February 8, 2015 (11am eastern)

Oil is below $30. And with few signs of supply reductions oil could certainly remain low.

Financial stocks are down this morning with Bank of America down% to $12.26 and Element financial down 4%.

It’s tempting to add to positions but also, of course, it is difficult to be brave and do so.

In Canada, Statistics Canada reports that:

“The total value of building permits issued by Canadian municipalities rose 11.3% to $6.9 billion in December, following a 19.9% decline the previous month. Higher construction intentions for multi-family dwellings in Quebec, Ontario, British Columbia and Alberta explained the advance.”

Surprisingly, Alberta posted the largest gain.

This is welcome news for the economy but may simply reflect the volatility in these numbers and also the lag in that certain projects were likely planned well before the recent down-turn especially in Alberta.