Markets were somewhat weak on Monday as the S&P 500 was down 1.3% and Toronto down 0.5%.
West Texas Oil is at U.S. $78 and the Canadian dollar is at 79 cents U.S. I’m not sure if anyone (such as BNN Bloomberg) noticed that West Texas in Canadian dollars actually poked its head above $100 this morning. Right now it’s about $99. Although oil has been higher than that at times this is by no means a low price. The Canadian oil industry can do very well indeed if we stay around these levels.
I will be adding Enbridge to the site most likely rated Buy in the next couple of days. It’s now a massive company. I think it will continue to be a good investment.