I feel that the last year has been the best year to be invested in the stock market. I have never seen gains like this in such a short amount of time. It could possibly be because of the extra inflation into companies from more retail investors using their cerb or stimulus money. It could also possibly be because people have seen how much more important certain industries are such as technology, communications, agriculture, food and renewable resources. It really puts things into perspective as to what is necessary to live with AND live without.
Lets talk about this week now. We just came out of a long weekend in both the Canadian and US markets which should account for a little extra volatility this week. Right now Robinhood, Reddit and Citadel are in court looking into what happened with Gamestop(GME). Who knows though what will come out of all this shorting and manipulation but hopefully we will find out soon who was in the wrong. Oil FINALLY hit over $60 a barrel which is good news for that sector. Now, i’m not saying its time to get back into investing in oil companies but I will forsure be keeping my eye on a few companies to see if they start to bounce back.
Exciting news for one of my investments as of Wednesday Greenlane Renewables Inc(GRN $2.78/Share) will be uplisting from the TSXV to the TSX. I feel that they are going to be a very nice long term hold especially with them closing their recent bought deal offering of $26.5 Million. Their renewable natural gas play is going to be very popular and it shows with their big pop today. I have been invested in them for a while and i’m glad that I got in on them pretty low. Right now I feel like most renewables are getting a nice boost, unless you live in Texas. They are having issues right now with their solar panels and their wind turbines not being able to handle this crazy cold snap they are having. Crazy to think they are even getting a cold snap in Texas.
The cold snap didn’t only handcuff their renewable sector but also their refineries. They have been shut down across the state and I feel like that is also part of the ramp up in the price of oil. Natural gas has also gotten a bump up and is starting to climb back up again, who knows how long or high it will go this time. All I know is i’m still gonna keep an eye on it and I might be adding some more Greenlane Renewables Inc once its listed on the TSX. As for other Oil and Gas companies? I feel they need to diversify a little faster in order for me to get a good look at them. Enbridge(ENB $44.11/Share) and Suncor(SU $23.86/Share) are 2 of the smart ones, they are investing billions right now into the renewable sector while understanding that there is still a need for Oil and Gas. So my question to you is, who is your long term investment in the Oil and Gas sector that will transition and be around in the future?
That is all for today and remember everyone, invest in yourself first.
*Disclaimer, I currently hold positions in Enbridge and Greenlane Renewables Inc but not Suncor. All share prices are as of close today February 16, 2021.