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http://ymlp263.net/zzj5t1 ——————————————————————————– November 11, 2012 Week In Review…
Week In Review For November 5 to November 9, 2012 Canadian Technical Penny Stocks To Watch This Week:
* Pace Oil & Gas Ltd. (TSX:PCE) * SilverCrest Mines Inc. (TSX-Venture:SVL) * Absolute Software Corp. (TSX:ABT) U.S. Technical Penny Stocks To Watch This Week:
* Article Published, November 7, 2012: Radiant Communications Swings a Profit in Third Quarter and 2012 (http://www.allpennystocks.com/aps_ca/special-reports/307/radiant-communications-swings-a-profit-in-third-quarter-and-2012.htm) (CDN Company) * Article Published, November 9, 2012: Eco Building Products to Receive National Exposure on The SUZANNE Show (http://www.allpennystocks.com/aps_us/special-reports/308/eco-building-products-to-receive-national-exposure-on-the-suzanne-show.htm) (U.S. Company) Video charts for the week:
* November 7th Technical Video Chart For SMB:CA. The Simba Energy chart has faded through the bottom of an uptrending channel, but is still holding above the 50 and 200 dma’s. Volume was strong on Tuesday to bounce off support at 12 cents. Traders will be looking for the dynamic support to stay intact and for a move to signal the uptrend will continue. view:
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/9MF-Q6IcDg8 ).
* November 7th Technical Video Chart For ECOS. Shares of Ecolocap surged almost 40 percent on Tuesday to hold above the 200 dma. Volume was about average, but the chart looks to be trying to turn higher again, which will have traders watching for an increase in volume to try and run through the 50 dma and towards resistance at 3 cents.
( http://www.youtube.com/user/AllPennyStocks#p/a/u/1/yPs3xnmrfSg ).
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WEEKLY UPDATE – MARKETS CONTINUE SOUTHWARD PLIGHT IN POST-ELECTION SELL-OFF Trading of stocks in North America was all about the presidential election in the United States. The week began mixed with some optimism in the United States ahead the election on Tuesday that was labeled “too close to call,” keeping traders guessing about potential impact on the markets. Upon Republican presidential candidate Mitt Romney conceding the election around 12:30 AM ET Wednesday to current president Barrack Obama, exchange futures headed lower and the markets followed with the Dow Jones losing 434 points across Wednesday and Thursday`s trading. Generally speaking, Romney had been viewed as being more friendly to Wall Street as the United States grapples with policies for high unemployment and the so-called upcoming “fiscal cliff” with its mix of spending cuts and tax hikes that will go into effect at the start of 2013 and potentially strip about $600 billion from the U.S. economy. Further, other Congressional elections supported the idea of gridlock being maintained in Washington with key decisions needing to be made in short order. Economists believe that there is a real threat of a recession again in the States if Capitol Hill cannot come together and agree on changes by the end of the year.
Adding to the losses, companies that have been hamstringed by Obama-influenced regulations, such as dividend-paying stocks, coal companies and for-profit education plays, all fell under pressure.
Stocks in Canada struggled to gain any momentum on Monday and Tuesday, even as the U.S. markets rose, with the TSX Composite closing lower than it opened both days before plunging about 175 more points in Wednesday and Thursday`s trading as part of a large post-election sell-off.
Economic data was by-in-large in line or better than expected in both North American countries as investors also digested another stiff dose of earnings reports. To date, earnings have raised eyebrows of investors as they continue to show flat-lining profits and weak outlooks. Earnings season is winding-down now with about 90 percent of S&P 500 companies reporting with an average high-end growth rate expected to be a tepid 2 percent for Q3, while other analysts actually tabulate that it will wind-up being negative for the quarter. The hodgepodge of fleeting corporate revenue, chaos in Washington and economic data that has actually been a surprising bright spot has investors definitely leaning toward cautious strategies.
