| TOP PICK | | CASH | CASH | 0.000 | (A Top Pick Aug 9/07.) He is probably 75% cash right now. When the market terms, it won't go straight up so take your time to see what is real before stepping back in. | 2008-07-11 | |
| TOP PICK | | Goldcorp Inc | G-T | 49.000 | Gold is the least correlated asset to equity markets. You should have some, as it is a hedge against currencies and inflation. This one has a diversified portfolio of assets with very little political risk. 43 million ounces of gold in the ground. Will be a growth producer going forward. | 2008-07-11 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 31.460 | 9.5% yield. A stable producer that has become a growth producer and, as a result, the price will move higher and the yield comes into line with other growth trusts. | 2008-07-11 | |
| PAST TOP PICK | | Cisco | CSCO-Q | 21.820 | (A Top Pick Aug 9/07. Down 30%.) Technology is a pretty good space. In this case, business did not turn out as well as predicted. | 2008-07-11 | |
| PAST TOP PICK | | SNC-Lavalin Group Inc. | SNC-T | 53.760 | (A Top Pick Aug 9/07. Up 30%.) Infrastructure continues to work in spite of a very difficult environment. Involved with long life projects. Still a Buy. | 2008-07-11 | |
| Comment | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | There is a very real risk in this market these days and you have to assess whether businesses are going to be able to overcome the macro issues at the market level. | 2008-07-11 | |
| BUY | | Duvernay Oil Corp | DDV-T | 58.440 | Will continue to grow production. Thinks natural gas will continue to work its way higher. Expect a large company will eventually acquire it. | 2008-07-11 | |
| DON'T BUY | | Valero Energy Corp | VLO-N | 32.630 | From a profitability standpoint, refiners are in a difficult spot. They are geared to produce as much gasoline as they can but gas inventories are not tight. However, diesel inventories are tight. Crude prices continue to move higher. | 2008-07-11 | |
| DON'T BUY | | Fannie Mae | FNM-N | 10.250 | Has been short this one for a few months. In a capital structure of a company, you have debt holders and equity holders. Ultimately, equity holders are the last ones on the totem pole. When the equity is getting eroded as quickly as it is, it can disappear very quickly. | 2008-07-11 | |
| DON'T BUY | | Freddie Mac | FRE-N | 7.750 | In a capital structure of a company, you have debt holders and equity holders. Ultimately, equity holders are the last ones on the totem pole. When the equity is getting eroded as quickly as it is, it can disappear very quickly. | 2008-07-11 | |
| DON'T BUY | | Telefonica S.A. | TEF-N | 82.160 | Wireless is a space he had invested in heavily in the past. A number of months ago, he exited this sector. There is still very good growth and predictable cash flows but earnings multiples have been compressed because of concerns about margins. Ultimately, this will be a space to go back to. | 2008-07-11 | |
| BUY | | Suncor Energy Inc | SU-T | 60.820 | This is a company that is owned internationally and last week there was at lot of profit taking. Very high quality and he thinks it has pulled back into long-term support. Use the low of last week as your stop. | 2008-07-11 | |
| Comment | | Canadian National R.R. | CNR-T | 47.600 | Ultimately rails will turn around and do very well. This one had issues due to the strong Cdn$. If looking for a switch, some of the agricultural stocks such as Potash (POT-T), Agrium (AGU-T) or Monsanto (MON-N) would be good. If you are going to stay in rails, he would look at CSX Corp (CSX-N). | 2008-07-11 | |
| BUY | | CSX Corp | CSX-N | 60.620 | Predominantly east/west and they are a bulk shipper. This gives them better visibility and better pricing than almost anyone else. | 2008-07-11 | |
| DON'T BUY | | Petro-Can | PCA-T | 52.250 | Integrateds have done more poorly than the exploration/development companies. Refining business is a tough one right now. | 2008-07-11 | |
| DON'T BUY | | Imperial Oil | IMO-T | 52.140 | Would prefer to be in exploration/development rather than the integrateds. | 2008-07-11 | |
| BUY | | H. J. Heinz Co. | HNZ-N | 49.090 | This is in the right spot for this kind of market. Consumer staples is a group that tends to hold up well in a bear market. One of the risks for the food industry is food inflation and the costs of the goods. They are getting through this pretty well so far. | 2008-07-11 | |
