Upgrades/Downgrades/News

August 31 - The last day of August looks like it will be a quiet one after plenty of excitement preceeded it. Futures are indicating a lower open but only a small fraction of what they were indicating last Monday. There are no interesting earnings, upgrades/downgrades or news items in Canada so it may be a quiet day. Oil is down so some short plays in the space on stocks indicating a flat start at the open is about the only play we are looking at. A great lineup of BNN guests though this week so we'll keep an eye on them.

August 28 - As expected we are seeing futures down modestly relative to the rest of this wild week. After stocks plunged Monday morning we have seen huge gains, but look like we will close the week with a lower, calmer day. Too many retail investors were running to the exits Monday morning then rushing to buy yesterday, while much of the "smart money" was making opposite bets. Major bank earnings in Canada were wrapped up with Bank of Nova Scotia meeting expectations are raising the dividend by 2 cents. All of the banks reported well and although greater losses from the oil & gas sector were inevitable th banks all managed to strengthen their profitability, with half rasing dividends. The banks were near their worst yearly performance ever before this bounce, yet their performance under the circumstances has been adimrable so continue to emphasize that they are one of the safest places to park money in Canada right now. Whether this is a correction or a bear market we may still see some more downside and stock picking is important during such uncertain times.

August 28 - There is literally nothing of interest on the analyst front to close out a busy week except for DH Corporation (DH) being upgraded to strong buy at Raymond James. This is a wonderfully performing long-term holding that we would look to add to. Other analyst changes were: NexJ Systems was downgraded to sector underperform from sector perform at Scotia and Mackie downgrading Americas Silver (SPM) to hold from buy while upgrading New Gold (NGD) to buy from hold; none of these are even remotely interesting to us.

DH Corporation was bid up excessively pre-market but we still managed a 1.5% day trade gain.

August 27 - It looks like another up day for markets, especially oil names as the price of oil is rising. We're considering adding options in the oil space to some of our favourite names such as Crescent Point (CPG) and Vermilion (VET). TD Bank (TD) had solid earnings aheaed of expectations with very little exposure to the oil and gas sector, while CIBC (CM) had a big beat plus a dividend raise. We have been buying bank options earlier in the week and they are all performing well. Again we re-iterate that these should be core holdings in any long-term Canadian portfolio.

August 27 - Finning International (FTT) was upgraded to buy from hold at Canaccord Genuity and Transcontinental (TCL.a) was upgraded to sector outperform from sector perform at Scotiabank. These are both names we like for a trade here and have traded them recently, but the market has been fairly negative on both. This upgrades could bring their value to the market's attention however they are being bid up already pre-market.

Both did open up considerably with the overall markets, but still provided more gain. FInning Interntional provided 3% from our entry and Transcontinental (TCL.a) provided 5% from our entry.

August 27 - Just Energy (JE) was downgraded to sector perform from outperform at RBC as the stock has run up to 52 week highs and no longer offers as much upside. We hold this for a safe, long-term dividend payer and we believe they are starting to get some traction, but the stock has jumped so much since their earnings that it may provide a quick short opportunity here. A short would be fighting a strong overall market though so we would close quickly once a move in the other direction commences.

Just Energy fell at the open and provided us with a quick 1.2% on the short, but then as expected in came up with the markets and went into positive territory.

August 26 - After a violent negative swing into the close yesterday markets are indicating a much higher open again. This volatility seems to be the new normal for the time being, but we expect it to slowly subside, especially as we get into September. Another sell-off into negative territory is possible and would not be a good sign for markets, however we continue to believe that this correction or bear market, whichever it is, will result in some range trading even though there is massive volatility in this range. Bank earnings continue with National Bank (NA) beating estimates and Royal Bank (RY) in-line (one penny short of estimates) and raising the dividend as expected. Provisions for loan losses in the oil and gas sector increrased substantially however increases in earnings and raising the dividend are reasons for confidence in the sector going forward. All bank stocks are again indicating a much higher open but as we have always said they should be part of any long-term Canadian portfolio. The banks were oversold but even though they have risen for the past few days and are all up 5%+ from Monday's lows, they should still have some upside over the longer-term as markets settle and the exposure risks to the oil and gas sector diminish. Don't expect huge moves in these names either way over the short-term, but for stable dividend income in Canada this is a sector that everyone should have some exposure to.

