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http://ymlp210.net/z56RMk ——————————————————————————– September 23, 2012 Week In Review…
Week In Review For September 17 to September 21, 2012 Canadian Companies mentioned include:
* Novus Energy Inc. (TSX-Venture:NVS) * Goldstrike Resources Ltd. (TSX-Venture:GSR) * Lachian Star Ltd. (TSX:LSA) * PetroFrontier Corp. (TSX-Venture:PFC) U.S. Companies mentioned include:
* Article Published, September 18, 2012: Synex Reports Strong Growth in Revenue and Net Income for Fiscal 2012 (http://www.allpennystocks.com/aps_ca/special-reports/296/synex-reports-strong-growth-in-revenue-and-net-income-for-fiscal-2012.htm) (CDN Company) * Article Published, September 19, 2012: Another Store Location for BABB Allows Shares to Continue On Upward Path (http://www.allpennystocks.com/aps_us/special-reports/295/another-store-location-for-babb-allows-shares-to-continue-on-upward-path.htm) (U.S. Company) * Article Published, September 19, 2012: Neutra Corporation Looking to Curb the Craving for Alcohol (http://www.allpennystocks.com/aps_us/special-reports/294/neutra-corporation-looking-to-curb-the-craving-for-alcohol.htm) (U.S. Company) * Article Published, September 21, 2012: Research in Motion Could Become a Penny Stock (http://www.allpennystocks.com/aps_ca/special-reports/297/research-in-motion-could-become-a-penny-stock.htm) (CDN / U.S. Company) Video charts for the week:
* September 18th Technical Video Chart For GSR:CA. Goldstrike has more than doubled in value in about two months. The chart is in a very bullish position and is looking to take out resistance at 55 cents which could lead to a run at 52-week highs at 73 cents. Click here to view: ( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/2pgysFIve10 ).
* September 18th Technical Video Chart For DNN. Denison Mines has been on a steady climb since early July and is forming an ascending triangle pattern. The indicators are sitting in bull mode which has the chart on close watch to break resistance at $1.50 with the upside to the next resistance being about 20 percent. view: ( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/CTlFKoEJyyQ ).
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WEEKLY UPDATE -MARKETS FLAT AS QE3 GLEE FADES Stocks in North America generated a week of range bound consolidation after the rally based on monetary easing from Europe, China and the United States over the previous few weeks grew a little long in the tooth. The news from the prior Thursday about the U.S. Federal Reserve’s stimulus decision that sparked broad market gains was fading and traders moved into a “risk-off” period to lock-in some gains.
Dave Abate, senior wealth adviser at Strategic Wealth Partners in Seven Hills, Ohio, hit the nail on the head in saying, “The rally is a bit overheated at this point, there’s a growing disconnect in terms of what the market is doing and what the underlying economy is doing.” Why the disconnect Take a look at what the world`s biggest banks are doing to buoy economies…
During the past few weeks, the U.S. Federal Reserve began a much-anticipated third round of quantitative easing which entails an open-ended stimulus package of buying $40 billion per month in mortgage backed securities and extension of Operation Twist, a plan where the Fed sells short-term treasuries and then buys long-term treasuries. The central bank also said it will keep key interest rates near zero through mid-2015.
In a twin-type of announcement, the European Central Bank said that it is starting an unlimited, conditional bond buying program for EU members that are struggling financially. It is literally an “ask and ye shall receive” type of money-printing plan to control borrowing costs for debt-laden countries.
China, the world`s second largest economy, has followed suit with one trillion yuan-worth ($159 billion) of infrastructure projects to light a fire under its economy. As a leading economy and major commodity consumer, China is closely watched for growth. The stimulus is serving as a tent pole to stock markets, but economic data continues to show a faltering economy. An HSBC survey last week revealed that China`s manufacturing activity contracted for the 11th straight month in September.
