June 22, 2022

On Wednesday, the S&P 500 was down 0.1% and Toronto was down 1.3% as oil prices have declined somewhat.

Andrew Peller was down another 3.1%.

Canadian Western Bank was down 2.55% to $26.41. I continue to certainly see that as over-valued. They don’t report again until the end of August. Checking insider trading for CWB there has been some buying this month. The CEO bought 1900 shares last week at $26.50. A senior officer bought 860 earlier in June at $30.37. Another officer bought 5000 on June 16th (same day as the CEO) at $26.48. Another bought 3,584 at $27.90 on June 15. Another who top executive bought 340 on June 14 at $28.46. A director bought 1025 on June 9 at $29.16. This would seem to be a pretty strong insider buying signal. Insiders appear to be showing confidence and voting with their wallets.

Of course the big news today was another high inflation report for Canada. The Bank of Canada will continue to increase interest rates. The question is whether all of the increases are now “priced in”. Assuming anything is already priced into the market is always a dangerous assumption.


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