Tuesday, January 26, 2016

Even Canadian Banks Caught in Stock Market Turmoil

Today ScotiaBank was downgraded by Moody's. A bit of a surprise but not totally unexpected. I have long wondered if the ScotiaBank's exposure to Central and South American economies might come back to bite it.

This is not a new story. Canadian banks have been heading generally down for the past two years. Google "Canadian banks downgraded" and you will have lots of hits and many are many months old.

The banks are not my only problem. Even companies that are outperforming expectations are suffering in this weakening market. This morning, when I updated my portfolio, I discovered that my portfolio is revisiting recent lows.

Looking at BNN I see the Canadian market is up in the double digits and oil is almost up a buck. I should gain a little ground by the end of today but I'm sure the turmoil will continue. I may make some new lows before the market jumps on the next passing bull.

I am going to continue to hold everything I've got and at some point add a little more. I want to come out of this with an improved annual income. I might not, but it is a goal.

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