April 21, 2016

On Thursday, the S&P 500 was down 0.5% and Toronto was down 0.2%.

Oil was down to $43.18. Actually, that is higher than yesterday but is considered to be down because we have moved to the next months contract. Yesterday’s price on the May contract was higher than today’s. But today’s price on the May contract is higher than yesterday’s price on the now expired April contract. Each month when the old one month forward contract expires and we move ahead one month there is typically a disconnect in the price. Generally the price moves higher simply because we have 31 days left on the new contract whereas the old contract was about to run out. If the oil price is up a dollar simply due to moving ahead one month, that is not considered to be an increase in the price of oil. Obviously this is rather confusing. In any case oil seems to be holding up quite well.

Most stocks were down today. But AutoCanada was up 2.5%.

Couche-Tard was down 3.8% to $55.88 and I would be tempted to add to my position at that price.