The Financial Post reports in its Wednesday edition that Canaccord Genuity analyst Martin Roberge believes most resource stocks bottomed out in December. The Post's Jonathan Ratner writes in the Trading Desk column that Mr. Roberge notes the relative valuation discount of resource stocks to defensives (pipelines, REITs, utilities, telecoms and consumer staples) is at an all-time low. At 2.4 standard deviations below the historical mean, that happens to be the same level resource stock valuations overshot the broader market in spring 2010, a year after China's massive stimulus announcement and expectations were high for commodity demand. The analyst says: "Five years later, it is as if investors are calling the death of resource stocks. Stocks are not only pricing in a sluggish global growth backdrop but some sort of economic Armageddon. ... Unless one believes that the global monetary transmission is broken, it is hard to conceive that both developed market and emerging market reflation, along with lower oil prices, will not spur some growth re-acceleration." He says the volatility evident in several commodity markets is a normal sign during bottoming phases. Mr. Roberge recommends overweighting energy.