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The Canadian insider blog discusses news and insight found among insider and significant shareholder filings in Canada.
 
Ted Dixon is co-founder and CEO of INK Research. He is the creator of the INK Canadian Insider Index, and is the editor of the daily Morning INK and weekly Market INK reports. He is a regular contributor to the Globe and Mail's Globe Investor pages and has also worked as a part-time lecturer in corporate finance at the British Columbia Institute of Technology. Before starting INK, he worked at the Connor, Clark & Lunn Financial Group where his responsibilities included portfolio strategy and product development. He has also been an analyst at the Fraser Institute and a treasury specialist at the TD Bank. He is a Chartered Financial Analyst and member of CFA Vancouver. He holds an MBA in Financial Management from the University of Chicago, and a Bachelor of Commerce from UBC. Listen to his weekly economic commentary on Vancouver's Roundhouse Radio FM 98.3.
 
Victor Wong is a business and client development associate at Canadian Insider and an avid market watcher.
 
Nicholas Winton contributes technical commentaries on the INK Canadian Insider Index. Nicholas also writes the High on the Hog blog.

 

 

Unveiling the truth behind the Harper surplus: recession and risk

Some commentators have argued Ottawa's reported return to surplus is good news. I respectfully disagree. It is not. The Harper conservatives' road to surplus has been shifty, pushing us into recession along the way and leaving taxpayers vulnerable to rising interest rates. Meanwhile, as Ottawa banks on housing to boost the economy, the long-term ability of our economy to compete and create viable jobs becomes less certain.

Everyone is boxed in and Harper's high-risk surplus

Boxed in. That is the key theme we are working on for Monday's INK market report. In his weekly technical commentary, a separate report which we will publish here also on Monday morning, Nicholas Winton characterizes the INK Canadian Insider Index as being in a consolidation box. That seems to be a pretty good characterization of the current state of affairs for not only the Index but also policy makers and markets in general.

Gold - On the Hot Seat Once Again

Today, we're going to take a technical look at mining stocks which are an important element in the commodities market since their direction and movement tend to lead the price of gold.

Globe and Mail Number Cruncher: Top INK Edge Energy Stocks

What are we looking for?

Looking at all the stocks on the TSX, we want to screen for the highest Energy sector stocks. Rankings are determined by the INK Edge V.I.P. criteria (valuations, insider commitment and price momentum). This is the same approach we apply across the broad-market to determine membership for the INK Canadian Insider Index, which is used by the Horizons Canadian Insider Index ETF (HII).

Are insiders buying as central bankers backtrack?

The key theme for Monday's market update is the reaction of insiders to policy signals from central banks over the past few days. Yesterday, not only did Janet Yellen backtrack from her dovish stance of the previous week, but Mario Draghi also surprised some investors by failing to signal more euro QE was on the way. Then, topping things off, last night Bank of Japan head Haruhiko Kuroda suggested that price pressures were temporary. That left traders to speculate additional monetary stimulus was unlikely anytime soon, particularly given rumours that the government did not want to see the yen weaken much further. 

As Fed backtracks, US insiders look for bargains

As stocks tumbled in the wake of the Federal Reserve's policy statement on Thursday, insider buying was ticking up. While our 60-day US Indicator is only marginally higher, our shorter-term 30-day moved up from the mid-70s to approach the 80 level at which point there would be four stocks with key insider buying for every five with selling. The continued interest among insiders to buy reflects that many stocks are getting cheap enough to get their attention. 

Harper's appointed central banker unapologetic for oil patch pain

Stephen Poloz, the Harper-appointed chief of our central bank, was in Calgary Monday to talk about resources and "policy lessons." I am not going to quote from the speech as I prefer to focus on what was missing from his remarks. The contents of the speech were the usual mix of Bank of Canada rhetoric such as "the Bank has built up credibility" and confidence in the institution's ability to assess the workings of the economy.

Almost immediately after starting the job as Bank of Canada Governor, Mr. Poloz began talking down the currency in an attempt to remake the industrial landscape, but if he has learned any lessons about his policy's role in what ensued, his speech failed to acknowledge it. Specifically, the refusal of the central bank governor to acknowledge the role his institution played in exacerbating the downturn in the oil patch via the premature loosening of monetary conditions was a telling omission.

Watching this week if the INK CIN Index can retake 1030

Technical Overview by Nicholas Winton, Hedgehog Trader and @HedgehogTrader on Twitter

Thank you for joining us for our technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Since our last update in which we highlighted several bullish characteristics of its chart, the index bounced from the bottom of its consolidation pattern and rose 2% before pausing on Friday. 

While Yellen remains the same, Trudeau scores on change

We are working on two themes for Monday's Market INK report in wake of the Thursday's double-header for the markets. First up was Janet Yellen and her band of monetary policy makers. After months of preparing investors for a rate hike, she not only delayed, but also backtracked. For months we have been flagging the losing battle that the Fed has waged to get inflation back to their target (not our target I might add). Now, finally they are being up front with investors that they do not see hitting their target until sometime after Obama is long gone from the White House.

Harper economics: running on debt and easy money

One of the most important decisions a government makes is the appointment of the CEO in charge of the cost of living, the governor of the Bank of Canada. The Harper conservatives abandoned the principles of sound monetary policy in the home stretch of the last mandate with the appointment of Stephen Poloz to that role on May 2, 2013. It was a decision that likely helped tip Canada into recession. Worryingly, the Bank of Canada and Harper conservative policy mix has also resulted in shifting the relative debt burden away from the Federal government's official balance sheet and dramatically onto Canadian families and CMHC.

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