We continue to make small gains trading the fluctuations in the banks, with a net long bias.

August 26 - Multiple brokerages were commenting on the forestry and lumber sectors today, with Raymond James upgrading Canfor Pulp Products (CFX) to strong buy from outperform, Mercer International (MRI.U) to strong buy from outperform, and Fortress Paper (FTP) to outperform from market perform. These are indicating higher opens but could still provide day trades provided they pull back a bit.

Canfor stopped trading briefly after the open, jumped 10% then pulled back into a range between the open and up 3%. This was an inexplicable oddity that the stock stopped trading while not being halted, just another example of unpredictability in these markets. Meanwhile Fortress and Mercer International did not provide enough volume to make any day trades wothwhile.

August 26 - TransAlta (TA) received a third upgrade in a row, this time from TD to buy from hold. It seems that most analysts have the same opinion that there are many concerns for TransAlta but that the stock is just too cheap here. This stock is being big up again pre-market, but the last two days it ran up initially, then pulled back drastically, closing lower so this is definitely not worth chasing here.

Once again we monitored but did not trade this name, however as with the past few days a short at the open would have been highly profitable.

August 26 - Canadian Natural Resources (CNQ) was downgraded to neutral from overweight at JP Morgan. On a day when the markets are indicating a much higher open this is less atrtractive as a short.

August 25 - Futures indicating an open that would get back most of if not all of yesterday's losses. China is cutting rates by a quarter of a point as they continue to do anything they can to calm their markets. As we have been mentioning it is uncertain whether yesterday morning will prove to be the lows, but it is still highly possible that we will trade sideways to down in the immediate term as part of a bear market. Do not rush into positions long or short, look for company specifics, as it will continue to be a stock pickers market.

Incredibly US markets fell through the end of the day, closing in the red, while Canadian markets still closed up thanks to the banks.

August 25 - Bank of Montreal significantly beat earnings estimates as it kicked off bank earnings. This is a great sign as Canadian banks are bouncing of lows from yesterday morning and are indicating a much higher open. We hold the Canadian banks as core long-term, dividend-paying positions and they are a staple of most Canadian portfolios, as they should be. There is always a short case against them, usually coming from the US, however they continuously grow earnings and raise dividends (currently in the 5% range) . Canadian banks are among the best in the world, conservative yet still able to grow. Their ability to continue making money and growing their earnings through all types of markets and shocks proves that they are resilient enough to overcome this period of economic weakness. Due to the stocks being up so much pre-market the entries are not as appealing as they were yesterday morning, however we recommend them as a core of any Canadian portfolio the earnings kick off today should prove that investors can sleep comfortably holding any of these names.

August 25 - Not much on the analyst front again today even as the markets swing wildly. TransAlta (TA) received an upgrade to sector perform from sector underperform at CIBC and Bird Constructiuon (BDT) was upgraded to strong buy from outperform at Raymond James. Both of these names would be worth consideration under normal circumstances as dividend-paying stocks near 52-week lows, however pre-market these are both indicating much higher opens along with the broader market so they are not worth chasing.

