In the beginning..

As I start this today, I notice that Merrill downgraded both CNQ (Canadian Natural Resources) and ECA (Encana) from BUY to NEUTRAL.

Not an auspicious start, I suppose.

Probably a valuation call; nothing like a pricey oil to scare the dickens out of an analyst. Anyway, more about these two later. (Disclosure: I own both stocks.)