Election week was the worst performance for the Dow Jones Industrial Average since June and marked the third straight week of declines as well as the fourth in five weeks. In the only week during that time that the Dow closed green (week ended October 20), the Dow managed paltry gains of 14.66 points (0.11%). In the first week of October, the Dow hit its highest levels since late in 2007, but has surrendered about 850 points, or 6.19 percent, since those highs. On Wednesday, the S&P 500 recorded its largest point drop in one year, en route to its worst weekly performance in five months. The tech-oriented Nasdaq has fallen for five consecutive weeks and seven out of the last eight.
Losses were global this past week as Europe made its way back into the spotlight with a weak outlook for economic growth and European Central Bank President Mario Draghi`s warning of a slowdown in Germany.
Germany`s DAX index was led by falling banks, which helped push the DAX down 2.6 percent last week. France said that it expects its economy to contract 0.1 percent in the fourth quarter, increasing awareness about a recession. It`s main CAC-40 index dropped 2 percent for the week. China, a closely-watched country as the second largest economy in the world and major consumer of metals, saw its Shanghai Composite index fall every day last week and 2.3 percent in total, even though retail sales and industrial output figures beat expectations. Japan`s Nikkei gave-up points for the fifth week in a row.
Stocks managed a tepid rebound on Friday to pare losses for the week in a volatile Friday session that included President Obama discussing policy to increase taxes on the wealthiest Americans, which led to a reversal in the Dow from being ahead by more than 75 points to close up by only 4 points.
Greece could be back in focus early this week as the Greek Parliament is meeting on Sunday to vote on a budget to try and appease euro zone finance ministers. The debt-laden country has been trying for weeks on end to secure its latest batch of bailout funds. An approval this week for the aid could help to mildly steady the shaky sentiment in the EU.
Closer to home, investors will still be seeing earnings reports, but the focus is going to probably be more set on Washington (e.g.
anything regarding the fiscal cliff) and economic data. Although there will not be a tremendous load of information, important news will be coming on retail sales, consumer prices and the manufacturing sector. Fed Chairman Ben Bernanke will also be speaking as the minutes from the latest FOMC meetings will be released. Further, initial jobless claims may receive even more attention than normal because the impact of Hurricane Sandy could be felt more this coming week. Investors are twitchy right now, so any information that could cause panic, likely will.
The U.S. dollar strengthened broadly against global currencies as investors snatched-up the greenback amidst worries about the fiscal cliff. The USD hit a one-week high against the Canadian dollar and moved through parity after the loonie had been stronger than the USD the week prior. If the U.S. does not find terms in Washington to avoid the fiscal cliff – which would trigger spending cuts and tax increases equivalent to about 5 percent of the U.S. GDP – Canada will surely be impacted as the U.S. is its largest trade partner. Across the week, the Canadian dollar weakened against the US dollar and next week will begin with one Canadian dollar buying US$0.99865.
* Gold futures finally got off their winless streak and posted a strong week as fiscal uncertainty and sliding equities sent investors to the precious yellow metal as a safe haven asset. Bullion has been trading a bit irregularly lately and acting more as an equity, but last week`s trading action was more reflective of traditional gold movement. Skepticism and caution were clearly in the forefront of market activity with the elections which increased trader`s appetite for more risk-aversive plays like gold. Expectations of increased demand from India because of the Dhanteras festival was also a contributing factor in the rise in gold prices. After several weeks of split views, analysts at Kitco have taken bullish positions on gold with 21 out of 26 people surveyed calling for gold to advance this week. December contracts were the most actively traded this past week; taking-on 3.32%, or $55.70 per ounce, to close the week at $1,730.90 on the Comex division of the New York Mercantile Exchange.