Not to be left out, the Bank of Japan jumped in this past week with an announcement that its central bank would extend its own asset-purchasing scheme. The bank said that it will increase the size of its asset purchases by 10 trillion yen ($126.7 billion) to a new total of 80 trillion yen ($1.01 trillion) through several types of purchases, including government bonds and T-bills. The overall plan is designed to be completed within the next 15 months. The BoJ also informed that it will keep its key interest rate unchanged at 0.0 to 0.1 percent.
The markets stagnated this past week after a rally taking U.S.
exchanges to multi-year highs because the worldwide stimulus packages have been baked-in to prices. Economic data globally and earnings reports by bellwethers like FedEx aren`t necessarily substantiating the incline in prices. The Nasdaq is at its highest level since November 2000; the Dow is at a five-year high; and the S&P 500 is teetering at its highest point since December 2007. Yet, there is economic turmoil across the planet. There are fears of a hard landing and rising inflation for many leading countries resulting from central banks playing a multi-trillion-dollar shell game of “Where`s the debt”.
On the bright side, the summer concluding looks to be returning money to the small caps with the TSX-Venture exchange the only major index we track to log gains on the week. The smaller exchange has only docked points on a weekly basis one time in the last seven weeks; rising more than 175 points (15%) in about two months.
Also on the positive side of the coin, housing data from the United States continues to signal that the markets found a bottom and are holding their upward path towards recovery. Canada, on the other hand, saw housing sales decline at a pace not seen in two years while prices continued to rise, indicating that the housing bubble may be reaching maximum density north of the U.S. border.
This coming week will present a plethora of economic data from the United States which should impact markets. Spain is reportedly in meetings with the ECB about a bailout package, so easing measures will not completely slip out the back door as investors dial-in on the ECB fiscal reform plan with possibly its first dose of bond buying. Right now, Apple and QE policy have been bolstering the markets, but it looks like it could be time for reality to set back in and concrete news to take the front seat again. Key data will be coming from both Canada and the U.S. with updates on GDP late in the week.
The US dollar made up a marginal amount against the Canadian dollar this past week to bounce off 13-month lows with its northern counterpart. The greenback`s modest climb against the loonie, came largely as a result of cooling stocks after the QE3 run and as a matter of the CDN/US ratio being overextended leading to some short covering. Across the week, the Canadian dollar edged lower by 0.57% on the US dollar, so next week will begin with one Canadian dollar buying US$1.02405.
* Gold futures were trading sideways most of the week until news hit on Friday that European Central Bank officials were having discussions with the Spanish government for an economic reform package that may be disclosed this week. The surge on news lost a bit of steam heading into Friday`s closing bell, but gold still settled at its highest level in more than six months. The precious yellow metal has been on a substantial climb in recent months leading into monetary easing announcement from Europe, China, Japan and the United States that devalues currencies and increases appetite for bullion as a hedge against inflation. December contracts were the most actively traded; rising by 0.30%, or $5.30 per ounce, to close the week at $1,778.00 on the Comex division of the New York Mercantile Exchange.
* Silver futures were range bound and a bit volatile this past week – including hitting a fresh high of $35.30 on Friday – on mixed economic data and a calming of the quantitative easing fever. Investors largely ignored any positive data and focused on securing gains from the recent run that has catapulted prices about 30 percent since mid-summer. Silver for December delivery was the most actively traded; climbing 2.87%, or $0.966, higher to $34.656 per ounce to continue its run from $28 in mid-August.
* Copper prices also felt a consolidation last week after an extended rally in September. Having slipped lower for the week after Thursday`s trading, the red metal rebounded on Friday to pare losses on optimism that monetary stimulus across the globe will provide greater demand and offset weak manufacturing data that generally supports the industrial metal. As with the other major metals, traders seem inclined to dock a few profits and wait for further government cues on stimulus packages before continuing the uptrend.
December contracts were the most actively traded on New York`s COMEX exchange during the week; shedding 4.35 cents, or 1.14%, to $3.789 per pound.
