On Thursday, the American stocks exchanges were closed. But Toronto was open and fell 0.8%.
I got clobbered on my oils sands ETF CLO which was down 8.7% to $10.59. This ETF reached a high of $16.00 in late Spring / early summer this year. That’s a decline of 34%. With this decline I added a little to my position at $10.73.
Obviously the decline in oil prices is a worry for the Alberta economy.
Canadian Western Bank fell 4.1% to $35.95. I had an order in to add to my position in this bank if it fell to $35.75. As a few days ago that looked unlikely. But it did touch $35.75 today. My order was for 500 shares and I got 100. Canadian Western Bank has a very strong history and I like it at this price. It’s share price could certainly drop if oil stays low and its earnings could too. But longer term on the balance of probabilities this will turn out to be a good investment.
Canadian Tire had a strong day, rising 1.8% despite the weak market.
My guess is that tomorrow will see some bounce back in oil prices.
The Canadian dollar fell today which does push up the Canadian dollar value of any U.S. stocks that we own.
Given this display in Canada, it will be nice to see the U.S. markets open tomorrow even if for just a half day.