August 24 - Futures have accelerated to the downside, from -1% last night to -6%. Overseas markets are dropping, but some of that is catch-up after Friday's massive Wall Street sell-off into the close. The correction has already arrived, the question is whether this is a bear market with more downside to come. This bull market since the Great Recession is the third longest in history (beaten only by the run-up to the 1929 and 1987 crashes). With CBOE options volume record Friday at August expiry there are many investors trying to position themselves for the immediate future. We continue to believe that there still may be some downside risk on the immediate horizon, but this will present buying opportunities for the long-term. Even if this is a bear market we could already be more than halfway through it. Commodities may sustain a much longer bear market, however once this sell-off subsides and buyers begin stepping back in this will prove to have provided a great entry point in quality stocks that sold off with the broader market. We would recommend having some cash raised so that when the market starts to stabilize you can start slowly accumulating some positions through the next couple of months.

August 24 - TransAlta (TA) was upgraded to outperform from market perform at BMO. At 52 week lows with a good divident his may be a nice entry point, but don't expect a huge jump on a day like today. Baytex (BTE) was upgrade to buy from hold at Canaccord Genuity after the massive sell-off and dividend suspension. Price targets have been getting slashed across the board as well, but this stock is down almost 90% from the highs so for those who want a lot of torque to play a rebound in oil this is a great name to look at.

This stocks both were great plays if you took them in the early morning (TransAlta +4% and Baytex +16% from the open/lows) , but we did not take either trade due to the market volatility.

August 24 - Several downgrades in the gold sector including Kinross Gold (K) and Centerra Gold (CG) to underperform from market perform at RBC, and Canaccord Genuity adding to the Eldorado Gold (ELD) downgrades since their production halt in Greece, cutting to hold from buy. With these stocks indicating lower opens along with the market, and considering gold is a safe-haven at times like these, shorting here is not very interesting.

August 21 - The same story today, China disappoints and markets worldwide red. Baytex Energy (BTE) cutting capital spending and suspending the dividend. The dividend had already been cut once and was expected to be cut again as the stock is trading down an incredible 86% from the year's highs. The company was downgraded to sector perform from outperform by National Bank Financial and Altacorp, while also getting many significant price target cuts. Sadly we do own some of this as a long-term holding, fortunately mostly protected as a collar. but the suspension of the dividend is still disappointing. This is a heavy oil company that desperately needs much higher prices, which are not on the immediate horizon so this looks to be dead money (what little money there is left in it) for now.

August 21 - An energy name holding up well, Parkland Fuel (PKI), has been upgraded to outperform from sector perform. This is a long-term dividend paying holding that is performing well, raising their dividend annually and while still down just over 20% from the year's highs, this is still much better than most energy names and overdone according to CIBC. This looks like a great trading opportunity as a day trade or long-term holding accumulation.

This was the only Canadian stock we traded today, but we traded it multiple times for gains each time. On a day when the Dow was down over 500 points and the TSX over 250, this stock closed up 1.63% and from the lows near the open to the highs near the close this name moved 4.7% in a positive direction!

August 21 - Rubicon Minerals (RMX) was upgraded to speculative buy from hold at Canaccord Genuity. While some of the precious metal plays have been performing well in these volatile markets Rubicon has pulled back almost 30% after a big jump last week. It may offer an trade opportunity but as always this is not a space we like to play.

August 20 - Futures indicating another very red day in the markets, no interesting earnings as we await bank earnings next week, no major upgrades or downgrades, no big news or movers expected, so this may be a day to just sit and watch, or take the day off from trading. Valeant (VRX) announced that they are buying Sprout, the company in the news yesterday for the female libido drug. Not expected to be as huge as Viagra for men and Valeant has already grown so much in stock price and market cap, that this $1 billion deal is not even market moving for them. After it's IPO Sleep Country (ZZZ) was initiated as a buy/outperform by several brokerage firms today. Sitting well off the IPO price it may be a worthy of a long-term holding consideration, but Indicating a higher open already in a down market this does not really provide an overly attractive entry.

August 19 - Macro Enterprises (MRC) reported a blowout quarter with $0.12 per share in earnings (compared to only $0.01 for the year ago period) and incredible increases in revenues, EBITDA and earnings. The only problem is this looks to be getting bid up already pre-market. If we can find a way in today we will gladly take it.

