by Arnold Joe
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I’ve done a number of trades (see below) in the last few days, as a result of all the trades, my exposure to the oil patch is only the call options on Nexen Inc, as I sold heavily overweighted positions in Petro-Canada positions as well as my Nexen stock positions for gains.
If you’ve been following […]
Stock portfolio change
I sold my Toll Brothers (N-TOL; homebuilder) $30 puts for $10.20 (purchase price was $9.70 for a 5% return) and replaced them with Toll Brother $22.50 puts for $3.00. Selling the more expensive puts allowed me to take $7.20 of cash out of the market so instead of risking $10.20, my risk […]
Background:
Destiny Resource Services (T-DSC) provides services (such as seismic surveying, mapping and line clearing) to the oil and gas sector. The majority of its business is in Canada but it is expanding in the US. Business is highly dependent upon the price of natural gas and the amount of exploration for gas. Business is […]
Canadian retail sales decreased 0.7% in Feb, still up 5.7% y/y. This is another sign that Canada could be heading for a rough patch and might be an indication of the more conservative nature of Canadians compared to Americans when it comes to spending.
Commodities:
Weekly oil inventories (all grades) showed a drop of […]
Interest Rates:
Bank of Canada did as expected and cut interest rates by 0.50% Analysts are still expecting at least another 25 point cut at the next meeting.
Commodities:
Crude oil was up again setting another record high at $119 a barrel. China reported that Angola overtook Saudi Arabia as the top supplier of oil in the […]
Recap:
Dow was up 60 and TSX was up 112. I’m not really sure why the Dow was up other than Johnson and Johnson posted okay results; I guess investors took it as a positive sign that the market woes hadn’t infected all sectors of the economy. TSX was up probably because oil hit another record […]
