August 27, 2010 | In: Financial
Well, Did You Buy RY?
Yesterday I have recommended RY and I gave my own reasons why this stock will bounce back, after comparing it to BMO (just 2 bad days after the earning report, and then the stock will move up aggressively).
The stock reached another historical low yesterday, but it bounced back today (as predicted) and is now trading at $47.35, in case you think if it’s not too late to buy the stock, then I can assure you that it’s not. The stock will most probably go up next week as well, and it will break the $49 level for sure. Yes I know that RBC was downgraded, but again, this is the strongest bank in Canada, and the economy is not super anyway.
Canadian economy is one of the strongest and soundest among all G8 economies, and is supported by several commodities, including oil (which has nowhere to go but up).
The stock went up 11 cents while I was writing this post, which took me a few minutes.
Are you still hesitating? Just buy it now and sell it Monday morning (stocks usually edge up on Monday if there are no news).