Macro Enterprises closed up an incredible 19.9% (12% from the open).

August 19 - Exchange Income Fund (EIF) was upgraded to outperform from market perform. The stock has moved up nicely after a big earnings beat, however an analyst on BNN on Monday made a case for shorting the stock, which quickly gave back all of the day's 4% gains and more. With a high dividend and now getting some earnings traction, this could be a good trade.

Exchange Income Fund closed up 2.99% and offered a few trades in it throughout the day. Raymond James also downgraded Methanex (MX) to outperform from strong buy. Their trarget price still implies 30% returns with dividend so this is hardly bearish and not likely worth any kind of trade.

The stock closed down 3.06% (12.8%) from the open so as expected not an overly exciting trade, however at one point is was down 6.2% so it actuallly would have provided a nice short, as well as a nice bounce.

Alamos Gold (AGI) was upgraded to outperform from sector perform by CIBC. As usual we don't really like playing the gold sector, although in this uncertain environment with gold up slightly this could work as a trade.

Alamos closed up 11.29% (7.35% from the open) but considering this analyst change came right before the close yesterday with no other major catalyst other than a slight rise in the price of gold today, in hindsight it would have been a much better buy yesterday afternoon.

Also in the gold space, Eldorado (ELD) has production in one of its mines in Greece halted for violating some terms, with no further details given. This is likely going to fall on the news so depending on the entry price a short may be appealing. fell

Eldorado closed down 7.14% but this was one that opened significantly lower, so the most moeny was made if you shorted during the pre-market (only down 2% even around 9:00).

August 18 - Absolute Software (ABT) reported a net loss of $0.02 per share versus estimates of earnings of $0.04. Billings decreased 6% and revenue came in the same for the same period 2014 and slightly below estimate ($23.3 million versus $23.4 million estimates). On the positive side the company raised the quarterly dividend from $0.07 per share to $0.08 per share and announced an intention to repurchase for cancellation up to $50 million of its common shares (representing about 15% of the market cap. The stock was also upgraded to buy from hold by PI Financial.

The stock hit as high as up 10% (5% from the open).

August 18 - A quiet day also in terms of analyst ratings changes. Lucara Diamond (LUC) was upgraded to outperform from market perform by BMO, Trican Well Services (TCW) was upgraded to buy from neutral by Paradigm Capital, and Asanko Gold (AKG) was downgraded to hold from speculative buy at Canaccord Genuity. None of these are very interesting as trades or long-term holdings.

August 17 - There was a net inflow of over $8 million into Canadian securities versus and estimated $6 million outflow so it looks as though investors are seeing some value in Canadian equities, which is obviously a good sign for the market. Friday afternoons and Monday mornings are usually quiet days for earnings and analys actions but there are a few. Liquor Stores (LIQ) had a slight increase in same store sales but missed earnings estimates by a wide margin. You can't help but feel that companies who report earnings on a Friday night have something to hide so although I like this company for a fairly stable dividend in a relatively stable space, it could come under some pressure today.

Ag Junction (AJX) saw a large decrease in revenue and earnings as it follows suit with others in the agricultural industry feeling the tough times.

Aimia (AIM) showed revenue decline and decreased their guidance going forward. The stock is already near lows and indicating a lower open, so not worth a short in my opinion and it could actually rise from there.

August 17 - Equitable Group (EQB) was upgraded to buy from hold at TD after a great earnings beat ($2.04 versus $1.84). We've been watching this, along with other financial service companies as they have been reporting earnings, and it looks like a buy even after Friday's jump. On the other hand Guardian

Capital Group (GCG) is being downgraded to hold from buy at Canaccord Genuity and it looks as though they are seeing some outflows. Very thin volume on this one but trading only a few percent off 52 week highs it may be a short candidate if the price is right.

Morguard was upgraded to sector outperform from sector perform this weekend by CIBC. Trading around 52 week lows this would be worth a trade at the right price, but there are huge bid/ask spreads to don't go chasing it.