| BUY | | Potash Corp of Saskatchewan | POT-T | 223.330 | With food inflation there comes a demand for higher yields. Those demands are global. Potash (POT-T) and Agrium (AGU-T) are in enviable positions because there is very limited supply currently and they have pricing power. (Also likes Mosaic (MOS-N).) | 2008-07-11 | |
| BUY | | Agrium | AGU-T | 102.300 | With food inflation there comes a demand for higher yields. Those demands are global. Potash (POT-T) and Agrium (AGU-T) are in enviable positions because there is very limited supply currently and they have pricing power. (Also likes Mosaic (MOS-N).) | 2008-07-11 | |
| BUY | | Oilexco Inc | OIL-T | 17.570 | Fits into the camp of the companies that are able to raise their production level and resources. Have a lot of service equipment tied up. A good company to own. | 2008-07-11 | |
| DON'T BUY | | Bank of Nova Scotia | BNS-T | 45.460 | This is the one Canadian bank that he has on his short list. When there is less predictability in earnings and weakening default rates, earnings multiples will contract. This is what is happening now. Wait for a catalyst for this sector to improve. | 2008-07-11 | |
| DON'T BUY | | Hewlett-Packard Co | HPQ-N | 41.590 | Sold his holdings when it dropped through $50. Technically, the stock is broken right now. Well managed business and they are building their services business. Not the right time to Buy. | 2008-07-11 | |
| DON'T BUY | | Telus Corp | T-T | 40.300 | Wire line and wireless companies are having a difficult time right now across North America. Expect this will continue in the short run. | 2008-07-11 | |
| DON'T BUY | | Canadian Imperial Bank of Commerce | CM-T | 52.210 | Situation is deteriorating. There are consistent lower revisions to the earnings estimates. Probably the weakest technically of the Canadian banks. Difficult sector. He is Short this company. | 2008-07-11 | |
| DON'T BUY | | Manulife Financial | MFC-T | 35.050 | Sitting right on its support level and there is risk of it breaking down through it. | 2008-07-11 | |
| SELL | | Pfizer Inc | PFE-N | 17.810 | (Market Call Minute.) Broken stock and he can't see what is going to turn it around. | 2008-07-11 | |
| DON'T BUY | | TSX Group | X-T | 33.000 | (Market Call Minute.) Going to be difficult on revenues going forward. | 2008-07-11 | |
| DON'T BUY | | Hudbay Minerals Inc. | HBM-T | 12.390 | (Market Call Minute.) Minerals, particularly the base metals, are not the place to be right now. | 2008-07-11 | |
| BUY | | Companhia Siderurgica Nac | SID-N | 39.360 | (Market Call Minute.) A Brazilian steel company. He likes steel. Pricing remains very firm. Will be a lot of resumption of purchases after the Olympics are over. | 2008-07-11 | |
| DON'T BUY | | Archer Daniels Midland Company | ADM-N | 30.290 | (Market Call Minute.) Likes agriculture but he is Short this company as they are a price taker. They have to pay the price of the commodities they process. Margins are going to be pressured. | 2008-07-11 | |
| DON'T BUY | | Wells Fargo | WFC-N | 23.000 | (Market Call Minute.) Good house in a bad neighbourhood. Would avoid the whole financials group until there is some clarity. | 2008-07-11 | |
| SELL | | BCE Inc. | BCE-T | 33.530 | Sold his holdings after the Quebec ruling. Now a coin toss. Telecom sector is having a tough time no matter which company you look at. Other places that will give you better odds. | 2008-06-16 | |
| WAIT | | Rogers Communcations (B) | RCI.B-T | 41.110 | Probably the best in the cable/wireless sector in North America. Doesn’t seem to be great sponsorship for the sector at this point. There are concerns in Canada on the Spectrum auction and the spectre of competition and growth rate in wireless. Wait for it to move up to $45/$46 before Buying. | 2008-06-16 | |
| DON'T BUY | | Onex Corp | OCX-T | 33.010 | Great business and very well run in what they do. Environment is not suited right now to investing in this type of business. Always try to invest in sectors that have tailwinds. | 2008-06-16 | |
