I received mail today as follows:

"Bill, The recent decline in stock prices has been led by commodity trading" specifically, refining related with the collapse in gasoline prices leading to a $15 fall in oil. Valuations, particularly for commodity leveraged stocks, have been crushed. Removal of this overhang should allow margins to recover, oil prices to stabilize, and serve as the catalyst for a recovery in the sector."

Citigroup published a research report this week that addresses this point. Download Citi Sept 26 report on Integrated Oils.

btw, my former partner (Joe Meehan) at Qtrade asked if I had seen that Citigroup had hired Dean Barr as head of its $17 billion hedge fund business. When a couple of us were organizing Qtrade Canada in 1999, Dean was at that point Chief Investment Officer of Deutsche Bank Global Asset Management, responsible for oversight of about $700 billion. Dean was one of the first investors in Qtrade, and that act ensured we were able to raise about C$1 million to build a new electronic brokerage firm and launch it across Canada. Dean then became a Director. I was CEO and chief architect of the business. That company has continued to grow, and improve, under the diligent work of my former partners. Recently, Canada's Report On Business of the Globe & Mail (Canada's national newspaper/electronic financial media leader) rated Qtrade as #1 electronic broker in Canada. I still have my shares there, so I hope they continue to succeed like this.