* Oil prices suffered a stark drop late on Monday – dropping about $4 in 20 minutes – sparking a fever of news over what caused the sell-off. Although many speculated that there was going to be a Strategic Petroleum Reserve release of crude, the White House denied any such event was happening. Some analysts chimed in to say that it was a technical trigger by fighting resistance at the $100 mark and then a drop through support sparked a series of selling. No reason was really ever validated. In all reality, crude remains in a tug-o-war between geopolitical issues and world economic developments.
There is no real concern over supply versus demand. After topping $100 a barrel for the first time in more than 4 months the prior Friday, crude suffered heavy losses this past week, despite a muted rebound on Friday. November contracts for West Texas Intermediate crude were the most actively traded and closed the week down by $6.11, or 6.17%, at $92.89 per barrel.
Equity Market Snapshot:
(All percentages on a weekly basis unless otherwise noted) * A flat week for bullion futures did little to slow the upward path of major gold miners. Agnico-Eagle Mines (TSX:AEM, +1.46%), Barrick Gold (TSX:ABX, +1.04%), Yamana Gold (TSX:YRI, +3.45%), Goldcorp (TSX:G, +1.89%), Newmont Mining (TSX:NMC, +0.71%) and Kinross Gold (TSX:K, +1.30%) have been rising for about two straight months.
* Goldcorp Inc., the world`s second-largest producer of gold, said mining acquisition targets are looking more attractive as tougher financing conditions have depressed share prices.
* Belo Sun Mining Corp. (TSX:BSX, -6.08%) carved-off points as the Company said it will raise C$50 million by selling 35.7 million common shares to underwriters for C$1.40 each. News also hit that federal Brazilian prosecutors are probing Belo`s gold mine development, on the premise that Belo could be endangering indigenous communities in the Amazon rain forest.
* Energy stocks were hit by the drop in crude prices. Talisman Energy (NYSE:TLM, -6.87%) stopped its upward trek at eight weeks while Imperial Oil (NYSE:IMO, -3.42%), Canadian Natural Resources (NYSE:CNQ, -4.59%), Suncor Energy (NYSE:SU, -4.19%), Exxon Mobil (NYSE:XOM, -0.41%) and Cenovus Energy (NYSE:CVE, -4.13%) all dropped as well.
* The biggest of banks in the US have recently been leading market performers, but back peddled last week. Bank of America (NYSE:BAC, -4.61%), Citigroup (NYSE:C, -3.22%), JPMorgan Chase (NYSE:JPM, -1.66%), UBS AG (NYSE:UBS, -4.15%), Wells Fargo & Co. (NYSE:WFC, -3.21%) and Goldman Sachs Group (NYSE:GS, -3.82%) all lost value. XLF (NYSE:XLF, -3.83%), the financials select sector SPDR that tracks the financial stocks in the S&P 500, gave some back after eight consecutive weeks of advance.
* The biggest banks in Canada settled the week mixed, but outpaced US banks. The Bank of Nova Scotia (TSX:BNS, +0.84%), National Bank of Canada (TSX:NA, +0.12%) and Canadian Imperial Bank of Commerce (TSX:CM, +0.30%) improved on the week, but Royal Bank of Canada (TSX:RY, -0.14%), Bank of Montreal (TSX:BMO, -0.67%) and Toronto-Dominion Bank (TSX:TD, -0.05%) nudged lower.
* FedEx (NYSE:FDX, -6.39%), the world`s second largest package delivery company and a barometer of global economic health, saw shares slide as the company exceeded analysts` predictions for net profit last quarter, but lowered its anticipated earnings for its fiscal year, citing the softening global economy.
* What can be said about Apple (NASDAQ:AAPL, +1.28%) that hasn`t already been said The tech beast rose again last week (that`s 8 in a row) to hit another new all-time high of $705.07 and closed over $700 per share on Friday. During the week, the world`s biggest company said orders for its iPhone 5 exceeded 2 million in the first 24 hours, or a pace of a whopping 23 phones per second. The latest iconic phone hit retail markets on Friday.