* Silver futures also rose to match gold`s climb to three-week highs as hopes for greater future demand from China surfaced and investors also turned to the white metal as a hedge against inflation. Silver remains in a downtrend over the past five weeks, but this past week`s movement has the trend looking to be broken. With some bullishness entering the scene on many fronts (technical and as a precious and industrial metal), silver posted its best weekly gain in about two months. Silver for December delivery was the most actively traded; adding 5.65%, or $1.742, to $32.599 per ounce.
* Copper prices rose on Thursday and were up early on Friday before giving some back to pare its weekly loss. Much like other commodities, the rebound was fueled by economic data from the United States and China that boosted optimism that the manufacturing sector is improving mildly. China is the world`s top consumer of the red industrial metal, so traders carefully monitor manufacturing in the country because of copper`s many uses. Copper is struggling to find a bounce since falling from $3.80 per pound on October 2. December contracts were the most actively traded on New York`s COMEX exchange during the week; losing another 3.6 cents, or 1.03%, to $3.4455 per pound.
* Oil prices also got a late week boost on reports from China, the second largest crude consumer in the world, signaling a strengthening economy and saving the black gold from its seventh fall in eight weeks. Crude prices plummeted more than 5 percent on Wednesday when investors were spooked by worries over budget problems in the U.S., but managed to edge back upward to eliminate the losses. December contracts for West Texas Intermediate crude were the most actively traded; rising $1.21, or 1.43%, to $86.07 per barrel.
Equity Market Snapshot:
(All percentages on a weekly basis unless otherwise noted) * Major gold miners led gainers with the rise in bullion. Yamana Gold (TSX:YRI, +6.00%), Agnico-Eagle Mines (TSX:AEM, +5.74%), Goldcorp (TSX:G, +3.19%), Barrick Gold (TSX:ABX, +2.44%) and Kinross Gold (TSX:K, +10.49%) advanced, while Newmont Mining (TSX:NMC, -1.30%) fell.
* Kinross had a strong week on the back of posting a third-quarter profit that beat expectations and saying that it expects full-year 2012 earnings to hit the high-end of its guidance.
* Elsewhere in the mining sector, Turquoise Hill Resources (TSX:TRQ, +3.84%) gained following the signing of a purchase agreement with Inner Mongolia Power Co. for its Oyu Tolgoi copper-gold-silver mine in Mongolia.
* Silver Wheaton Corp. (NYSE:SLW, +2.28) said its net income fell by 11% to $119.7-million, or 34 cents per share. The company`s revenue was down 13% year over year to $161.3 million, primarily because of lower silver prices. The earnings were well below analyst estimates of 42 cents per share, but it is notable that the company has 2 million ounces of silver from the quarter (worth about $60 million) that were produced, but not yet sold.
* Inmet Mining Corp. (TSX:INM, -1.53%) announced that it would not be buying any shares of Petaquilla Minerals Ltd. (TSX:PTQ, -22.66%) after a hostile takeover bid failed to garner enough support by its deadline.
* Energy stocks limped along with the broad markets. Talisman Energy (NYSE:TLM, +0.63%) was a rare winner as Canadian Natural Resources (NYSE:CNQ, -5.04%), Imperial Oil Ltd. (NYSE:IMO, -1.25%), Suncor Energy (NYSE:SU, -4.71%), Cenovus Energy (NYSE:CVE, -2.43%) and Exxon Mobil (NYSE:XOM,-2.78%) moved lower.
* Shares of Petrominerales Ltd. (TSX:PMG, +9.44) got a lift with third quarter adjusted earnings dropping to 41 cents per share from 55 cents in the year prior quarter as the results were better than analysts` consensus.
* Shares of Transocean, Inc. (NYSE:RIG, +0.46%) inched higher as the world`s largest offshore drilling rig contractor reported a better-than-expected profit for the third quarter, even though losses widened as a result of write-downs related to efforts to sell some less-profitable assets.
