O Canada:
Is there something in the water in Canada? Many names north of the border have been acting well, particularly resource names. Perhaps then I should have asked if there is something in the ground up there. The EWC is acting much better than other international peers just 6% from recent 52-week highs, and half of that came courtesy Friday with the largest holding in SHOP dropping 14% and undercutting the very round 1000 number. This is an energy note and we have noted this past week the strength in the Canadian banking names that have been traditionally levered to oil, with RY recently higher 18 of 19 sessions after a move off the very round par number. But oil names themselves have been behaving well with CVE, CNQ, and SU. But below is a stock that has a bit of energy exposure, along with other interests in copper, zinc, and steel. The biggest reason why I added this in our weekend energy note was because of the PRICE action. Any move back toward the round 30 number is a good risk/reward bet in my opinion.