* AT&T (NYSE:T, +2.20%) chimed-in to say that orders for the iPhone 5 were the largest volume for any phone that they had ever received.
* Research In Motion Ltd. (TSX:RIM, -14.85%) reported that it signed a licensing deal with Microsoft Corp. (NASDAQ:MSFT, -0.06%) related to patents involving the Microsoft’s latest Extended File Allocation Table, or exFAT, technology. The technology facilitates the exchange of large media files between desktop PCs and wireless devices.
Financial terms of the agreement weren’t disclosed. RIM was also slapped with another analyst downgrade and suffered another black eye because of a network failure throughout several countries in Europe.
Shares closed the week one penny above all-time lows of $6.24.
* Minneapolis, Minnesota-based food company General Mills Inc.
(NYSE:GIS, +3.63%) reported that its first-quarter profit rose to $548.9 million, or 82 cents a share, from $405.6 million, or 61 cents a share, in the year-ago period. Benefiting form the acquisition of Yoplait International as well as other corporate purchases, revenue rose 5 percent to $4.05 billion for the latest quarter. Adjusted profit totaled 66 cents a share in the latest quarter. Analysts were expecting earnings of 62 cents a share on sales of $4.08 billion.
* The head of trading algorithms at Knight Capital Group Inc (NYSE:KCG, -4.56%), Joseph Wald, left the company, marking the first senior-level departure since a trading glitch Aug. 1 resulted in a $440 million loss for Knight. Shares of Knight have been torched to the tune of -76 percent in the last two months.
* Homebuilders have been steadily rising in value with the recovering U.S. housing markets. KB Home (NYSE:KBH, +11.79%) shares jumped after beating estimates with quarterly earnings of 4 cents per share.
Shares of KBH are up about 135% since June 1. Rising at nearly the same pace in a similar time frame, PulteGroup (NYSE:PHM, +2.78%) advanced again last week. Toll Brothers (NYSE:TOL, +0.33%), Hovnanian (NYSE:HOV, +0.51%) and Beazer Homes (NYSE:BZH, +5.84%) also continued their strong rises in value.
* Chip maker Advanced Micro Devices (NYSE:AMD, -7.69%) shares fell again as their chief executive said he was resigning. Shares of AMD have lost more than half of the value since the latter part of April.
* Shares of Yahoo! (NASDAQ:YHOO, -0.22%) jumped Wednesday on news that the company would return $3.65 billion of the $4.3 billion in proceeds from its sale of Alibaba to shareholders. Shares faded by the closing bell on Friday, though.
* Drug maker Targacept Inc. (NASDAQ:TRGT, -1.24%) had a wild ride as shares took a nosedive on Monday upon news that it will no longer develop TC-5619 as a treatment for adults with inattentive-predominant attention deficit/hyperactivity disorder because Phase 2 trials missed primary endpoints. On Tuesday, shares recovered nearly all of the losses as investors digested that the company still has more cash on hand than their market cap and a pipeline of drugs still available for development.
* Shares of Google (NASDAQ:GOOG, +3.43%) have now advanced for 10 straight weeks (and 13 out of the last 14) to hit their highest levels since late 2007 and are within a whisker of an all-time high of $747 per share.
* In the biggest deal ever in subsea wellhead production, General Electric Co. (NYSE:GE, +2.68%) said that its GE Oil & Gas unit won a contract worth nearly $1.1 billion to supply about 380 subsea wellhead systems and installation equipment to Petrobas (NYSE:PBR, -3.89%), Brazil`s state-run oil company.
* Air Canada (TSX:AC.B, +9.40%) reported that it will hire more than 900 employees over the next 12 months to meet its planned workforce requirements. Further, as part of the commencement of its low-cost carrier that is slated to launch in 2013, the company will be hiring an additional 50 pilots and 150 flight attendants. The company also reported that it and Irish national carrier Aer Lingus signed an interline agreement that will make flying between the two countries more convenient by permitting customers to fly year-round through London Heathrow Airport on one ticket.