* Mexican authorities have awarded TransCanada Corp. (TSX:TRP, -0.88%) another natural gas pipeline contract. The company says it will invest about $400 million U.S. in a 413-kilometre pipeline between El Oro and Mazatlan, which will connect with the $1-billion U.S. Topolobampo pipeline contract that TransCanada was awarded the prior week.
* Coal producers took a hit partially because of President Obama staying in office with his anti-fossil fuel attitude. Alpha Natural Resources (NYSE:ANR, -11.70%), Peabody Energy Corp. (NYSE:BTU, -7.03%) and James River Coal Co. (NASDAQ:JRCC, -39.60%) doffed-off points.
* The biggest of banks were left bleeding with Romney not getting into office. UBS AG (NYSE:UBS, -0.53%), Goldman Sachs Group (NYSE:GS, -5.76%), Bank of America (NYSE:BAC, -4.26%), Citigroup (NYSE:C, -4.44%), JPMorgan Chase (NYSE:JPM, -4.24%) and Wells Fargo & Co.
(NYSE:WFC, -3.50%) all carved-off points. XLF (NYSE:XLF, -3.13%), the financials select sector SPDR that tracks the financial stocks in the S&P 500, closed in the red to continue its string of down one week, up the next that`s been going on for seven weeks.
* The biggest banks in Canada were also plays to avoid last week.
National Bank of Canada (TSX:NA, -1.30%), Canadian Imperial Bank of Commerce (TSX:CM, -1.06%), Toronto-Dominion Bank (TSX:TD, -2.71%), The Bank of Nova Scotia (TSX:BNS, -1.57%), Royal Bank of Canada (TSX:RY, -2.97%) and Bank of Montreal (TSX:BMO, -0.59%) slipped lower.
* DirecTV Group Inc. (NASDAQ:DTV, -3.02%) saw shares fade after the satellite TV provider reported losing more subscribers than expected during the third quarter and whiffed on earnings. Earnings were bruised by its dispute with Viacom, which blacked out popular channels including Comedy Central, MTV and Nickelodeon for 20 million DirecTV customers.
* Smaller rival Dish Network Corp. (NASDAQ:DISH, +1.33%) overcame a similar sting in earnings because of a dispute with AMC channels resulting in blacked-out channels that cost Dish $700 million in a settlement. Dish lost $158 million, or 35 cents per share, in the latest quarter, compared to earning $319 million, or 71 cents per share, the year prior quarter. Excluding the legal expense, analysts were calling for earnings of 56 cents per share. Interestingly, there are some talks surfacing that DirecTV and Dish could be entertaining the idea of a merger.
* Boston Scientific Corp. (NYSE:BSX, -0.96%) said that it will pay up to $425 million to acquire privately-held Vessix Vascular Inc., primarily to gain access to Vessix`s V2 Renal Denervation System to treat uncontrollable hypertension. BSX will pay $125 million initially and up to $300 million in milestone payments based on clinical and sales targets.
* Agenus Inc. (NASDAQ:AGEN, -6.49%) shares rose on Friday to pare weekly losses after some positive late-stage results for a malaria vaccine. Agenus` vaccine is being studied in 17 clinical trials, including those by GlaxoSmithKline plc (NYSE:GSK, -0.30%) which reported the results.
* North of the US border, shares of Bioniche Life Sciences, Inc.
(TSX:BNC, -22.11%) tripped when the Belleville, Ontario company said a second Phase III clinical trial with Urocidin in non-muscle-invasive bladder cancer is being discontinued, citing in part that the trial is having trouble recruiting patients. Bioniche is working with partner Endo Pharmaceuticals (NASDAQ:ENDP, -10.61%) about the next steps in development of Urocidin.
* J.C. Penney Co. (NYSE:JCP, -12.19%) reported a much larger than expected loss, marking the third straight quarter of bigger than forecast losses at the retailer as new CEO Ron Johnson struggles to restructure the embattled company. For the quarter, JCP reported a 26.6 percent drop in revenue, to $2.93 billion, and a loss of $0.56 per share; far more than the 15 cent per share loss that Wall Street was expecting.
