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Markets. Markets are clearly correcting. It depends on what market you are looking at as to how serious it is. Market correlation is changing. Some sectors are hanging in and others are not. It is setting up some real possibilities. He believes in stops. He is lucky he has chosen groups that have hung in remarkably well. He has very little exposure to commodities and basic materials as well as to industrials. He is fairly fully invested (10% cash) so he is not that concerned. There is a lot of cash on the sidelines. Nat Gas drilling should continue so he does not see a reducing volume growth. Over the summer to August he had to reduce his exposure to oil producers. It is clear that from 2000-2012 we were in a world of growth supported by China. Now we have falling commodity prices, falling energy prices and falling financing prices. This means we are in a bull market in the consumer lead developed economies. The Canadian dollar is strong relative to the rest of the world, except for the US. Focus on companies that are well exposed to the US economy. He is quite bullish on US Equities.

Industrials have been underperforming and to a large part because they are multinationals. GE looked more attractive when there was more development around the world. Prefers something more domestic. There is no rush to buy machinery and heavy industrials. Rails benefit from the US economy. He prefers that, but has steered clear of this one and the whole sector.

Pipelines. Have been the golden goose over the last 3-4 years and have been a large part of his portfolios. He believes this is the least price sensitive part of the energy complex. Oil-finding technologies are very price competitive. He likes KEY-T and PPL-T.

It is sitting on support and you need to see it hold at these levels. Their business has become more regulated in the past few years. They have a big pipeline of opportunities going forward. He has no problem buying more in low parts of a trend.

He has been stopped out. It is tied to the non-residential real estate market. It is probably okay. Nothing fundamentally wrong. See it turn around a bit before putting fresh money into it.

The sector should continue to have a tail wind: falling energy, commodity and food prices. Has close to 80% of revenue in the US so it is a proxy on the US economy. It is not the strongest stock in the group. See it consolidate before getting in.

We broke a 12 year trend in commodities. Oil has followed. He prefers companies that benefit from falling oil prices.

(Top Pick Oct 10/13, Up 4.12%) These companies can return capital. There are a number of companies that look good in this space.

Don`t catch a falling knife. You don`t know how much damage there will be in the price of crude. Look for companies that are trading well in this environment.

Anybody who has significant Europe exposure is facing big headwinds. He is sitting on the 1 yard line. He prefers parts makers to manufacturers.

Anybody who has significant Europe exposure is facing big headwinds. He is sitting on the 1 yard line. He prefers parts makers to manufacturers.

Gold. He is short some gold exposure (ETFs). Some are better than others. G-T has held in relatively well compared to the group. He likes FNV-T better because they are a royalty company. He has covered 2/3rds of his shorts in gold because it looks like it might take a bounce.

There are concerns for real economic growth in Europe. Japan may do some more quantitative easing. Central banks are giving us a very clear message that QE will have to continue in Europe. Cost efficiencies with ABX-T will not make a significant difference in this environment.

Over the last year he has built a good sized position. He focuses on wealth management. A big percentage of their earnings come out of the US. 19% growth there last year. It is hanging in like a champ in a down market.

Likes drug stores. Beneficiary of a lot of demographics concerns. Buy it here. It has a good base in around $60. CVS also looks very interesting.