Report prepared by:

Ryan Lewenza, CFA, CMT

North American Equity Strategist





Inside

Technical Commentary ......................... 2
Technical Trading Ideas ........................ 9
Sentiment Indicators ........................... 12
Overbought/Oversold Stocks .............. 13
Market Statistics .................................. 14




















This document is for distribution to Canadian
clients only.

Please refer to Appendix A in this report for
important information.
Volume 19 Highlights
The S&P/TSX Composite Index (S&P/TSX) continues to trade in a
bullish upward channel, with the index consistently making higher
highs and higher lows since its July 2013 low. Additionally, the index
continues to find technical support at its rising 50-day moving
average (MA). We view the 14,400 to 14,500 range as a key short-
term technical support level. We maintain our bullish short-term
stance on the S&P/TSX, as long as the index remains above this
important support zone. A break below this range would likely cause
us to revisit our bullish stance.

The Canadian financials sector has traded in line with the broader
market since February 2014, but we believe the sector could soon
begin to outperform again. Given the strong performance in the
energy sector year-to-date (YTD), and lagged performance by
financials over this time, we believe there is the potential for some
sector rotation into the financials, which if correct, could result in the
financials breaking out on a relative basis.

The S&P 500 Index (S&P 500) has made another all-time high,
breaking above the psychologically important (but not technically
important) 1,900 level. While calls for a market correction are picking
up, the S&P 500 is showing little signs of technical weakness.
The index remains in an uptrend, is trading above its rising 50- and
200-day MAs, and continues to climb the proverbial "wall of worry."

Copper has had an impressive short-term rally, moving up 8.5%
since its recent lows. Despite the strong move, copper remains in a
well-defined downtrend, and is trading below its 200-day MA. With
copper approaching resistance around the US$3.20/lb. level, we
would expect the upside to be capped in the short term.

In this weeks report, we highlight Mondelez International Inc.
(MDLZ-Q), Nordstrom Inc. (JWN-N), and Enerplus Corp. (ERF-T)
as attractive technical buy candidates.
Chart of the Week: The Volatility (VIX) Index is trading at 2007
levels. Are investors overly complacent?





June 2, 2014
The Technical Take June 2, 2014
Page 2

Technical Commentary

S&P/TSX Composite Index



The S&P/TSX continues to trade in a bullish upward channel, with the index consistently making higher highs and
higher lows since its July 2013 low. Additionally, the index continues to find technical support at its rising 50-day
MA, which is a sign of technical strength.
We view the 14,400 to 14,500 range as a key short-term technical support level. This range marks the convergence
of the 50-day MA and lower channel line. We maintain our bullish short-term stance on the S&P/TSX, as long as the
index remains above this important support zone. A break below this range would likely cause us to revisit our
bullish stance.
While the short and intermediate trend remains upward and bullish, we continue to believe the S&P/TSX could
encounter a period of consolidation over the weak seasonal summer period. This belief is predicated on: 1) the
S&P/TSX remaining technically overbought (on a weekly basis); and 2) the S&P/TSX quickly approaching its all-
time highs around the 15,000 level, which we expect to provide formidable resistance.
Overall, we remain bullish given the very constructive technical profile for the S&P/TSX, but believe the index is
likely to encounter a period of consolidation in the coming months.

The Technical Take June 2, 2014
Page 3

Canadian 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/TSX HEALTH CARE IDX 1677.83 1712.31 Downtrend 1606.49 Uptrend 48.52 Neutral 1 11 10 2 1 3
S&P/TSX FINANCIALS INDEX 2186.61 2141.71 Uptrend 2041.92 Uptrend 70.40 Overbought 2 7 2 9 10 7
S&P/TSX TELECOM SERV IDX 1227.88 1189.30 Uptrend 1145.28 Uptrend 68.63 Neutral 3 1 1 6 11 8
S&P/TSX INDUSTRIALS IDX 2134.23 2070.50 Uptrend 1942.76 Uptrend 61.87 Neutral 4 6 5 5 4 2
S&P/TSX ENERGY INDEX 3301.10 3251.17 Uptrend 2958.12 Uptrend 51.01 Neutral 5 2 8 8 9 1
S&P/TSX INFO TECH INDEX 149.32 152.35 Downtrend 145.31 Uptrend 49.58 Neutral 6 10 11 3 2 5
S&P/TSX COMPOSITE INDEX 14607.56 14479.34 Uptrend 13641.21 Uptrend 55.45 Neutral 7 5 6 7 6 6
S&P/TSX UTILITIES INDEX 1890.71 1902.40 Downtrend 1809.05 Uptrend 44.97 Neutral 8 9 4 11 8 10
S&P/TSX CONS DISCRET IDX 1588.86 1563.95 Uptrend 1476.02 Uptrend 58.68 Neutral 9 3 3 4 7 4
S&P/TSX MATERIALS INDEX 2162.63 2270.16 Downtrend 2207.95 Downtrend 35.56 Neutral 10 4 9 10 3 11
S&P/TSX CONS STAPLES IDX 2737.42 2754.62 Downtrend 2609.53 Uptrend 45.09 Neutral 11 8 7 1 5 9
Ranking of Weekly Momentum

