RE:Off topic but has the new Capital Gains Tax Impacted Stocksctt...for now I still feel the future raise planned by ENB is priced in. As I mentioned in an earlier post, the only caveat is that there is a surprise in regards to the pricing but given the qulaity of ENB management, I see that eventuality as having a low probability.
The downdraft we are currently seeing is a result of overall uncertainty in the market these days. At the beginning of the year the market was pricing in at least three rate cuts by the US Fed. The latest decision and subsequent media event by the US Fed has signalled that we will be lucky to see one cut. The latest "plot plan" attached to the latest meeting shows the median point is one cut. Some pundits are now speculating that there won't be a cut before the meeting in late November (a view I currently support). This puts a damper on the market.
The other recent uncertainty is the announcement by Saudi Arabia that it will not renew the longstanding (80 year old) agreement to only price oil in US dollars. This decision has many potential ramifications which the market both equity and fixed income will need to sort out. In the meantime, this presents uncertainty which in turn means more risk which in turn means lower equity prices.
So for me, this means sitting on the sidelines until thewe is clearer visibility but I do believe for those investors with patience, it may well prove to be a future buying opportunity.