On the short trading day of Wednesday the 24th the Canadian and U.S. markets were about flat overall.
Melcor was up 4.0% but as always it can jump around more than other stocks due to its thin trading.
The thinly traded Canadian Tire voting shares (CTC) lurched up 10% to a new high of $260. This makes no sense to me and I don’t see the basis for it. The non-voting shares (CTC.a) are at $122.
Yesterday I sold about 25% of my Wells Fargo shares at about $55.60. After the sale it will still represent close to 15% of my equity investments. I had basically been letting this ride despite having a very large position in it. I also added to the position at lower prices in October. Considering that I also have a large position in Bank of America and a very large exposure to Toll Brothers, I have overall a very large exposure to the U.S. economy and the rebound in its housing market. That is probably a good bet but it certainly seems prudent, given my exposure, to trim this somewhat at this time.
I don’t believe that Toronto is open for trading on the 26th but I believe the U.S. markets will be open.