A Comment -- General Comments From an Expert (A Commentary)

Market: There is a difference from what traders are doing and what investors are doing. Traders are focused on technologies and commodities; investors are in utilities, consumer staples, healthcare and also healthcare because it has a long term up trend. Headlines are heading toward what traders want. No leader wants to say that we are in a structural grinder and it will take time for the things in Europe to work out. Gold is still in a long-term bull market as well. US and Canada are setting the stage floating out the trial balloons that we may need some quantitative easing / rate cutting.

Markets. There is a very good case for a Santa Claus rally if you look at 4th quarter historically, which is generally a good quarter. Doesn't happen every year but thinks it's a pretty good bet this year.

Economy. European economy is in recession but the US economy is growing stronger. Looking for a positive movement in the next little while.

Markets. We are setting up for stagflation. A replay of what happened in Argentina and Brazil. Everywhere where governments get overloaded with debt, the only solution for them is to start printing money, devalue the currency which benefits hard assets. Expects US will have to raise the debt limit again pretty soon as they used up all that money. Gold is building a base around $1600 and thinks it's going much higher.

European situation. Thinks it will get dealt with and when the Europeans get towards a solution, expects China, Japan, etc. will step up to help finance it.

Markets have been moving sideways for about a decade. Probably has another 5 years of up-and-down choppiness that we have been experiencing. Very typical of what has happened over the last 125 years. We’ll eventually break into a new bull market in the next 4-5 years.

Gold. Has been working in a trend channel for about 2 years, particularly the equities. It is now getting back to the top of the trend channel. He just sold his gold equities because it is getting back to the top.

Technical analysis software? A couple of really good free programs on the Internet are FreeStockCharts.com and StockCharts.com and you can get longer charts on the latter for about $15-$20 a month.

Multi-Manager Diversified Funds. Is this the right time to sell? If you can put it into something that is cheaper and more diversified, then fine, but if you are looking at doing something else with your pension plan money, don't just sell it holus bolus and she will need your pension money.

How do you relate ethical investing with ETF's? This is a problem for mutual funds as well. No matter how you screen for things you think are ethical, it might not dovetail exactly with the way your providers do it. There are ethical ETF's such as Jantzi Social ETF (XEN-T).

Purchasing an annuity from an RRSP at age 71 or earlier and if so, what percentage of your portfolio? He would not do it. The money you get from an annuity is very, very modest.

Fixed income into TFSA accounts? Any kind of stocks are better for a TFSA then income. He would tend towards growth and small caps in value.

Oil. It's a great environment for oil but at $95 she is concerned that it could be a drag on the world economy. If the price changed very quickly, it could impact GDP. Saudis, because of social programs needed, have to have a bare minimum of $90 Brent oil to break even.

Natural gas. Believes production costs are higher than what the producers are claiming. They tend to give half cycle costs, which is how much it costs to drill and produce, but does not include what they have sank into it, land costs, etc. Expect it will be 2014-2015 before gas will be exported through LNG. Also, the US EPA wants to change regulations to make it preferable to burn gas.

Old pipeline Income Trusts: He owns IPL. IPL will have additional pipelines, he thinks. Leader in bulk liquid storage space, which is a cash cow.