* Yellow Media Inc. (TSX:YLO, -7.14%) said the Quebec Supreme Court suspended all its debt-related obligations starting from Sept. 30, as it readies to consider the company`s recapitalization plan next month.
* Shares of battery maker Energizer Holdings Inc. (NYSE:ENR, +10.46%), who also sells Schick shaving products, bounced upward after the company unveiled an initiative that will cut costs by as much as $200 million. Energizer will also be cutting staff as part of the plan, but did not disclose any detailed information on that front.
* In its first earnings report as a public company, British soccer club Manchester United (NYSE:MANU, +2.17%) kicked-it wide in reporting a bigger-than-expected loss. The company said its loss grew to $25.2 million from $649,000 the year prior and revenue dropped 25 percent.
Shares ended-up rising on the week, but are down about 9 percent since their IPO last month.
* In IPO news, online real estate company Trulia (NYSE:TRLA) had a strong showing through raising about $102 million at a $17 per share price point that was above its estimated range. Shares blistered ahead to as high at $26.57 before settling the week at $23.03.
Weekly Indices Results:
The S&P TSX Composite Index ended its two-week win streak; doffing-off 115.87 points, or 0.93%, to 12,383.60. The TSX Venture Exchange rose for the sixth time in seven weeks; advancing 27.61 points, or 2.09%, to 1,345.72 on the week.
In the States, the Dow Jones Industrial Average was flat; easing back by only 13.90 points, or 0.10%, to 13,579.47. The much-broader S&P 500 felt a little steeper of a drop; slipping 5.62 points, or 0.38%, to close at 1,460.15. The tech-rich NASDAQ Composite completed the bland week for big boards; fading 3.99 points, or 0.13%, to 3,179.96 on the week.
Canadian Economic Data:
* Non-resident investors resumed buying Canadian securities again in July; acquiring $6.67 billion of Canadian securities, following a $7.76 billion divestment in June. Canadian investment in foreign securities strengthened to $4.6 billion and was equally split between debt and equity securities. Leading the way was $6.10 billion in purchases of Canadian bonds, subsequent to large retirements in June.
* The Canadian Real Estate Association (CREA) said that national resale housing activity dropped sharply from July to August 2012. The number of home sales processed through the MLS® Systems of real estate Boards and Associations in Canada fell 5.8% between July and August 2012, marking the largest month-over-month decline since June 2010. On an annual basis, home sales slumped 8.9 percent, the largest drop since April 2011, although prices for homes rose to $350,192, a 0.3 percent hike compared to the year prior.
* A total of 508,000 people received regular Employment Insurance (EI) benefits in July, virtually unchanged from June. Compared with July 2011, the number of beneficiaries fell by 34,900 or 6.4%. The number of beneficiaries increased in Alberta and Ontario, while it fell in Prince Edward Island and Quebec.
* Statistics Canada reported that consumer prices rose 1.2% in the 12 months to August, following a 1.3% increase in July. Economists were calling for the rate to stay put at 1.3%. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.4% in August after decreasing 0.1% in July. The Core CPI, which strips out eight volatile products, rose 1.6 percent in August after a 1.7 percent climb in July. Economists were calling for an increase of 1.5% for the month.
* Wholesale sales unexpectedly fell 0.6% to $49.5 billion in July, following a 0.3% decline in June. Analysts were expecting a 0.2% decrease. Among the seven sub-sectors, five sub-sectors, representing 85% of total sales, reported declines. The largest drop in dollar terms was in the food, beverage and tobacco subsector with a 1.5 percent slide in sales.
Next week, economic data will be very thin, but important with Retail Trade updates coming on Tuesday and Gross Domestic Product stats from July coming on Friday.