| BUY | | Duvernay Oil Corp | DDV-T | 62.900 | 2 key things going for them. 1) Very strong pricing in the commodity and he feels natural gas is going a lot higher. 2) Good production growth. Have exposure to the Montne play in Alberta/B.C. Could be a takeover. | 2008-06-16 | |
| BUY | | Questerre Energy | QEC-T | 4.400 | Multiple zone shale fracking is being used to open a lot of shale gas, which will benefit them. Western Canada has large tracts of land with easy to get permitting. Small parcels in Quebec could be a challenge in getting permitting. Interesting play. Worth a speculative look. | 2008-06-16 | |
| BUY | | Nexen Inc | NXY-T | 41.390 | Great assets in the North Sea and in North America. Growing production profile. | 2008-06-16 | |
| BUY | | Potash Corp of Saskatchewan | POT-T | 235.670 | Seems expensive because the share price keeps going higher but commodity price keeps going up and the price deck that analysts use to build estimates are way below were pricing is. | 2008-06-16 | |
| Comment | | Apple | AAPL-Q | 176.840 | Had price momentum and beat estimates consistently. Stock has now stopped behaving the way that it should if the price was going a lot higher. IPhone is having a tougher time. Sold his holdings. | 2008-06-16 | |
| TOP PICK | | Research In Motion Ltd. (US) | RIMM-Q | 140.980 | Very dominate position in smart phones. Roughly 50% of new business was consumers. Growing market share in both smart phones and world hand sets. Looking for a possibility of a multiple revision. One of the few spaces that is working really well. | 2008-06-16 | |
| TOP PICK | | Monsanto Company | MON-N | 135.920 | 70% of every new dollar of income earned in India is being used to spend on food. This company has done a really good job of increasing agricultural yields. Working on drought resistant as well as moisture resistant corn, which will be important. | 2008-06-16 | |
| TOP PICK | | Fairborne Energy Ltd. | FEL-T | 11.930 | About 80% of revenues is from natural gas. Growth oriented. Have probably 500 targets they can drill over the next couple of years. Have a nice diversified portfolio. | 2008-06-16 | |
| BUY | | Canadian Oil Sands Trust | COS.UN-T | 53.800 | A great total return stock. Rising production and rising distributions. | 2008-06-16 | |
| BUY | | SNC-Lavalin Group Inc. | SNC-T | 59.050 | Still likes this one. | 2008-06-16 | |
| TOP PICK | | Calfrac Well Services Ltd | CFW-T | 26.760 | Pressure pumping company. Focus on stimulating wells. 83% of revenues come from fracking. Great demand for fracking in Canada as well as US. Utilization rates are going higher. It’s an extended cycle. | 2008-05-22 | |
| TOP PICK | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 74.900 | Coal. If spot prices stay at $375 not impossible for stock to be paying $17-$18/unit. | 2008-05-22 | |
| TOP PICK | | Bombardier Inc (B) | BBD.B-T | 7.420 | Have been paying down debt, which suggests improvement in credit rating. Margins improving. Solid order books in both transport and aero businesses. | 2008-05-22 | |
| PAST TOP PICK | | CGI Group (A) | GIB.A-T | 10.550 | (A Top Pick May 16/07. Down 4%.) Outsourcing space is a good place to be. Based on Hewlett-Packard (HPQ-N) bid for Electronic Data Systems (EDS-N), this stock could be worth more than the market is showing. In a long-term uptrend. | 2008-05-22 | |
| PAST TOP PICK | | Encana Corp | ECA-T | 92.940 | (A Top Pick May 16/07. Up 43%.) Break-up into 2 pieces is a positive. Great organic growth and a great way to play natural gas. Still a Buy. | 2008-05-22 | |
| PAST TOP PICK | | A T & T US | T-N | 20.350 | (A Top Pick May 16/07. Down 2%.) Exited this last summer. | 2008-05-22 | |
| BUY | | Central European Distribution Corp | CEDC-Q | 67.950 | Distributing spirits. Going through a nice expansion into Russia. Consistent earnings estimate revisions to the upside. Consistently beats estimates. Strong good relative strength against its peer group. | 2008-05-22 | |
| DON'T BUY | | BetaPro S&P/TSX 60 Bear E.T.F. | HXD-T | 16.270 | A brave move to step in front of this freight train at this time. Oil has come a long way along with the other energy sources but it’s what is working now. | 2008-05-22 | |
| DON'T BUY | | Petrobank Energy and Resources | PBG-T | 58.580 | Can expect more pullbacks. In the very short run energy stocks are a bit tired. One client has licensed the technology but market still wants to be shown more. | 2008-05-22 | |
