Market. BREXIT: The UK cannot afford a no-deal exit but like all of these things, it will go down to the wire. There is uncertainty and markets don’t like it. You want to be long the British Pound. With China there is the arrest of the CEO of a major telecom company from China. There is no solution to the trade issue and this is just more of the problem. The Fed will raise rates in the US on the 19th. The global economy is still strong. The S&P is undercutting the October low. Some think we are one foot into the recession starting. Perhaps the lows will be broken in February.

It is the best way to play Europe if you need yield. The market should stabilize and bounce into the first quarter, but the bear market is well underway. You should diversify part into the US and into utilities.

Moving to a Non-Covered Call version. The ultimate bottom/bottom is not in. If you are long term strategic, you stick with the covered call overlays. He'd be okay making a switch today.

ZUT-T vs. ZWU-T. As we go into a recession, bond rates are dropping. ZUT-T is an equal weight exposure to traditional Canadian utilities. ZWU-T includes telcos and pipelines. He is always more in favour of diversification.

Educational Segment. Seasonality this time of year is very positive as everyone looks for a Santa Clause rally. His chart does not include 1987. Sell in May and Go Away still holds until early October. This year has not played out at all. As markets recovered, there was a big down. We got none of the taking off from the seasonal lows of October. This is the longest bull market in history. We expect a bunch of failed rallies. We likely will not get anything big on the upside. The highs are probably in for this bull cycle. Bear market rallies on good news can make new highs, but we are in a bear market.

Market. Regarding China vs. the US on trade negotiations we have no resolution. The theft of intellectual property is at the core of this. The Chinese got an extension and everyone is celebrating. This is probably going to become a big issue again. This is going to be a hard issue to solve. He does not see a solution. He hopes they are smart about this. We will see how all this plays out three months from now. The Saudis and Russia have agreed to extend but not on size. Don't look for a big rally here, just stabilization. The bottom line is to fix the problem with pipelines and capacity for refining.

Why was it hit so hard and will it recover to $50? A phenomenal growth story that probably still has years to go. When a huge growth stock becomes a mature company and there are questions about the growth, the multiple will contract. We are probably in that phase with this one. Don’t play it for much more than a bounce at the $40ish level.

ETF providers have their version of monthly yields, focused on high dividends and so on. When the yield is higher than everything in the ETF, you are getting some of your capital back.