Source: Bloomberg Finance L.P. As at May 28, 2014.


Weekly Momentum:
The health care sector remains in its volatile trading pattern, with the index oscillating between top and last spot in
our sector rankings over the last six weeks. The sector rebounded last week to top spot, following two preceding
challenging weeks.
The financials also rebounded last week to second spot in our sector rankings. The sector rallied on strong Q2/14
earnings results.
The telecommunications services sector remains strong and has been near the top of our sector rankings for three
consecutive weeks.
Conversely, the materials sector remains under pressure and has been near the bottom of our sector ranking in four
of the last six weeks.

Market Condition:
With the recent gains in financials, the sector is currently overbought with a Relative Strength Index (RSI) reading of
70.40.

Other:
We have seen some technical deterioration in S&P/TSX sector profiles, with five sectors now trading below their
respective 50-day MAs.










The Technical Take June 2, 2014
Page 4


S&P/TSX Capped Financial Services Index



The Canadian financials sector has traded in line with the broader market since February (lower panel), but we
believe the sector could soon begin to outperform again.
The sector remains in a short-, intermediate- and long-term price uptrend. The sector is trading above its rising 50-
and 200-day MAs. Finally, we note that the sector has made a new price high (green circle), following the strong
Q2/14 earnings season. The recent move higher has led to a small improvement in the sector's relative strength.
Given the strong performance in the energy sector YTD, and lagged performance by financials over this time, we
believe there is the potential for some rotation into the financials, which if correct, could result in the financials
breaking out on a relative basis, and outperforming the broader market once again.

The Technical Take June 2, 2014
Page 5


S&P 500 Index



The S&P 500 has made another all-time high, breaking above the psychologically important (but not technically
important) 1,900 level.
While calls for a market correction are picking up, the S&P 500 is showing little signs of technical weakness. The
index remains in a solid uptrend, is trading above its rising 50- and 200-day MAs, and continues to climb the
proverbial "wall of worry".
The 50- and 100-day MAs have provided important technical support to the S&P 500 since the November 2012
lows, and as such, we view these levels as crucial supports for the index. Currently, the 50- and 100-day MAs come
in at 1,872 and 1,850, respectively. Therefore, we believe the S&P 500 needs to hold above the 1,875 to 1,850
range to maintain its bullish short and intermediate uptrend.
The Technical Take June 2, 2014
Page 6

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 INFO TECH INDEX 615.66 594.64 Uptrend 563.45 Uptrend 67.10 Neutral 1 2 11 2 7 7
S&P 500 CONS DISCRET IDX 517.96 509.63 Uptrend 502.55 Uptrend 60.29 Neutral 2 7 9 3 9 6
S&P 500 HEALTH CARE IDX 685.08 671.20 Uptrend 636.77 Uptrend 61.63 Neutral 3 3 5 7 2 8
S&P 500 MATERIALS INDEX 306.19 299.28 Uptrend 282.64 Uptrend 60.47 Neutral 4 4 3 5 10 3
S&P 500 FINANCIALS INDEX 298.71 296.16 Uptrend 285.73 Uptrend 58.65 Neutral 5 11 8 8 5 5
S&P 500 INDEX 1913.57 1871.33 Uptrend 1792.40 Uptrend 62.62 Neutral 6 6 7 4 6 4
S&P 500 ENERGY INDEX 691.25 669.27 Uptrend 634.66 Uptrend 58.31 Neutral 7 10 6 9 3 1
S&P 500 INDUSTRIALS IDX 463.99 452.65 Uptrend 430.61 Uptrend 59.23 Neutral 8 5 4 10 8 2
S&P 500 CONS STAPLES IDX 455.66 447.07 Uptrend 432.67 Uptrend 58.02 Neutral 9 9 2 6 4 9
S&P 500 UTILITIES INDEX 213.67 212.56 Uptrend 198.99 Uptrend 49.41 Neutral 10 8 10 11 1 11
S&P 500 TELECOM SERV IDX 160.00 155.53 Uptrend 152.80 Uptrend 56.90 Neutral 11 1 1 1 11 10
Ranking of Weekly Momentum

Source: Bloomberg Finance L.P. As at May 28, 2014.