| BUY | | Companhia Vale Do Rio Doce | RIO-N | 41.440 | Brazilian Iron Ore Producer. Mega cap stock. Low cost producer. Good way to participate in increasing iron ore prices. Will continue to be an acquirer. | 2008-05-22 | |
| BUY | | Viterra Inc | VT-T | 13.000 | One stop shop for agriculture. Recently did an equity deal that put a lid on the stock. Company is going through great change. Expect margins to be higher due to cost savings in June 11’th earnings release. Thinks they will beat general consensus for estimates. Is pulling back toward support so this is a good entry point. | 2008-05-22 | |
| SELL | | CanWest Global Comm. | CGS-T | 3.840 | Media are having a difficult time, this one finding it rougher than others. This is not the right place for right now. Not going to turn around in the short run. | 2008-05-22 | |
| BUY | | Duvernay Oil Corp | DDV-T | 57.240 | Success in North East Alberta and BC. Lot of upside. One of the more aggressive plays in Natural Gas. Possible acquisition target. Upside in the resource and in natural gas pricing. Thinks it’s going higher. Natural Gas will be higher in 12 months. | 2008-05-22 | |
| BUY | | Arc Energy Trust Units | AET.UN-T | 30.180 | Alternative to BCE. Horizontal fracturing stimulates wells that were not economic previously. Increasing production but priced as if flat production, so could rally, plus a good yield. Not a on year deal, but good total return. | 2008-05-22 | |
| Comment | | Noble Drilling | NE-N | 63.760 | Oil could pull back to $100. Companies could see 20% correction. Likes the company and long trend is there but there will be volatility. | 2008-05-22 | |
| BUY | | Wal-Mart Stores Inc. | WMT-N | 56.050 | Started going higher, then pulled back. If you want exposure to retail, this is the only one to own. Executing well. Good risk/reward trade. | 2008-05-22 | |
| DON'T BUY | | Valero Energy Corp | VLO-N | 49.810 | Higher crude prices made it harder to get a margin on gasoline. | 2008-05-22 | |
| BUY | | Eldorado Gold | ELD-T | 8.130 | Gold is going a lot higher and this is a good space to be building positions in. Best looking chart in short run (month). Some political risk. Possible acquisition target. | 2008-05-22 | |
| BUY | | Trinidad Drilling | TDG-T | 13.960 | Seasonality is not playing out this year so there is a trend in place. Strong demand for rigs. Could be in an elongated cycle | 2008-05-22 | |
| DON'T BUY | | Power Corp | POW-T | 33.140 | Financials are likely to under perform for some time. There is another leg in the weakness coming. | 2008-05-22 | |
| SELL | | National Bank of Canada | NA-T | 53.400 | Was a short term trade. Banks have damaged their balance sheets of the last year, which makes it hard to generate the same kind of revenues. | 2008-05-22 | |
| BUY | | Research In Motion | RIM-T | 128.500 | (Market Call Minute.) Strong earnings, good revisions and good market share gains over the next year. | 2008-05-22 | |
| BUY | | Oilexco Inc | OIL-T | 16.370 | (Market Call Minute.) A good company at getting new assets. | 2008-05-22 | |
| DON'T BUY | | Rona Inc | RON-T | 12.780 | (Market Call Minute.) Doesn’t like the home improvement space | 2008-05-22 | |
| DON'T BUY | | Westjet Airlines | WJA-T | 14.730 | (Market Call Minute.) Great company. Great house in a bad neighbourhood. Stay away from because of energy price problem. | 2008-05-22 | |
| DON'T BUY | | TSX Group | X-T | 44.800 | (Market Call Minute.) Risk to revenues | 2008-05-22 | |
| Comment | | BCE Inc. | BCE-T | 32.640 | Currently trading at fundamental value. At this point, the deal is a coin toss. Can't see a ton of downside. Wire line phone companies in general are not performing very well. There are a bunch of things that could end up making this deal happen but it is under a time gun as banks are committed to November. A lot of stock in the hands of arbitrageurs that are looking for the deal and will not sell their stocks gently. | 2008-05-22 | |
| TOP PICK | | Encana Corp | ECA-T | 84.240 | He really likes gas. Well diversified portfolio. 8 different properties producing over 140 TCF of gas. Very strong growth. Biggest player in the Montne. Analysts are undershooting gas prices. Have been buying back stock. | 2008-05-06 | |
