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COMMENT
COMMENT
September 13, 2019
Market Outlook He is positive on Canadian energy stocks for the first time in five years. He can now construct a positive outlook for the forward value of Canadian energy prices and the stocks have already been crushed -- a good time to enter. In the previous few years, producers continued to grow production not because of good energy prices, but because of prolific increases in production productivity. Now, he is seeing energy production actually falling, while export capacity is increasing. He sees natural gas producers moving back to positive cash flows and earnings. Oil takeaway capacity will move higher by 2022, he thinks. The stock market will take this into account and, over the next six months, will discount the risk to not having enough takeaway capacity. Now is the time to focus on energy.
General Market Comment
September 13, 2019
Market Outlook He is positive on Canadian energy stocks for the first time in five years. He can now construct a positive outlook for the forward value of Canadian energy prices and the stocks have already been crushed -- a good time to enter. In the previous few years, producers continued to grow production not because of good energy prices, but because of prolific increases in production productivity. Now, he is seeing energy production actually falling, while export capacity is increasing. He sees natural gas producers moving back to positive cash flows and earnings. Oil takeaway capacity will move higher by 2022, he thinks. The stock market will take this into account and, over the next six months, will discount the risk to not having enough takeaway capacity. Now is the time to focus on energy.
Bill Harris, CFA
Portfolio Manager, Avenue Investment Management
COMMENT
COMMENT
September 13, 2019
The market has gone up to the 3000s again, and everyone is getting wary of inverted yield curve, China talks and interest rates. The US manufacturing index showed a contracting economy, but the service sector was up so it is showing economic activity. Consumer spending is also very high, and the US consumers are doing well.
General Market Comment
September 13, 2019
The market has gone up to the 3000s again, and everyone is getting wary of inverted yield curve, China talks and interest rates. The US manufacturing index showed a contracting economy, but the service sector was up so it is showing economic activity. Consumer spending is also very high, and the US consumers are doing well.
John Hood
President & Portfolio Manager, J. C Hood Investment.
COMMENT
COMMENT
September 13, 2019
Amazon and other e-commerce makes it so easy for everyone to spend, so it's no wonder consumer purchases are up. He expects the consumer spending to continue.
General Market Comment
September 13, 2019
Amazon and other e-commerce makes it so easy for everyone to spend, so it's no wonder consumer purchases are up. He expects the consumer spending to continue.
John Hood
President & Portfolio Manager, J. C Hood Investment.
COMMENT
COMMENT
September 13, 2019
The TSX hit a high today, but it only regained to the high in April. He isn't selling any growth ETFs, but he's always had covered calls in his portfolio. When there is a surge, you want to switch covered calls to normal equities. Markets are looking to top out so he wants to get advantage of that right now.
General Market Comment
September 13, 2019
The TSX hit a high today, but it only regained to the high in April. He isn't selling any growth ETFs, but he's always had covered calls in his portfolio. When there is a surge, you want to switch covered calls to normal equities. Markets are looking to top out so he wants to get advantage of that right now.
John Hood
President & Portfolio Manager, J. C Hood Investment.