Option expiry day for JPM was on Friday and we saw reaction following bank earnings. We may see Feds talk about raising rates. We will see a flattening yield curve and reactions to bank stocks that are close to ATH. We have had a massive move since November with the vaccine news. There will be a correction.

It's not necessarily a big week for earnings. The big tech names won't report until next week. It will give us an idea of earnings and growth. There will be a risk to not see the same performance as last year in big tech. There may be some market disappointment.

Keystone XL. They are in risk mitigation mode. Canada needs more capacity to distribute the product to Asia, not necessarily to the US. Does not know how this will play out. The news is still meaningful for Canada and the relationship with the Biden administration.

The best way to play the recovery is base metals. Copper will be important for electrification, as well as steel for infrastructure. It probably still have legs for the sector to double in the coming years.

This ETF has around 8000 stocks. There are large, mid, small caps with developed and emerging markets. It is a benchmark to compare to the world markets. There isn't an equivalent one in Canada.

Trailing yield is around 5%. Playing on an equal weight basis is probably easier since you get more exposure to the industrial and apartment REITs which have good value and growth potential. It is the retail and office sector that will be challenging in the next years.

Still bullish on outlook on precious metals. Central banks will have to monetize debt to keep the party going. We will still see growth but at the expense of the balance sheet. Monetizing debt will be a theme for the foreseeable future. Silver is an important compartment for electrification so it could see a good play. Gold will be important for the devaluation of fiat currency.

The stock is being priced and valued on emotion, it is hard to value. The average target is $148 a year out. However, there has been downgrades with price targets now lower than where it is at right now. This year, they will make a lot of money because of covid, but after, it is questionable. It will be volatile.

It will be a big industry that will be huge in the future. There is still 30%-50% upside in the future. The question should be whether you would add new money or not. If you do not want to , it is time to cash out.

There will be tremendous volatility with rallies when the yield curve steepens and then being hammered when the curve flattens. You must be disciplined for lifecos. Interest rates will not go up and normalize in a 5-year timeframe. Buy the dips but do not buy in strength.

Educational Segment. Today's topic is on equity risk premium, or the multiple the market is willing to accept. Analysis on liquidity has been about the central bank and Fed put. How much debt do they have to use to fund the programs. In 2021, we will be short 4 trillion to fund all the spending this year. This will come from sucking liquidity out of the market. When there is more supply than demand, equity risk premium go down and yields go up. A challenge for financial markets.

For 2020, the market was expecting $170 in earnings. We got $125 because of covid. Looking at 2021 and recovery, the estimate is around $166-$175 for the S&P500. The multiple is at 23x - 24x, which is quite expensive. Earnings will need to deliver to justify these multiples. Interest rates have also been a justification for the multiple. However, interest rates are creeping up. It should add volatility in the first quarter.

Stimulus will happen regardless. However, it may be a little ways away. He expects to see more stimulus in February and March. The Trump impeachment process should not bother the markets too much.

Gold and bitcoins. Still bullish on gold. People who would buy gold as a hedge for fiat devaluation is now buying Bitcoin. However, Bitcoin is incredibly volatile. Gold has thousands of years of history as a store of currency. Bitcoin is taking money flow from gold however.

A great way to play copper. It is a diversified way to play it. There is a lot of room to run. A move to electrification will continue to raise demand.