Trican Well Services downgraded to underperform at BMO. This stock has already been badly beaten up this year but there could be more downside on the way.

Finally, after an incredible jump on Friday as analysts upgraded the target prices on Just Energy to $7.50, the stock skyrocketed through those levels, closing at $7.62. The stock rise was a bit overdone and it no longer offers much upside other than the dividend, plus it was downgraded to sector perform from outperform at National Bank so it is worth a short look here, or a sale if you own it and wait for a lower re-entry.

The stock pulled back off the open and we were able to close for a 2% gain on a short, but the stock did com back with the markets and closed up.

August 14 - There have been some wild moves and swings this week, finally calming yesterday with a quiet day and Fridays are generally quieter, especially during the summer, so expecting a smaller stock watchlist today. That said there are a few earnings that warrant some interest:

Ag Growth (AFN) earnings of $0.85 per share versus estimates of $0.66. The quarter was disappointing as they are struggling as most companies in the weaker Canadian economy, however it looks like on an adjusted basis earnings rose and beat by a penny despite lower revenue. This stock is indicating a $5 spread pre-market (no that's not a typo, the bids are at $40.05 with support behind them, while the next asking price after the initial $40.05 is $45). Right after the open a limit order entry is worth a shot (do not buy at market or you could get filled at $45). Ag Growth is really beaten up as of late and their spin-off AGT Food and Ingredients fell substantially on earnings before providing a small bounce, so perhaps this will do the same. It pays a nearly 6% dividend and trades near 52 week lows, so if buyers get a hold of this it could move upwards (have a small long-term position in this).

Aimia (AIM) showed revenue decline and decreased their guidance going forward. The stock is already near lows and indicating a lower open, so not worth a short in my opinion and it could actually rise from there.

Direct Cash Payments swinging to a $0.03 per share gain versus an expected $0.04 per share loss is a significant beat that could move the stock off these lows. A massive dividend in the double digits signals, but almost no earnings to cover it so sometimes in companies like this there is more to the earnings than meets the eye, but still worth a look.

Just Energy (JE) fell yesterday after earnings but it is getting a few target price upgrades, nothing major just to the $7.50 level which indicates only 7% upside (not including the dividend). However, for a company that has a lot of short interest and is always fighting to justify it's validity as a sustainable company this is still an interesting stock. It's unlikely anyone likes the door-to-door sales method, however they are a utility company paying a good dividend so a lot of the hate is unwarranted. This is a small long-term holding.

Up a solid 9.17% on the day, actually going through the $7.50 target prices.

Hardwood Distributors increased almost all of their comparables by 20%+, although this just seems to match estimates (or estimate, not much coverage on this one) and the stock is trading near highs almost double the year's lows. This kind of growth in a tough market though is impressive.

Did not trade this one, but it closed up 2% but just a penny below the open.

Finally, a really interesting situation here with Granite Oil. Now Oil & Gas earnings can be very confusing since they are depreciating assets and often not measured in earnings per share terms. Often factors such as costs and production are the key metrics. However, what caught my eye was a dividend increase, a modest 8% which is only a quarter of a penny per share on a monthly basis, but an increase nonetheless. When almost every other dividend paying oil & gas company is cutting their payouts a dividend increase shows a lot of confidence and could get this small cap moving.

This one was even better than expected, closing up 16.77%!

August 14 - A few analyst ratings changes here. Chemtrade Logistics (CHE.UN) was upgraded at BMO to outperform but downgraded at TD to hold. Earnings were a miss yet the stock jumped yesterday and is indicating a higher open as most analysts are still upbeat on future prospects. However it may be getting ahead of itself so this could be a short opportunity once the buying slows.

The stocks did open higher then pullback a little over 1%.

Imperial Oil was upgraded to sector outperform from sector perform at CIBC. They have been raising their dividend slightly (which is still a modest 1%) and are expected to introduce some buybacks. This company has held up much better than most Oil & Gas names so it could be a decent trade here. It is a large cap though so don't expect any big moves.

