February 23, 2015

On Monday, the S&P 500 was about flat while Toronto was up 0.2%.

Canadian Western Bank was down 2.8%, Melcor was down 3.6%. I continue to believe that these will be good long term investments but the short-term is hard to predict. (They are already “pricing in” in a weaker Alberta economy to a good extent but that does not mean they can’t “price-in” even more pessimism.)

On the plus side, FirstService was up another 1.4% to $77.09.

As somewhat expected, the Bombardier preferred shares series 4 rose today. It was up 3.0%.

Agrium released earnings after the close today. The earnings were apparently better than expected despite being down by some 50% from last year. But the outlook was quite strong.

The Canadian banks report Q1 fiscal 2015 earnings this week and that will likely push the market in one direction or the other.