| TOP PICK | | Companhia Siderurgica Nac | SID-N | 44.880 | One of the biggest steel companies in Brazil. Steel sector has been performing well all through this year. Steel demand globally is very strong and rose about 5.7% last year. Brazil is probably the best economy in the world right now. | 2008-05-06 | |
| TOP PICK | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 70.200 | One of the concerns was that prices would come down because Australia saw flooding and that constrained supply. China has really been out of the world coal market for the last 18 months. They have been buying metallurgical coal from the US at $350 a ton and offering 3 and 4 year contracts at those prices. | 2008-05-06 | |
| BUY | | Husky Energy | HSE-T | 49.030 | Likes the big energy companies. Weekly charts would show they have broken out of 2 years of consolidation, which is extremely bullish. | 2008-05-06 | |
| Comment | | Fairfax Financial | FFH-T | 283.580 | Haven’t looked at this for the last month or so but up to that point they had a fairly significant bet against financials by shorting a very large number of financial services companies. This is a way to participate in shorting financials. | 2008-05-06 | |
| BUY | | BCE Inc. | BCE-T | 36.560 | Believes the deal will get done at $42.75. Doesn't expect there will be a re-pricing. | 2008-05-06 | |
| Comment | | Hanfeng Evergreen | HF-T | 13.050 | Likes the agricultural sector. This company is not quite proven so he prefers to own Mosaic (MOS-N), Potash (POT-T) or Agrium (AGU-T). | 2008-05-06 | |
| BUY | | Viterra Inc | VT-T | 13.790 | This is a great way to participate in agriculture. Have been vocal in saying they want to maintain a conservative balance sheet. Thinks they will be actively looking for acquisitions. This is a longer cycle issue. | 2008-05-06 | |
| BUY | | Duvernay Oil Corp | DDV-T | 51.800 | Added 46% to their reserves last year. A good way for the more aggressive investor to play the Montne play. Will have to spend a lot of money to drill out the targets. There could be 17 TCF of natural gas in this area. | 2008-05-06 | |
| BUY | | Visa Inc. | V-N | 87.530 | Thinks the stock goes higher in the intermediate term. The Visa issue was very popular because 1) there was very little credit risk involved and 2) it is a play on global transactions that are growing very rapidly. Not inexpensive, but feels it's a long-term growth story. | 2008-05-06 | |
| HOLD | | Talisman Energy | TLM-T | 21.990 | Has gone through a makeover and are focusing on unconventional energy, specifically shale gas. There is new technology for extricating gas out of shale and they are a major player in this area. | 2008-05-06 | |
| HOLD | | Thomson Reuters Corp | TRI-T | 37.160 | Has been going through a makeover in the last number of years. On the one hand, they have created a global player that could be a significant growth player. The big concern is that their customers are financial service companies. He has nibbled and taken a very small bite of this one. | 2008-05-06 | |
| Comment | | Grande Cache Coal Corp. | GCE-T | 6.980 | Controversy on the spot price of coal at $300 and some believe it will not last. This company produces a couple of million tons of met coal. Some of the mines have relatively short lives. Developing another mine that could give them 5 years. (Also see Top Picks.) | 2008-05-06 | |
| TOP PICK | | Duvernay Oil Corp | DDV-T | 48.560 | Stock has come a long way in a short period of time, but they are involved in the play in B.C. called the Montne, which by many views could be as much as 17 PCF trillion cubic feet of gas. Increased their proven and probable reserves by 47% last year. You are getting growth and lower finding costs. The lower royalty regime on deep drilling helps them on 65% of their properties. | 2008-04-18 | |
| TOP PICK | | Weatherford International Inc. | WFT-N | 85.550 | A mobile energy services companies. These often trade with a low earnings multiple because of cyclicality. We are in a significant leg higher in energy and by the time it is over it'll trade like a growth stock and the market will be willing to pay much higher earnings multiple. Eastern Hemisphere business grew at 48% and Latin America/South America grew at 28%. North America grew at 11%. | 2008-04-18 | |