Weekly Momentum:
Last week was a beta rally with the information technology and consumer discretionary sectors coming in at the top
of our sector rankings.
Conversely, the consumer staples, utilities and telecommunication services index underperformed, coming in at the
bottom of out sector rankings.
The utilities sector has shown recent weakness following a strong start to the year. The sector has been near the
bottom of our sector rankings in five of the last six weeks.


Market Condition:
All sectors are neutrally ranked with RSI levels between 30 and 70.

Other:
Given the recent strength in U.S. equity markets, all 10 sectors are trading above their respective 50- and 200-day
MAs.















The Technical Take June 2, 2014
Page 7

S&P 500 Information Technology Index



We remain long-term bulls on the U.S. information technology sector, and with its recent strength, believe the sector
could begin to outperform the broader market following a recent soft patch.
The S&P 500 information technology sector is trading in a long-term uptrend, and is above its rising 50- and 200-
day MAs. The sector recently made a new price high (green circle), while its relative strength has begun to improve
(lower panel).
Given the sector's strong price trends and improving relative trends, we recommend investors overweight the sector
within portfolios.



The Technical Take June 2, 2014
Page 8

Intermarket Picture

Copper


Copper has had an impressive short-term rally, moving up 8.5% since its recent lows. Despite the strong move,
copper remains in well-defined downtrend, and is trading below its 200-day MA.
With copper quickly approaching overhead resistance around the US$3.20/lb. level, we expect the upside to be
capped in the short term.
A break above its long-term downtrend would be very bullish, and likely cause us to become more constructive on
base metals and miners.
Gold



Gold prices are going the other way, with gold breaking down from a descending triangle (red circle).
The next technical supports come in at US$1,240/oz. and US$1,180/oz.
We continue to believe gold will remain range bound in the coming months.
The Technical Take June 2, 2014
Page 9

Technical Trading Ideas

Mondelez International Inc. (MDLZ-Q) Published May 21, 2014



Mondelez International Inc. made a new price high in recent days, continuing its trend of higher highs and higher
lows.
MDLZ is trading in a well-defined long-term upward channel, and is trading above its rising 50- and 200-day MAs.
On MDLZ's recent new price high, the stock also made a new relative high (lower panel), which we believe could
signal stronger performance versus the broader market in the coming months.
Given MDLZ's strong price trends, and its recent new high, we believe the stock is set to move higher in the coming
months.


The Technical Take June 2, 2014
Page 10

Nordstrom Inc. (JWN-N) Published May 23, 2014



This week we are highlighting the technical breakout of Nordstrom Inc.
JWN is trading in well-defined upward channel and is above its rising 50- and 200-day MAs. The stock recently broke
above short-term resistance around the $63 level, with volume on the day of the breakout 5 times its daily average.
With the recent surge in share price, the stock is technically overbought in the short term. Additionally, it is trading at
its upper channel line. Given these factors we would buy the stock on weakness, as we expect the long-term uptrend
to continue.


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.

The Technical Take June 2, 2014
Page 11

Enerplus Corp. (ERF-T) Published May 28, 2014



We highlighted Enerplus Corp.'s attractive technical profile in our 2014 Technical Outlook report dated January 6,
2014. The stock is up 20% since then, and we believe there could be additional upside from current levels.
ERF continues to trade in a well-defined upward channel and is trading above its rising 50- and 200-day MAs.
Additionally, we note that the stock is showing strong relative strength, as it continues to outperform the broader
market. Finally, the MACD indicator looks to set to register another buy signal.
Given ERF's strong technical trends, we believe the stock is set to move higher and would be buyers of the stock.


The Technical Take June 2, 2014
Page 12

Sentiment Indicators

Level 1 M Ago 3 M Ago Level 1 M Ago 3 M Ago
11.79 13.71 14.00 0.83 0.91 0.83
Level 1 M Ago 3 M Ago Level 1 M Ago 3 M Ago
Bulls 36.46 34.50 39.69 Bulls 58.30 54.70 53.50
Bears 23.2 26.02 21.13 Bears 17.30 20.60 17.20
Bulls - Bears 13.26 8.48 18.56 41.00 34.10 36.30

