5i Research was founded by Peter Hodson; one of the "Warren Buffetts of Canada" according to the Globe and Mail.

The Canadian Insider blog discusses news and insight found among executive and significant shareholder filings in Canada.

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Sound bites: Will stocks slip on sliding oil prices?

With key US benchmarks making new all-time highs and the INK Canadian Insider Index making another 52-week high on Wednesday, the key question is whether or not the momentum can be sustained. A key positive development for market bulls over the past week has been the participation and leadership of the Financials, with the Thomson Reuters Financials Index jumping 4.16% compared to a 3.04% gain for the S&P 500 as of Tuesday. A good amount of the gains took place early in the week as long bond yields rose on the back of renewed hopes for aggressive global monetary easing. There was plenty of chatter that the Bank of Japan (BoJ) would be considering either a form of targeted lending to effectively assist the central government in financing a large infrastructure plan or "helicopter easing" which we would dub as HE. Under HE, the central bank would send cash payments or loans directly to households, bypassing the credit markets.

INK Canadian Insider Index celebrates week with fireworks and 2% surge

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. In our last update, we noted the bullish implications of the Index's stunning 35 point reversal following its late June plunge, closing just under its 20-day moving average at 1261. Last week, the Index took that momentum and ran, melting up 2% or 23 points, and, having closed at 1084.58, the Index finds itself just shy of its 2016 high of 1094.72.

Sound bites: What is next for central bankers and markets?

In light of post Brexit global growth concerns, as we wrote in our June 27th Canadian market commentary, we are just not sure what exactly central bankers could do that is not "more of the same." So what is more of the same?

  • zero or near zero rates
  • negative rates
  • asset purchases (QE)

Investors now seem to be dismissing the ability of "more of the same" to work. Consequently, it raises the ante for further central bank action. If they do decide to act, they will try something even more dramatic than more of the same. Two of the most talked about weapons in the arsenal that could be used as a "final assault" on low inflation would be

Is a resurgent INK Canadian Insider Index ready to leap to new highs?

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. In our June 24th update, we remarked that the Index bore barely a scratch (a mere 5-point drop) when world indices tumbled as much as 6% during the preceding week. Last week, the CIN Index once again demonstrated its resilience as it fought back from a heavy 1.6% decline on June 27th to end the week at 1061.06, up 13 points or 1.2% in holiday-shortened trading.

Sound bites Draghi: monetary policy has inevitably created destabilising spillovers

On Tuesday, European Central Bank President Mario Draghi gave a previously scheduled speech at the ECB Forum on Central Banking at  Sintra, Portugal. No doubt, the text was tweaked to adapt to the world post Brexit. In fact, it appears more than tweaked. It may be the closest you can get to a speech where a power central banker admits that some of the measures central bankers have taken since the financial crisis may have negative consequences. The ECB chief went as far as to say, "monetary policy has inevitably created destabilising spillovers."

INK Canadian Insider Index's momentum falls again

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week's dramatic Brexit vote resulted in soaring gold and silver prices, but the tremendous investor fear it generated caused major indices to plunge worldwide, including the Dow Jones Industrial Average which tumbled 3.4% and, for instance, the iShares China large caps (US*FXI) which pancaked 6%. By contrast, the INK CIN Index outperformed, dropping a relatively modest 5 points, registering barely any loss last week to close at 1048.17.

INK Canadian Insider Index sees momentum slashed

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The cooling off process which began after the Index hit its recent peak on June 8th (when RSI hit an overheated 79 reading) continued last week, as the Index dipped further, shedding 16 points or another 1.5%.

Sound bites: Limits to growth

Back in the 1970s, a think tank called the Club of Rome commissioned a publication Limits to Growth which argued the world would soon press up against a wall of finite natural resources. As a consequence, the world needed to prepare for a lower growth environment. Some forty years later the world may have indeed run up against limits to growth, but not due to natural resource depletion. Instead, accumulated global debt may be the culprit.

Surging INK Canadian Insider Index cools following fresh highs

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index continued its electrifying multi-month run, when it snared a brand new 2016 high at 1094.72 on Wednesday, and then pulled back swiftly, finishing the week at 1066.98, registering a drop of just over 5 points.

Sound bites: US Energy insider sentiment sinks as crude oil rallies

A poor jobs report last Friday has had the perverse effect of helping to send US stocks, as tracked by the S&P 500 Index, to new year-to-date highs. The disappointing news shut down Fed talk of a June rate hike, a proposition that in our view had little to do with a hot jobs market or consumer price inflation. Instead, the concept of a tightening likely gained momentum within the Fed over concerns that commercial real estate risks are beginning to boil. Nervousness was on display last month when the Boston Globe reported that Federal Reserve Bank of Boston president Eric Rosengren warned that commercial real estate prices had jumped above the peaks reached before the financial crisis.


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