A flat trade, closing up only 0.65%.

National Bank downgraded Canadian Tire (CTC.a) to sector perform. The stock already fell significantly yesterday and most other analysts are actually raising target prices so not likely a great short. National Bank also upgraded Algonquin Power & Utilities to outperform. Earnings were pretty much as expected and this stock doesn't move huge amounts, but it is a solid dividend paying company and is a long-term holding so if you're not in it this might not be a bad entry. National Bank analysts haven't had the best track record lately though.

Algonquin rose 6.92% while Canadian Tire fell 1%.

August 13 - CIBC has upgraded the grocers Metro (MRU) and Loblaw (L) to sector outperform from sector perform. In a market where investors are looking for safe, dividend-paying stocks that aren't as sensitive to oil prices or a possible recession these are good plays and will no doubt make for great trades today.

Metro and Loblaw both rose nicely, both closed for over 3% gains although a little money was still left on the table, but better to cash in gains early than to get none at all.

August 13 - CAE (CAE) was upgraded to buy from hold at Desjardins. The stock pulled back yesterday after earnings so it seems like a good bounce play here.

Surprisingly this trade didn't work out as well as expected, the stock did rise pre-market and continued a little over 1% from there, but after wards pulled back and traded flat to down for the rest of the day.

August 13 - Air Canada (AC) was downgraded from sector outperform to sector perform at Scotiabank. The stock fell significantly yesterday, but pulled back of the lows and is indicating a higher open so it may be a short opportunity as it still faces headwinds in cost reductions due to the low Canadian dollar as well as capacity growth.

This one ended up opening relatively flat and staying in a narrow range all day so we closed the short for less than 1%.

August 12 - Lots of earnings to digest today: AGT Food & Ingredients (AGT) earnings of $0.45 per share versus estimates of $0.35, Air Canada (AC) earnings of $0.85 per share versus estimates of $0.84, Timbercreek Mortgage (TMC) earnings of $0.19 per share versus estimates of $0.18, Cara Operations (CAO) earnings of $0.34 per share versus estimates of $0.21, Rocky Mountain Dealerships (RME) earnings of $0.10 per share versus estimates of $0.28, Metro (MRU) earnings of $0.64 per share versus estimates of $0.62, Pason Systems (PSI) loss of $0.11 per share versus estimates of a loss of $0.05. Spin Master (TOY), a recent IPO, reported impressive increases in revenue and EBITDA, which should be bullish for the stock, although there are no comparables or analyst estimates and there is a lot of resistance with the recent IPO putting shares in the hands of a lot of people who were hoping to just sell them for a quick profit. Nothing overly exciting with any of these although Rocky Mountain Dealerships will likely get hit hard on this miss, but it is already near lows, pays a good dividend and is implying a lower open so not likely worthy of a trade (in fact we own a small position long). Air Canada warned that the high US dollar is going to reduce the magnitude of their cost cuts so this may weigh on the stock, which has had a nice run his year.

Didn't play any of these and the only ones that would have proved worthwhile would have been shorting Air Canada, although it was already down substantially at the open, and going long AGT Food and Ingredients when it dropped to the $28.50 range, but with other more profitable trades concerning us at the open this quickly bounced over $1 from the lows in literally minutes.

August 12 - In more exciting earnings announcements Urthecast (UR) had disappointing results and even though the stock is nearly half of the highs it likely still has more room to run to the downside. FInally, Airboss of America (BOS) had a slight beat (0.24 versus 0.20) on adjusted terms, but when taking into account share compensation their earnings were cut in half (to 0.10) so this looks bearish for a stock nearing highs in a weak market.

Urthecast had no shares available to short and Airboss dropped while we were looking elsewhere, but both were definite sells if you owned.

