December 1, 2021

Markets were initially higher on Wednesday but then turned around to close lower on virus fears as Omicron was found in the U.S.A.

The S&P 500 was down 1.2% and Toronto was down 0.95%. As of this evening futures markets suggest that the markets will open higher tomorrow. But clearly there is some nervousness in the market and again a lot of investors have huge gains this year and might be inclined to sell and lock in some gains.  The big threat to markets is higher interest rates. So far the they have not materialized and in fact recent interest rate increases have once again fizzled out somewhat. But that could turn around at anytime particularly when the FED accelerates its tapering or actually increases interest rates.

AutoCanada was up 4.0% as it announced the acquisition of 11 dealerships in Ontario. I will be updating this report in a day or so and I do believe it is a Buy at its current price of about $34. It basically looks cheap but of course there are always risks.


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