Yearly Archives: 2014
Sell in May? Or Hedge ’til Labor day!
Richard Croft
There is an old adage in the investment industry; “sell in May and go away ‘til labor day.” Not everyone agrees… Warren Buffett for example! Still, enough investors believe in the concept, and when you think about it there is rationale underpinning the theory. Summer holidays can limit liquidity and often there is...
Understanding The VIXC
Jason Ayres
If you spend a little time surfing around the Montreal Exchange site you will eventually make your way to the MX Indices tab. At the top of the menu you will find a link to the VIXC, which is the S&P/TSX 60 VIX or volatility index. The VIXC reflects the 30 day implied volatility of S&P/TSX 60 front month and next month...
The Yellen Message!
Richard Croft
The markets have been tepid lately as investors watch for signs of an improving US economy, a message telegraphed by Fed Chairman Yellen in her first news conference a couple of weeks ago. If the data come in as Yellen expects – or more importantly as analysts think Yellen will interpret the data – traders may have to...
Using Options as a Tax Deferral Strategy
Patrick Ceresna
Over the last 2 days I have had the opportunity to speak at the Options Conference in Toronto and Montreal. The conference brought together the top industry professionals from across North America with a focus on the use of options for Investment Advisors and Portfolio Managers. It was a phenomenal opportunity to hear some the...
Options Action on Bombardier
Jason Ayres
From time to time I like to take a look at the “Most Active Options” ranking on the Montreal Exchange home page. It was no surprise to see that 6 out of the 10 were mining companies this morning. Since Richard Croft already posted and interesting article on this sector the other day entitled Gold, Where’s the...
Gold: Where’s the Glitter?
Richard Croft
For gold aficionados, it has been a rough eighteen months. Even diehard doomsayers who see gold as crisis insurance have been asking; “where’s the glitter”? From my perspective, I have never been a gold buff and have never believed it was reasonable to view gold as portfolio insurance. So, we are left with short-term...
Fundamental and Technical Analysis for Options Trading
Patrick Ceresna
Fundamental analysis remains the most commonly utilized investment tool available. Through its use, investors seek to filter out the strongest, or best, valued companies in the market. There is no question about the value of utilizing fundamentals, but it does present the investor with an obstacle. There is a distinct...
Blackberry Resuscitated?
Richard Croft
It’s not often you see a company rally despite declining earnings, especially a company that is in the process of overhauling its business model! Nonetheless, that that is exactly what is happening with Blackberry under the guidance of recently appointed CEO John Chen. Blackberry continues to fall short on earnings no matter...
Generate Cash Flow with Less Capital – Consider Credit Spreads
Jason Ayres
Many investors seek to enhance cash flow in their portfolios. For the option educated, this can involve the implementation of the Covered Call strategy or selling Naked Calls or Naked Puts. The objective is to collect a credit through the sale of an option contract with the expectation that it will expire worthless. This can...
Alpha Generation
Richard Croft
Something I have discussed at a number of the Montreal Exchange Option Education Days is the theory that markets are efficient, which is to say the stock market is a pricing mechanism where investors come together to evaluate potential return. You buy shares when you believe them to be undervalued and sell them because you...
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