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Markets:

Junk Bond ETFs. There has been massive growth in this area. Hedge funds use high yield bonds. E.g. JNK-N. The yield is historically low right now. It will add some volatility. There is a lot of money going into this sector because of the need for yield.

The French have been downgraded like the US. They are being counted on along with Germany to save the basket of European countries. Germany cannot save the whole Euro region on their own, so he is really watching France.

Hong Kong has massively unsustainable real estate pricing. There are real estate bubbles in a lot of places.

[Caller asked if banks were better] Oil prices are going up over the years. Financial services are a little more constrained. Depending on horizon, banks are less expensive than oil companies, so short term, he would favour banks but if you are trading, then you get more upside in oil sector. It is going up because of geopolitical risks, what is happening in the middle east.

It has broken its trend line. But right now he would not be buying. Wait for it to develop more of a base. Would be weary about chasing it here but look for pullbacks over the next 6 months or so.

Doesn't think they go through highs in the next couple of months. Cut your position when it reaches this resistance.

He does not dig into balance sheet so doesn't know about safety of dividend. This is a fine stock to trade. The trend is down. There will be massive resistance over top of range since '09 so it is okay to trade only.

Are bidding on a US parts manufacturer. He likes the auto sector but it is a very cyclical play. When it has done well for a couple of years you want to see about getting out. When the market turns down it will go down hard. Okay as long as it stays above support. There is not a lot of upside. It is a range trader upper teens to $21 or 22.

Far beyond gold company. Big commodity player. ECB has launched the big bazooka with QE3. It is tremendously bullish for gold and he thinks it goes higher, measured in years.

Has been very strong for a number of months and we are in the top end of the range that it has been trading in so you should think about taking some money off the table. However, the geopolitical risks are a wild card and if it heats up then the energy stocks could break out here.

Thinks Gold is going higher.

Markets and the Fiscal Cliff: Governments are choosing to monetize debt. They are trying to smooth out the 'bad'. QE is like a sugar high. Now the fed is looking out 3 years, not 6 months like before. This is good for gold. It will not go up in a straight line. We will go through periods where the economic numbers do improve. You have to be a trader. It's not as easy as buying and holding here.

Markets: He is skeptical that trades run out of gas. The dividend trade is still on. Weakness is a buying opportunity. There are some cyclical stocks that pay dividends and can increase them. Utilities or REITs that have been beaten up are opportunities. Likes real estate, energy including nat gas producers. Last year you had a warm winter that depressed prices and storage levels have come down and a lot of generation has changed from coal to nat. gas and if we have any kind of a winter it will be good for nat. gas. With the Telecom sector you are buying for the dividend. If you look at valuations, they are at the high end of the range so choose companies that can grow and increase dividends.

Interest rates won't increase for a year. REITs can refinance debt at lower rates and benefit. Real Estate is a good hedge against inflation also. Inflation allows you to increase rents. So the infusion of capital into the system should not be bad for REITs. In Western Canada you have above average wage and population growth and AX should be able to raise rents significantly over the next 12 months.

Dropped significantly. Represents pretty good value. Alberta power prices will drive the stock higher. Capacity additions to 2014 should be able to be absorbed and CPX should grow. Below 70% payout ratio. You need to see stock grow so they can go out and make acquisitions from cash flow.

More focused on office but spinning out industrial. Likes it. Management has done a good job of growing through acquisitions.

Lodging REIT. Pretty attractive yield. You need to see an improvement in revenue per available room, driven by economy. You have not seen that uptick as much as you would have thought since 2009. A higher risk name. They just cut distribution so it is safe. Thinks as time goes on there is potential to increase it again.