VIX CBOE Put/Call
Bulls - Bears
-40
-30
-20
-10
0
10
20
30
40
50
60
Jan-10 Oct-10 Jul-11 Apr-12 Jan-13 Oct-13
Individual Investor Sentiment:
Bulls Minus Bears
-30
-20
-10
0
10
20
30
40
50
60
Feb-10 Nov-10 Aug-11 May-12 Feb-13 Nov-13
Advisor Sentiment:
Bulls Minus Bears
Advisor sentiment continues
to trend higher.
5
10
15
20
25
30
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14
Volatility (VIX) Index
New lows in the VIX
indicate investor
complacency.
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

Source: Bloomberg Finance L.P. As at May 28, 2014.
The Technical Take June 2, 2014
Page 13

Overbought/Oversold Stocks

S&P 500 Index

Most Overbought Most Oversold
Name RSI (14D) Name RSI (14D)
AMERISOURCEBERGEN CORP 81.54 PETSMART INC 19.27
PEPCO HOLDINGS INC 81.23 COACH INC 22.95
SANDISK CORP 77.53 WHOLE FOODS MARKET INC 27.62
APPLE INC 76.66 TARGET CORP 30.86
INTERPUBLIC GROUP OF COS INC 76.60 PEABODY ENERGY CORP 31.54
WILLIAMS COS INC 76.58 PATTERSON COS INC 32.21
SOUTHWEST AIRLINES CO 76.53 BED BATH & BEYOND INC 32.43
CONOCOPHILLIPS 75.99 CLIFFS NATURAL RESOURCES INC 32.81
TRAVELERS COS INC/THE 74.67 NEWMONT MINING CORP 33.06
EXPEDITORS INTL WASH INC 74.48 UNITED STATES STEEL CORP 33.07
APACHE CORP 73.43 STAPLES INC 33.55
IRON MOUNTAIN INC 73.00 WAL-MART STORES INC 33.70
AON PLC 72.57 INTL BUSINESS MACHINES CORP 34.94
CIGNA CORP 71.78 TJX COMPANIES INC 35.72
NORFOLK SOUTHERN CORP 71.37 EBAY INC 36.13

Source: Bloomberg Finance L.P. As at May 28, 2014.



S&P/TSX Composite Index

Most Overbought Most Oversold
Name RSI (14D) Name RSI (14D)
MANITOBA TELECOM SVCS INC 80.09 JUST ENERGY GROUP INC 15.22
BELL ALIANT INC 79.63 SILVER STANDARD RESOURCES 20.21
BANK OF NOVA SCOTIA 79.62 SILVERCORP METALS INC 24.06
EXTENDICARE INC 77.81 SILVER WHEATON CORP 25.22
AIMIA INC 76.91 IAMGOLD CORP 25.79
ONEX CORPORATION 73.50 BARRICK GOLD CORP 26.12
TORONTO-DOMINION BANK 72.10 FIRST MAJESTIC SILVER CORP 26.23
LIGHTSTREAM RESOURCES LTD 71.67 AURICO GOLD INC 26.58
GIBSON ENERGY INC 71.31 KINROSS GOLD CORP 27.38
CAN IMPERIAL BK OF COMMERCE 71.05 GOLDCORP INC 28.25
MARTINREA INTERNATIONAL INC 69.13 RUBICON MINERALS CORP 28.32
PARKLAND FUEL CORP 69.05 COTT CORPORATION 29.58
ROYAL BANK OF CANADA 68.20 INDUSTRIAL ALLIANCE INSURANC 29.62
CANADIAN PACIFIC RAILWAY LTD 67.64 ENDEAVOUR SILVER CORP 31.29
BIRCHCLIFF ENERGY LTD 67.52 ARGONAUT GOLD INC 31.31

Source: Bloomberg Finance L.P. As at May 28, 2014.