* AOL Inc. (NYSE:AOL, +11.60%) reported better-than-expected revenue as a result of the strongest advertising growth the company has seen since 2005. Revenue for the latest quarter was $531.7 million, ahead of analyst predictions of $521.6 million. Net income for the quarter was $20.8 million, or 22 cents per share, compared with a year-earlier loss of $2.6 million, or 2 cents per share. Analysts were expecting earnings of 17 cents per share.
* Groupon Inc. (NASDAQ:GRPN, -27.94%) continues to make new all-time lows as the daily deals company posted a loss of $3 million, or break-even on a per-share basis, in the third-quarter. Analysts expected earnings of 3 cents a share. Revenue rose 32% to $568.6 million, below the $591 million consensus projected by analysts.
* Fortress Paper Ltd. (TSX:FTP, -46.32%) lost nearly half its value when it said third-quarter losses widened to $1.31 a share from 51 Canadian cents a year earlier, nearly quadrupling the loss that analysts were expecting. As such, Raymond James downgraded Fortress to market perform from outperform.
* Shares of Lions Gate (NYSE:LGF, +2.46%) rose after the maker of the Hunger Games said the movie`s sales helped lift revenue 97 percent during the latest quarter. The movie company also swung to a profit in the quarter, after recording a loss last year and said it expects to meet or beat expectations for the remainder of the year.
* Apple Inc. (NASDAQ:AAPL, -4.72%) reported that it sold three million iPads in the first three days after the debut of the new iPad mini and fourth generation iPad. The figures topped old sales records set in March of 1.5 million iPads sold in three days when Apple launched the third generation iPad. The company did not break-down sales for each product. Shares have fallen for seven straight weeks of the tech giant and lost more than 20 percent during the slide since hitting all-time highs in September.
* Shares of Bombardier Inc. (TSX:BBD.B, -6.79%) dropped after the company reported 1,200 job cuts, a 6-percent decrease in revenue in the latest quarter, the closing of a freight car plant in Germany and a six-month delay in the first flight of its C-Series jetliner.
* Also from the airport, WestJet Airlines Ltd. (TSX:WJA, +2.02%), Canada`s largest discount carrier, profits soared almost 80 percent to $70.6 million, or 52 cents per share, in the third quarter; topping analyst calls for 44 cents.
* US airliners primarily appreciated in value as a winter storm battered the northeast again causing thousands of flight delays on the heels of Superstorm Sandy causing more than 20,000 flights to be cancelled the week before. Shares of Southwest Airlines (NYSE:LUV, +0.33%), United Continental Holdings Inc. (NYSE:UAL, +6.69%), Delta Air Lines Inc. (NYSE:DAL, +5.05%) and U.S. Airways Group Inc.
(NYSE:LCC, +0.64%) all closed the week higher.
Weekly Indices Results:
The S&P TSX Composite Index erased gains from the week prior; subtracting 183.61 points, or 1.48%, to 12,196.80. The TSX Venture Exchange also lost ground; giving back 9.11 points, or 0.70%, to 1,300.92 on the week.
In the States, the Dow Jones Industrial Average extended its weekly losing streak to three; reducing its total by another 277.77 points, or 2.12%, to 12,815.39 this past week. The much-broader S&P 500 fell again after eking upward the week prior; sifting-off 34.35 points, or 2.43%, to close at 1,379.85. The tech-rich NASDAQ Composite closed red for the fifth straight week; dumping another 77.26 points, or 2.59%, to 2,904.87.
Canadian Economic Data:
* Statistics Canada reported that the total value of building permits fell 13.2 percent to $6.5 billion in September, following a 9.5% advance in August. The decline was mainly the result of the non-residential sector, where the value of permits in all three components fell.
