Larry Berman CFA, CMT, CTA

XDIV holds high-quality dividends, FXM is a value tilt, while ZCN is the broad TSX.  In terms of rising rates, XDIV holds a lot of energy, but is effected by what's happening in the Middle East, not rates. ZCN holds energy, but less than XDIV, though many more banks and financials, which are sensitive to interest rates. When rates rise, seek value stocks, and those tend to be gold stocks. It's a complex question. Seek value stocks.

XDIV holds high-quality dividends, FXM is a value tilt, while ZCN is the broad TSX.  In terms of rising rates, XDIV holds a lot of energy, but is effected by what's happening in the Middle East, not rates. ZCN holds energy, but less than XDIV, though many more banks and financials, which are sensitive to interest rates. When rates rise, seek value stocks, and those tend to be gold stocks. It's a complex question. Seek value stocks. 

XDIV holds high-quality dividends, FXM is a value tilt, while ZCN is the broad TSX.  In terms of rising rates, XDIV holds a lot of energy, but is effected by what's happening in the Middle East, not rates. ZCN holds energy, but less than XDIV, though many more banks and financials, which are sensitive to interest rates. When rates rise, seek value stocks, and those tend to be gold stocks. It's a complex question. Seek value stocks. 

Is solid, mature company that will make it through the long term. It is partially cyclical, because it's leveraged to infrastructure and government spending. The market is starting to discount that fiscal restraint coming from the government as opposed to the last few years when the government was spending to keep the economy going. There are challenges to WSP. It's under its moving averages, and he likes to buy low and sell high. Holding market weight is okay with this. Not sure if there's more downside before upside. The price is certainly better than 6-8 months ago.

You get more than 7% in dividends plus the covered call overlay. Below $11, this is a buy, but it could fall to $10. This holds pipelines, which are negatively impacted by higher rates. Careful. This is relatively cheap, so he'd start buying now. He likes the risk/reward. Would sell at $12.

As the NAV goes up and down, the payout is adjusted. The way they use the options strategy guarantees the distribution, which should not change.

You have to forecast correctly the interest rate and the inflation rate. Do not use this within this tight timeframe, though ZTIP would be useful with a 3-year timeframe. 

The stock has been bouncing up and down $25 Analysts target $30 and it's trading close to that. The risk/reward isn't great. If you're buying it for the dividend for a few years, that's fine. A return to $24 is possible, though.

It's a car company, though many paint them as a tech company. There could be a merger with SpaceX. Robotaxis won't come anytime soon, he thinks. It would never work in Toronto in the winter, so at best it could work in sunny, warm places. He shorts Tesla.

Is volatile, so hard to invest in. It was a sleepy stock for many years, then soared. He doesn't know what will happen to it going forward. It's a trading stock, not a long-term hold. The top end of the range is $1,400-1,500.

It was a great growth story for years until restructuring. Gives great exposure to U.S. hospitals. Buy closet to $300, and sell at $450-500. It could go sideways for years.

The percentage of stocks above their 200-day average. The S&P is well above its 200-day, especially now, but the percentage of stocks that are above fell sharply last week. Now, more stocks than not are breaking their long-term trend. This is called a decay in market breadth and is a leading indicator. As it decays, eventually the top is formed. Another chart shows the number of stocks making new 52-week highs and lows. In the last 2 weeks, we saw a serious decay where the market is grinding higher to make new highs, but fewer stocks are participating. The warning signs are there, so maybe rebalance or take some profits, but don't sell a lot. Markets can still go higher for a while.

No new show. Repeat of September 14, 2026.

Canada needs to look internationally to raise capital to finance the country's massive build-out. Need to offer a significant premium to money-market rates to attract investment. Ideally, investment should come within Canada; if investment comes outside the country, then those returns leave Canada. U.S. Fed: they should not hike interest rates, though the street is betting on it, and the Fed likely will.