We're just weeks away from Trans Mountain opening and bringing Canadian oil to the BC coast.  This is very important. The difference between WTI oil and other benchmarks has been shrinking and will continue to. There's a lot of free cash flow among Canadian energy stocks, which won't rely on oil prices rising to remain strong. Cash flows and share buybacks will increase in the future. A weak loonie helps Canadian companies, and many of these will hit their debt targets this year. Nat gas: a warm winter means high supplies, but nat gas shares have been climbing on the buildout of the LNG pipeline which will start operating in June/July. Expect volatile gas pricing during the shoulder season, but look at 2024-6 for better days ahead.

ETF Highlight

Hamilton Canadian Financials Yield Maximizer ETF (HMAX): HMAX is designed to provide high monthly income from Canada’s 10 largest financial services companies. The ETF uses an active covered call strategy to enhance monthly distribution income and reduce volatility. HMAX generates higher monthly income by writing at-the-money covered call options. Approximately 70% of the fund is weighted toward the ‘Big 5 banks’ (RBC, TD, CIBC, BNS, BMO). HMAX’s strategy seeks to benefit from income while also allowing for capital appreciation and protection against downside risk by only writing calls on 30-50% of holdings.
Unlock Premium - Try 5i Free

Believes market entering into correction territory. Investors should look to old market "highs" to see previous support levels. 4800 price seems to be the previous level which the market was at. Trend lines also important for investors to study in order to determine where S&P 500 may find support. If US Fed decides not to cut interest rates, markets could fall below 4800. Would recommend buying around the 4500-4800 S&P 500 price level. If US Treasury decides to fund debt payments with debt instruments, bank stocks will sell off. A lot of market directions will depend on US Fed actions. Catastrophic fiscal position (large amounts of debt) a major concern. 

As long as US unemployment remains below 4%, he predicts the Fed won't cut interest rats.

We need to see Q1 earnings growth and to hear moderating impacts of inflation. Labour demand remains strong and input prices could rise as commodities rise. Holding some US stocks offsets the strength of the US dollar in a portfolio. Also, lock in yield with the US 10-year now at 4.6%. You can buy bonds at 5-5.55%, and hold part of your portfolio in these.