U.S. Economic Data:
* The September Empire State Manufacturing Survey, a survey of manufacturing plants in the state and one of the earliest monthly guideposts to U.S. factory conditions, indicated that conditions for New York manufacturers continued to weaken. The general business conditions index slipped another five points to -10.4 (from -5.85 in August), its second consecutive negative reading and lowest level since April 2009. Economists expected a rise to -2. The new orders index fell nine points to -14.0, its third straight negative reading and lowest levels in almost two years.
* The Federal Reserve Bank of Philadelphia`s general economic index rose more than analysts predicted; climbing to -1.9 in August from -7.1 in July. Economists were calling for a rise to -4.5. Readings less than zero indicate contraction in the manufacturing industry.
The manufacturing sector remains sluggish because of lower exports resulting from Europe`s financial woes, tight household spending in the States and a decrease in business investment.
* Pointing to a steady recovery of the housing market, builders in the U.S. began construction on more homes in August, lead by the quickest pace of single-family homes in more than two years. Housing starts rose 2.3 percent to a seasonally-adjust rate of 750,000 during the month, up from a downwardly-revised 733,000 in July, according to the Commerce Department.
* Reinforcing the housing rebound, existing home sales in August jumped 7.8 percent from July to a seasonally-adjusted annual rate of 4.82 million. From a yearly view, sales popped about 9 percent over August 2011 stats. Median home prices also rose 9.5 percent from the year prior month to $187,400, marking the sixth straight month of year-over-year increases.
* Jobless claims for the week ended September 15 showed little improvement with a decrease of 3,000 to a seasonally adjusted 382,000, said the Labor Department. Experts were calling for a drop to 375,000. The drop was further diminished by the upward revision of claims from two weeks ago from 382,000 to 385,000 as more precise numbers were collected related to the claims associated with Hurricane Isaac.
Next week, data in the States will bring a slew of news, including the Dallas Fed Manufacturing Survey on Monday; S&P Case/Shiller Home Price Index on Tuesday; New Home Sales on Wednesday; Durable Goods Orders, a new GDP reading, Jobless Claims and Pending Home Sales Index on Thursday; and Chicago PMI, Consumer Sentiment and Personal Income and Outlays on Friday.
Penny Stocks to Watch & Company Spotlight Results:
Among the stocks we watched this week, metal explorer Goldstrike Resources (TSX-Venture:GSR) was a strong play, rising early and holding nearly all of the gains by closing the week at 65 cents for an appreciation of 11 cents, 20.37%, with an intraweek high of $0.68.
The other Canadian stock on our radar, junior oil and gas company Novus Energy Inc. (TSX-Venture:NVS) leapt immediately to its intraweek high of $0.89 on Monday before dropping to close the week at $0.86 for a loss of a penny, or 1.15%.
In the States, uranium explorer Denison Mines Corp. (AMEX:DNN) exploded on Tuesday to hit its intraweek high of $1.72 and held a good portion of the gains to close the week at $1.59 for a rise of 13 cents, or 8.90%. The other U.S. stock on our watchlist, gold explorer Canarc Resource Corp. (OTCBB:CRCUF) peaked early in the week at $0.164, but then channeled and closed on the lower end at $0.143 for a loss of $0.009, or 5.92%.
If you`d invested in all four stocks and held them to the end, you`d have seen an average gain of 5.55%. However, if you`d bought all four at the beginning of the week and sold each at its peak, you`d have realized gains of 13.48%.
Lastly, we wanted to remind all investors of an upcoming investment conference in Toronto. The global market crisis is forcing investors and traders to take more personal control of their portfolios and to find new areas for opportunity and safety. Using the experts’ time-tested methods, some have protected, or even grown, their portfolios in these challenging market conditions. Join AllPennyStocks.com at the World MoneyShow Toronto, October 18-20, at Metro Toronto Convention Centre for the most comprehensive global market overview available from top experts that will lead you to a profitable 2012 and beyond! Register FREE Today: ( https://secure.moneyshow.com/msc/toms/registration.aspsid=TOMS12&scode8637)! For more information on the conference, click here ( http://www.moneyshow.com/tradeshow/toronto/world_moneyshow/scode8637 ).
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