Teck Resources Ltd. (B) (TECK.B.TO)

When QE comes up, seasonal don't come up. They has less impact. 30% of the time seasonals are up. It has not done anything good yet and trends are bad. TCK is making a bit of a base and you have to ask if copper or coal are going to go up. He doesn't see a huge recovery. You will likely run into problems during times of reaching resistance and he doesn't think it will break out yet in a meaning full way.

China is having a $160 billion infrastructure program but you are probably a little bit early and he expects you could see more weakness in this company because of the economic forecasts that we have. Likes the coal business and likes China longer-term. He is sniffing around this one but he may be a little bit early.

(Market Call Minute) Hold until China starts to turn around.

Has pulled back significantly from its highs. His concern is the steep decline in iron ore prices in the last little while. We need to see a bottoming out of iron ore prices.

She is hoping that it will hold at current prices. Suffering from the slower growth in China and Europe. Iron ore and steel prices have been coming down. Very good long-term value but there is no harm in waiting to see how things play out in a month or so.

Have support about a year back. It is positive. If we do get momentum that is pretty positive. Meanwhile we have the support level and you could put a stop loss in there. A short, short-term play.

Resource stocks have taken the Canadian market lower and this is the bellweather. All down 30%. Some things they are doing make it unique. Met coal prices have softened , but share price is reflecting other metals. Zinc has not had much capacity added. $.80 dividend can go up further. Low cost producer. Get paid while you wait. Balance sheet is great. He is beginning to put his toe in the water.

Likes this. A longer-term Buy. You are not going to get paid right away; it is going to be a year story. You really need to see global growth starting to pick up. Coking coal, copper and zinc are areas that are facing some significant headwinds and are challenged in terms of the price. The big driver is China.

He is not buying any mining stocks because he is very uncertain about commodities. This is a high quality company and is well-capitalized. With China’s growth slowing, he would be wary of companies like this right now.

So cheap on a price to cash flow basis he would have this at the top of his Watch List and ready to pounce. The key variable would be a pick up in activity in China.

(Market Call Minute.) Small upside. Some risks on the coal so expects some volume adjustments and lower earnings have to come but still sees 10% upside.

Likes it but hasn’t been adding much to his holdings recently. Coal prices are still under a bit of pressure. Great copper exposure.

Now is a negative period of seasonal strength for stocks like this. Tend to be under a lot of pressure this time of year. Mining and metal stocks tend to move higher, normally from around the end of November right through until the end of May each year. Chart shows a very long downward trend from the beginning of 2011 with an accelerated downward trend in 2012. Watch the technical action for coal in Market Vectors Coal ETF (KOL-N). It has come down a long ways but hasn’t shown any signs of bottoming yet. Probably November will be a better time.

Starting to look interesting at under $30 as long as there is not a huge global economic contraction. China just announced a cut back in copper production, which should help the copper price, which in turn should help this company. A little more uncertainty on the coal side.

Blue chip Canadian mining company. Big asset exposure in copper, zinc and metallurgical coal. If you are looking for a way to play basic materials in Canada, this is about as good a place as you can find. His concern is the negative data out of China.