Christmas isn't for a while but it already feels like we got a present. After coming off the best three months in recent memory the markets continued to climb yesterday. The TSX began the new month with a pop of 1.5%. The DOW jumped 2.2%. What surprises me the most is that Asia, Europe and US futures are all up overnight. It actually looks like the rally will continue today. It's too soon to talk Santa Claus Rally but who knows?
Mixed results from our banks this morning. CIBC (CM) beats while TD (TD) misses estimates...but still turned in a "weaker" profit of $994 Million for the quarter. Not too shabby. RBC (RY) results tomorrow.
My new coal miner, Western Coal (WTN) rose 6% yesterday but at $10.60, it's still trading below the offered takeover price of $11.50. It seems the market doesn't believe the deal with Walter Energy (WLT) will close. Me, I'm on the fence but trying to cover my butt with sell order at $11.05. I paid $8.05 on November 9. I'd be happy to take the three bucks and move on rather than wait for takeover thing to play out over the next several months. I place this order each morning only after checking to see where WTN opens. I don't want to leave a multi-day order sitting there only to be taken out first thing in the morning on the day when it pops.
Mixed results from our banks this morning. CIBC (CM) beats while TD (TD) misses estimates...but still turned in a "weaker" profit of $994 Million for the quarter. Not too shabby. RBC (RY) results tomorrow.
My new coal miner, Western Coal (WTN) rose 6% yesterday but at $10.60, it's still trading below the offered takeover price of $11.50. It seems the market doesn't believe the deal with Walter Energy (WLT) will close. Me, I'm on the fence but trying to cover my butt with sell order at $11.05. I paid $8.05 on November 9. I'd be happy to take the three bucks and move on rather than wait for takeover thing to play out over the next several months. I place this order each morning only after checking to see where WTN opens. I don't want to leave a multi-day order sitting there only to be taken out first thing in the morning on the day when it pops.
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