The Technical Take June 2, 2014
Page 14

Market Statistics

Region Index (Price Returns) Last 1 Week 1 Month 3 Month YTD 1 Year 3 Year 5 Year
U.S. S&P 500 1909.78 1.36 1.89 2.92 3.54 16.10 12.86 15.80
Dow Jones Industrial Average 16633.18 0.71 0.70 2.02 0.45 8.81 10.20 14.39
Dow Jones Transportation 8075.88 2.46 6.02 9.90 9.12 27.58 14.30 20.32
Dow Jones Utilities 540.42 1.41 -2.63 3.82 9.79 11.06 7.50 9.57
Nasdaq Composite 4225.08 2.57 3.26 -1.64 1.46 22.21 14.85 19.02
Russell 2000 1136.68 3.25 1.66 -3.68 -2.08 15.45 10.86 17.83
Russell 1000 Value 964.42 1.17 1.13 3.91 4.13 15.18 12.53 15.51
Russell 1000 Growth 887.60 1.63 2.75 1.11 3.02 18.44 13.25 16.99
Canada S&P/TSX Composite 14610.96 -1.06 -0.25 2.38 6.80 14.25 1.78 7.00
S&P/TSX 60 836.73 -1.20 -0.03 2.35 6.20 13.63 1.77 5.65
S&P/TSX Smallcap 665.73 -0.18 -2.35 1.59 8.96 18.50 -4.20 9.14
S&P/TSX Venture 983.58 0.31 -1.82 -4.25 5.35 2.95 -22.39 -2.67
International DAX 9939.17 2.24 3.70 2.55 4.05 19.22 11.53 15.00
FTSE 100 6851.22 0.74 1.50 0.90 1.81 3.68 4.98 9.24
Nikkei 225 14670.95 2.40 2.64 -1.07 -9.88 8.04 15.60 9.04
Hang Seng 23080.03 0.25 3.96 0.76 -1.27 2.34 -0.25 4.84
Shanghai 2050.23 0.96 0.70 -0.76 -3.56 -11.96 -8.98 -4.97
MSCI World 1707.67 0.81 1.41 1.84 2.71 14.55 8.43 11.96
MSCI EAFE 1950.82 0.80 0.99 0.73 1.80 12.91 4.51 8.16
MSCI Emerging Markets 1032.88 -0.28 3.83 7.43 3.54 1.75 -3.29 6.07
S&P 500 Sectors Consumer Discretionary 517.47 1.77 2.76 -2.09 -2.32 15.20 17.79 23.32
Comsumer Staples 454.80 0.76 1.08 5.49 3.38 8.55 11.61 13.99
Energy 689.28 0.42 0.80 8.37 6.16 14.49 7.01 12.02
Financials 298.44 1.36 1.03 2.19 1.28 11.30 12.25 12.66
Health care 683.26 1.32 2.14 -0.02 6.86 21.60 18.60 18.09
Industrials 463.41 1.45 1.98 3.65 2.44 22.82 12.99 18.80
Information Technology 613.97 2.05 3.37 3.49 5.19 21.22 14.01 17.37
Materials 305.91 1.62 3.17 3.66 5.44 19.97 7.94 13.62
Telecommunications 159.81 0.69 3.23 8.12 2.55 0.45 5.61 9.11
Utilities 213.98 1.58 -2.66 4.39 10.40 11.68 7.92 9.58
S&P/TSX Sectors Consumer Discretionary 1587.20 -0.55 1.24 5.00 6.02 25.12 13.80 15.42
Comsumer Staples 2735.23 -0.96 -0.52 1.66 6.65 15.62 15.16 14.08
Energy 3302.43 -1.00 -1.95 8.64 12.75 18.96 0.48 4.89
Financials 2189.51 -0.53 1.51 3.60 3.96 17.25 6.96 10.54
Health care 1666.02 -2.50 -2.25 -10.90 7.54 34.41 29.28 45.21
Industrials 2135.64 0.68 3.34 3.54 6.04 22.40 14.89 18.54
Information Technology 150.08 0.64 -2.60 -5.61 4.24 10.95 -9.15 -12.20
Materials 2161.62 -3.67 -4.93 -10.02 4.39 -6.31 -17.73 -4.46
Telecommunications 1226.50 -1.76 4.23 3.51 5.47 2.87 9.05 12.62
Utilities 1886.48 -0.77 -0.92 3.27 6.84 -2.21 -1.95 6.57

Source: Bloomberg Finance L.P. 3 and 5 year returns are annualized. As at May 28, 2014.

The Technical Take June 2, 2014
Page 15

Appendix A Important 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
Mondelez International Inc. MDLZ-Q N/A
Nordstrom Inc. JWN-N N/A
Enerplus Corp. ERF-T 2, 4, 9
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 to
the 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 analysts
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 of
this 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.

Technical Research Disclosure
The opinions expressed herein reflect a technical perspective and may differ from fundamental research on these issuers. Fundamental
research can be obtained through your TD Wealth advisor or on the Markets and Research site within WebBroker.
The technical research opinions contained in this report are based on historical technical data and expectations of the most likely
direction of a market or security. No guarantee of that outcome is ever implied.

The Technical Take June 2, 2014
Page 16

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related to the provision of specific recommendations or views expressed by the research analyst in the research report.
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Fund), TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and
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The Portfolio Advice and Investment Research team is part of TD Waterhouse Canada Inc., a subsidiary of The Toronto-Dominion
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