RE:Explaining CJ's recent weaknessThanks for the visual picture highalpha. Hopefully you and Jay Banks continue to keep posting, very intelligent comments you both have.
But when looking at the April 30th, top ten holdings list...CJ and NVA probably made the most logical sense for him to sell to take his new positions in CNQ and CPG.
What exactly were Nuttalls other options on the list to sell?
He is up very big in CJ and NVA and in a short period of time.
While he says he has averaged down...ATH was probably not an option for Nuttal as he probably has some ATH at an expensive price.
My point here is just because he still has ATH doesnt mean it is better then CJ...CJ just already had an attractive profit return already locked in.
He is also up likely pretty big in Baytex...i don' see them to continue to be on the top ten list when the list is updated again. Nuttall trades and it is easiest to always sell biggest winner.
None of us can prove it with evidence...but my gut says Nuttall fund still has Cj shares just not a amount to be in top ten.
Don't think we hold over 3 bucks in May if Nuttall sold his full stake.
Ninepoint says
| Oil & Gas Equipment & Services | 5.97 |
And not one energy service company is on his top ten list...so Ninepoint could easily have CJ still.
highalpha1 wrote: Cardinal's recent weakness could likely be explained by Nuttall selling his stake in CJ in May. Nuttall's fund was the second largest holder of CJ stock and his fund's most recent disclosure (see below) indicates that he no longer holds it.