* The nation`s number crunchers also reported that Canada`s trade deficit shrank with the rest of the world in September. Merchandise exports rose 1.9% and imports were unchanged, resulting in the trade deficit contracting from $1.5 billion in August to $826 million in September.
* On the housing front, the New Housing Price Index (NHPI) rose 0.2% in September, following a similar increase in August. The top contributor to the advance was the combined metropolitan region of Toronto and Oshawa, where prices increased 0.6% from August. On a year-over-year basis, the NHPI rose 2.4% in the 12 months to September. Among the 21 metropolitan regions surveyed, 4 posted 12-month price declines in September with the largest decrease in Victoria (-3.3%).
* Figures released by Canada Mortgage and Housing Corporation showed that the seasonally-adjusted annual rate of housing starts fell 8.9 percent to 204,107 units in October from a revised 223,995 units in September. It was the second straight month of declines and the number of starts were less than the 212,000 number that analysts expected.
* The Ivey Purchasing Managers Index, which measures changes in economic activity as indicated by a panel of purchasing managers from across Canada, showed that the pace of purchasing activity in the nation slowed in October for the third straight month.
Seasonally-adjusted, the index dropped to 58.3 from the month from 60.4 in September, slightly better than analyst predictions of a 58.2 reading. A reading above 50 indicates that the pace of activity increased from the previous month.
Next week, economic data will include the Monthly Survey of Manufacturing and CREA stats/MLS sales on Thursday and Canada`s International Transactions in Securities on Friday.
U.S. Economic Data:
* Fewer Americans than expected filed for unemployment benefits in the week ended November 3, according to the Labor Department. Initial jobless claims dropped by 8,000 to a seasonally-adjusted 355,000, although the data was skewed by the effects of Hurricane Sandy that hit early that week as many power outages have kept claims from being filed and processed. Economists were expecting claims to total 365,000 for the week. Initial claims from two weeks prior were unrevised at 363,000. The four-week average, regarded as a better gauge of the trend of the jobs market because it smooths-out volatility, rose by 3,250 to 370,500.
* The preliminary reading of the University of Michigan/Thomson Reuters consumer-sentiment index rose to 84.9 in November – the highest reading since July 2007 – from a final October reading of 82.6. Economists expected a decline to 81.5, based mainly on concerns about Hurricane Sandy and the fiscal cliff. The sentiment gauge, which serves as a proxy of future consumer spending, averaged about 87 in the year before the most recent recession.
* The Institute for Supply Management said that the U.S.
non-manufacturing sector expanded at a slower rate in October with a drop to 54.2 from 55.1 in September. Economists were expecting the ISM index to slip to 54.5. Readings above 50 indicate activity is expanding.
* A sharp rise in exports unexpectedly narrowed the trade deficit in the U.S. in September, according to stats from the Commerce Department. The trade deficit contracted by 5.1 percent to $41.55 billion, the smallest shortfall since December 2010; ahead of economist forecasts of a rise to $45 billion. Exports surged by 3.1 percent, the biggest spike in 2012, indicating that despite the European debt crisis, that demand for U.S. goods is holding steady.
Next week, data in the States will bring the Producer Price Index and Retail Sales on Wednesday; Consumer Price Index, Initial Jobless Claims and the Philadelphia Fed Survey on Thursday and Industrial Production stats on Friday.
Technical Penny Stocks to Watch & Company Spotlight Results:
Assessing our new “Daily Technical Penny Stocks to Watch” shows that each play posted positive movement again, but Absolute Software Corp.
(TSX:ABT) posted the best move as Thursday`s pick with a closing price of $4.3087 to rise on Friday to close at the highs of the day at $4.5055, for a clean gain of 4.57 percent. Importantly, as our algorithms are often gauging trend shifts, the chart is trying to keep a climb going off a bottom bounce from $3.70 earlier in the week; so see if the move can continue next week. Remember, we post a new technical chart to watch each day, so keep your eyes locked on our main pages for these technical picks.
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