inc. and/or its affiliated persons or companies may hold a position in the securities mentioned, including

options, futures and other derivative instruments thereon, and may, as principal or agent, buy or sell such securities. Affiliated persons

or companies may also make a market in and participate in an underwriting of such securities.

Full disclosures for all companies covered by TD Securities Inc. can be viewed at

https://www.tdsresearch.com/equities/welcome.important.disclosure.action

Company Ticker Disclosures

Honeywell International Inc. HON-N N/A

Vermilion Energy Inc. VET-T 2,4,5,9

Finning International Inc. FTT-T 1,2,4,9

General Motors Co. GM-N N/A

1. TD Securities Inc., TD Securities (USA) LLC or an affiliated company has managed or co-managed a public offering of securities

within the last 12 months with respect to the subject company.

2. TD Securities Inc., TD Securities (USA) LLC or an affiliated company has received compensation for investment banking services

within the last 12 months with respect to the subject company.

3. TD Securities Inc., TD Securities (USA) LLC or an affiliated company expects to receive compensation for investment banking

services within the next three months with respect to the subject company.

4. TD Securities Inc. or TD Securities (USA) LLC has provided investment banking services within the last 12 months with respect tothe subject company.

5. A long position in the securities of the subject company is held by the research analyst, by a member of the research anal ysts

household, or in an account over which the research analyst has discretion or control.

6. A short position in the securities of the subject company is held by the research analyst, by a member of the research ana lysts

household, or in an account over which the research analyst has discretion or control.

7. A long position in the derivative securities of the subject company is held by the research analyst, by a member of the research

analysts household, or in an account over which the research analyst has discretion or control.

8. A short position in the derivative securities of the subject company is held by the research analyst, by a member of the research

analysts household, or in an account over which the research analyst has discretion or control.

9. TD Securities Inc. and/or an affiliated company is a market maker, or is associated with the specialist that makes a market, in the

securities of the subject company.

10. TD Securities Inc. and/or affiliated companies own 1% or more of the equity securities of the subject company.

11. A partner, director or officer of TD Securities Inc. or TD Securities (USA) LLC, or a research analyst involved in the preparation ofthis report has, during the preceding 12 months, provided services to the subject company for remuneration.

12. Subordinate voting shares.

13. Restricted voting shares.

14. Non-voting shares.

15. Common/variable voting shares.

16. Limited voting shares.


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Technical Research Disclosure

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The Technical Take - March 17, 2014

Documents

3 March Daily technical trader

March 2015 Quick Take Eliminating Resort Fees

The Technical Take - June 2, 2014

NASA TECHNICAL March MEMORANDUM

16 March Daily technical trader

The Technical Take - March 3, 2014

Technical Paper March 2009

9 March Daily technical trader

The Technical Take - November 18, 2013

MASE Annual Meeting & Technical SeminarMASE Newsletter The 2013 MASE Annual Meeting and Technical Seminar will take place on Tuesday, March 5 at the Ramada Conference Center in Lewiston

Take Part March/April 2012

The Technical Take - Ocotber 22, 2013

20 March Daily technical trader

Technical Report 27th March 2012

22 March Daily technical trader

UBS Technical View March 2016

BC Take Five March 2011

Ryan Lewenza: The Technical Take - March 31, 2014

24 March Daily technical trader

Technical claims brief march 2010