On Tuesday the S&P 500 ended the day down 0.3% and Toronto was down 0.6%.
Onex was up 6.0% on the announcement of an acquisition (I wish my overall net worth would jump 6% instantly when I bought an investment, but such is the strange world of corporate acquisitions).
Liquor Stores N.A. was down 4.8%.
The debate is starting to rage as to whether Alberta is going to just have slower growth or in fact will enter at least a mild recession. Certainly some big energy companies have announces big cut backs in capital spending and some job cuts. But so far even individual companies are still planning to spend amounts measured in the billions, which is still a LOT of capital expenditures. Suncor will cut $1 billion but still spend over $6 billion. That is still gargantuan.
On Wednesday, (probably in the morning) Wells Fargo is scheduled to release earnings. I expect the earnings will be good. But what really matters is whether they are better-than-expected. In case if the analysts want to focus on negative, they will do so, and if they wish to focus on positives that will do that. What really matters is the long term outlook and the continued growth which I think will indeed continue.
The Canadian Bankers association updated its mortgage delinquency figures today. Unfortunately they run some months behind with the data and so the update was for October. It showed once again that the 90-day mortgage delinquencies at the big banks in Canada are very tiny and show no sign of rising, at least not so far.
http://www.cba.ca/contents/files/statistics/stat_mortgage_db050_en.pdf