| TOP PICK | | IBM | IBM-N | 124.400 | Over 50% of revenues come from international growth. Half of the revenue is services. Recent reporting beat estimates handily. | 2008-04-18 | |
| PAST TOP PICK | | Terra Industries Inc. | TRA-N | 48.110 | (A Top Pick Apr 24/07. Up 136%.) Has been focused on the agricultural space for about 3 years. This area continues to be a market leader. Expect this will continue going higher. | 2008-04-18 | |
| PAST TOP PICK | | CAE Inc | CAE-T | 12.000 | (A Top Pick Apr 24/07. Down 12%.) Doesn't own the stock, but he is a believer in the business. There is a global shortage of pilots and there is very strong growth in civil aviation. He would like to see it trade above $13 before buying. | 2008-04-18 | |
| PAST TOP PICK | | Talisman Energy | TLM-T | 21.000 | (A Top Pick Apr 24/07. Down 3%.) Pulled back too far and stopped him out of his position. A wonderful company, but feels there are better opportunities. | 2008-04-18 | |
| DON'T BUY | | A Comment -- General Comments From an Expert | A Commentary | 0.020 | Canadian Banks: - He exited the banks in April/07. In the mid-90s, banks traded between 4% and 7% time’s earnings, which grew to 14X earnings. The recent crisis has hurt their ability to generate revenue from some business lines going forward. At best, you'll see flat to slightly growing earnings over the next couple of years. There might be a bounce, but over time there will be a compression of what the market is willing to pay. | 2008-04-18 | |
| SELL | | Nokia | NOK-N | 29.000 | Stock dropped 14% in one day. Street is expecting a significant slowdown in revenues and handset sales and a steady decrease in expectation of earnings. | 2008-04-18 | |
| DON'T BUY | | Rogers Communcations (B) | RCI.B-T | 40.600 | A tough space in the last little while. With the new Spectrum auction was announced and Verizon (VZ-N) coming out with “all-you-can-eat” airtime, this raised concerns about the ability to raise margins and make money. This is a tremendous company and earnings should grow 20% a year over the next couple of years. The risk is this is a bounce off the bottom since March and people will use this opportunity to lighten up their holdings. | 2008-04-18 | |
| DON'T BUY | | Kroger Co. | KR-N | 25.000 | Retail has been under pressure for over a year. Food retailers have been under even more pressure. Food prices are rising very rapidly. Grocery business is a micro margin one. With increasing costs, it is very difficult to pass this on to the consumer. | 2008-04-18 | |
| DON'T BUY | | Safeway Inc. | SWY-N | 28.310 | Retail has been under pressure for over a year. Food retailers have been under even more pressure. Food prices are rising very rapidly. Grocery business is a micro margin one. With increasing costs, it is very difficult to pass this on to the consumer. | 2008-04-18 | |
| DON'T BUY | | Loblaws | L-T | 31.730 | Retail has been under pressure for over a year. Food retailers have been under even more pressure. Food prices are rising very rapidly. Grocery business is a micro margin one. With increasing costs, it is very difficult to pass this on to the consumer. | 2008-04-18 | |
| DON'T BUY | | Kroger Co. | KR-N | 25.000 | Retail has been under pressure for over a year. Food retailers have been under even more pressure. Food prices are rising very rapidly. Grocery business is a micro margin one. With increasing costs, it is very difficult to pass this on to the consumer. | 2008-04-18 | |
| HOLD | | Focus Media Holding | FMCN-Q | 32.660 | Has 70,000 LCD screens perched around urban areas in China and they play advertising. Stock has dropped and he thinks the Chinese market is under pressure at this moment. Expects there will be some kind of rally coming into the Olympics. | 2008-04-18 | |
| DON'T BUY | | Absolute Software Corp. | ABT-T | 12.260 | Technology in recovery of laptops and will be very news driven. You don't buy it because of earnings but on deals going forward. Not the kind of market where people buy things that may happen over the next period of time. They want to see earnings, cash flow and predictability. Speculative. | 2008-04-18 | |
| DON'T BUY | | TSX Group | X-T | 40.450 | Thinks volumes will be under pressure going forward. There are investors that have been shaken out of the market to some degree. | 2008-04-18 | |