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COMMENT
COMMENT
September 5, 2018

Market. These next two months can be tough on the market historically. He thinks the market will continue to consolidate with an upward bias into the fall. The S&P500 has gone basically sideways for most of the year. There has actually been a net cash outflow out of the market for most of the year, yet the market has stayed flat – he thinks this is a bullish sign for the future. If it doesn’t want to go down, it probably will go up. The longer the consolidation the more aggressive the upside will become.

General Market Comment
September 5, 2018

Market. These next two months can be tough on the market historically. He thinks the market will continue to consolidate with an upward bias into the fall. The S&P500 has gone basically sideways for most of the year. There has actually been a net cash outflow out of the market for most of the year, yet the market has stayed flat – he thinks this is a bullish sign for the future. If it doesn’t want to go down, it probably will go up. The longer the consolidation the more aggressive the upside will become.

Rick Stuchberry
Portfolio Manager, Wellington-Altus Private Wealth
COMMENT
COMMENT
September 5, 2018

Volatility over trade and foreigh currencies: He likes the opportunities that volatility brings. Lack of it breeds complacency. Valuations in tech are getting pretty high and he suspects there will be a rotation out of tech. He's moving into energy where there are bargains. (He has a 12-24-month outlook.) This has been a momentum market, but focus on the future, not tomorrow morning. Oil is down today, but the oil chart over the past year is bullish overall. In two or three years there could be c.2007 discussions of there being not enough oil. In Canada, these stocks have come off a lot since the TransMountain court ruling, but the new Enbridge line 3 should be operating by end-2019. In addition, Keystone or TransMountain will go through (he's confident that TM will under Trudeau).

General Market Comment
September 5, 2018

Volatility over trade and foreigh currencies: He likes the opportunities that volatility brings. Lack of it breeds complacency. Valuations in tech are getting pretty high and he suspects there will be a rotation out of tech. He's moving into energy where there are bargains. (He has a 12-24-month outlook.) This has been a momentum market, but focus on the future, not tomorrow morning. Oil is down today, but the oil chart over the past year is bullish overall. In two or three years there could be c.2007 discussions of there being not enough oil. In Canada, these stocks have come off a lot since the TransMountain court ruling, but the new Enbridge line 3 should be operating by end-2019. In addition, Keystone or TransMountain will go through (he's confident that TM will under Trudeau).

Alex Ruus
Portfolio Manager, Arrow Capital Management