August 12 - The only interesting upgrade of the day is Veresen, changed to a buy from a hold by Canaccord Genuity. The stock yesterday started to rise in the afternoon after announcing that the regular operations were expected to continue by Thursday after the Alliance Pipeline shutdown and that it would not materially affect earnings. The stock is trading near lows, has a great 7+% dividend and the market is associating no value to the Jordan Cove project so this is a good buy here.

A quick 1.8% gain in this one as it opened higher, but then still rose nicely from there.

August 12 - Also, in a late day moves yesterday Emera (EMA) was upgraded to sector outperform from sector perform. It was a great play yesterday and look for a continuation into today.

Made a quick 1% on this trade and sold as it started to come down.

August 12- Magellan Aerospace (MAL) was downgraded to hold from buy at TD after an earnings miss. Trading near 52 week highs and with a fairly significant earnings miss this is a good short.

The best trade of the day Magellan fell 11% and although it opened lower we still closed for a 8.4% gain in a matter of minutes.

August 11 - A crushing earnings beat by Aecon (ARE) while it is not far off the 52 week lows makes this a pound the table buy. As soon as we saw the earnings we were excited for this, the only concern being what price it will open at. The past few big earnings beats in Canada moved double digits so that is possible with this one.

We bought in early and sold for a nice 5% gain as soon as it started to pull back.

August 11 - Other interesting companies who reported earnings were Rona (RON) and Emera (EMA), both of whom reported roughly in-line, but the key catalyst here is significant dividend increases by both companies. These are both buys today.

Rona was a nice 5% gain while Emera was solid 2.5%.

August 11 - The only interesting upgrade of the day is InnVest (INN.UN), changed to a buy from a hold by Canaccord Genuity. A safe, dividend-paying REIT not far off the lows on a down day where the markets are full of fear makes this an attractive trade.

It took a while for this one to get going and t actually pulled briefly into negative territory, before eventually rising 4%, which for a REIT is a fantastic day trade.

August 11 - On the downgrade side Canadian National Railway (CNR) was downgraded to market perform from outperform at Raymond James. Already indicating a lower open with the downgrade and negative futures this is not overly appealing.

August 10 - It looks like another exciting start to the week as futures are indicating an open up triple digits and there are still plenty of earnings, upgrades and downgrades to play. Vermilion Energy (VET) reported a beat and will likely rise a bit in congunction with a rise in oil prices. This is a long-term holding and one of our favourites in the space. A solid dividend, exposure to European Brent prices and historically an outperformer with great management it is one of the safest was to play the oil and gas sector.

Vermilion closed 5.25% higher than the open, just below the highs for the day!

August 10 - On the upgrade front some beaten up names are getting upgrades: Wajax (WJX) from hold to buy at Desjardins, Enerflex (EFX) from market perform to outperform at Raymond James and Enerplus (ERF) to outperform from market perform at First Energy. All of these are trading near 52 week lows with nice dividends so we will be playing all three.

Wajax closed up 5.65%, Enerflex closed up 6.08%, and Enerplus closed an incredible 12.98% higher. Three fantastic long day trades to start the week!

August 10 - On the downgrade side Telus (T) was downgraded to hold from buy at Canaccord Genuity and New Look Eyewear (BCI) to sector perform from outperform at National Bank will both likely fall, but don't expect huge gains here.

Telus came off the lows and closed 1.65% lower while New Look Eyewear fell 2.23% but neither was worth our attention with so many good long plays.

August 7 - Another day full of earnings and analyst changes. Great earnings from Callidus Capital (CBL), a holding of ours that just initiated a dividend of almost 6%. Pre-market this is rising over 10%, so unfortunately we win't be able to add at those levels. Fantastic earnings also from Kinaxis (KXS), which is also getting some significant price target raises as well as being upgraded to outperform from sector perform at National Bank. This is also indicating a big jump at the open so we may not be able to get into this name either. Altus Group (AIF), upgraded to outperform at BMO, New Flyer Industries (NFI), upgraded to outperform from sector perform at CIBC, and Ritchie Brothers Auctioneers (RBA) on solid earnings, are other names we are looking at. Unfortunately all of these names, which are all appealing, are getting bid up so much pre-market that we may not chase any of them.

Unbelievable moves in all of these names on a down day, and only one of the names closed below the open! Callidus up 4.74%, although half of the gains from the open, Altus Group (AIF) +19.06%, New Flyer Industries up 5.42%, Kinaxis up 14.93%, and Ritchie Brothers Auctioneers up 7.01%,

August 7 - Some upgrades not jumping huge pre-market are Canadian Natural Resources (CNQ) and Finning International (FTT), both upgraded to outperform from market perform by Raymond James. These are bounce plays after post-earnings sell-offs so neither name has massive upside, but they should both provide good day trades.

We made just over 3% trading each of these names, selling just off the highs.

August 7 - On the downgrade side as possible shorts were Great-West Lifeco downgraded again, this time to underperform from sector perform by National Bank, Labrador Iron Ore (LIF) to hold from buy at Desjardins, and Cominar REIT (CUF.UN) to hold from buy at TD.

With so many long plays we didn't short anything today but Great-West Lifeco was down 3.12%, Labrador Iron Ore was down 1.89% (although 7.84% from the early highs) and Cominar REIT down 1.61%.

August 6 - A very busy day for earnings and analyst upgrades/downgrades. To start with the Canadian insurers SunLife (SLF) had a great quarter with a huge beat and upgrades to outperform at Credit Suisses and buy at TD so this is a definite buy even though it is obviously rising pre-market. Great-West Lifeco on the other hand missed and was downgraded to hold at TD so this is a short. Manulife was in the middle with no analyst changes so not worth any trades.

SunLife was up 6.31% (we bought on the US side) and Great-West Lifeco was down 5.9%. A perfect pair day trade!

August 6 - Savanna Energy Services (SVY) after a huge (overdone) jump yesterday (at one point up 33%) pulled back and is getting another upgrade today, this time by CIBC to sector outperform, so if the price can control itself at the open it is still a buy.

This one fell to as low as $1.17 and roe to as high as $1.38, before closing up 11.01% at $11.31!

August 6 - Linamar (LNR) had solid earnings but TD is downgrading to hold on valuation and headwinds going forward. This stock is indicating a higher open so looks like a great short candidate here.

Down an incredible 10.23% after opening up over 1%!

August 6 - High Liner Foods (HLF), which reported intra-day yesterday and immediately plummeted, was downgraded by RBC downgraded to a sector perform and price targets were lowered to the point that even at these levels upside seems limites, so this is another short candidate. Allied Properties (AP.UN.TO) is the last in a long list of shorts for today after being downgraded to market perform at BMO.

High Liner fell 4.46% after opening up 2.9%, for a nice 7% swing! Meanwhile Allied Properties was as expected a relatively boring short trade only down 2.2%.

August 5 - Brookfield Property (BPY.UN) was upgraded to outperform from market perform at RBC. This is starting to move pre-market but we will still try to get into this one.

The stock did open up significantly but we were still able to get a 2.4% day trade out of it!

August 4 - Medical Facilities (DR) was upgraded to buy from hold at Canaccord Genuity. This is a long-term holding with a great 8% dividend that we will definitely be trading here.

A nice 3% day trade here!

August 4 - Interfor (IFP) was upgraded to action list buy from buy at TD. Another definite trading opportunity as many of these forestry names have been hit hard and are now representing good value.

A 6% gain on this day trade was honestly more than we expected!

August 4 - Gildan Activewear (GIL) was upgraded to buy from hold at Desjardins while being downgraded to neutral from buy at Credit Suisse. After a big fall yesterday post-earnings, it may open lower on the Credit Suisse downgrade, but then look for a bounce from there.

A nice 3.8% swing here from red to well in the green on this day trade!

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