Dovish Comments From U.S. Fed Sends Stocks Soaring

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http://ymlp340.net/ziAOut ——————————————————————————– July 14, 2013 Week In Review…

Week In Review For July 8 to July 12, 2013 Canadian Technical Penny Stocks To Watch This Week:

There were no Canadian technical penny stocks to watch this past week.

U.S. Technical Penny Stocks To Watch This Week:

* Forest Oil Corp. (NYSE:FST) * Homex Development Corp. (NYSE:HXM) * Alaska Communications Systems Group, Inc. (NASDAQ:ALSK) * Nevsun Resources Ltd. (AMEX:NSU) This week on AllPennyStocks.com:

* Article Published, July 9, 2013: Quest Rare Minerals Pens LOI to Sell All Zirconia Produced at Strange Lake (http://www.allpennystocks.com/aps_ca/special-reports/358/quest-rare-minerals-pens-loi-to-sell-all-zirconia-produced-at-strange-lake.htm) (CDN / U.S. Company) * Article Published, July 10, 2013: InVivo Therapeutics and New York Mets Host Team for First Ever MLB Spinal Cord Injury Awareness Day (http://www.allpennystocks.com/aps_us/special-reports/370/invivo-therapeutics-and-new-york-mets-host-team-for-first-ever-mlb-spinal-cord-injury-awareness-day.htm) (U.S. Company) * Article Published, July 12, 2013: Mitsubishi Tanabe Pharma Boosting Stake in Medicago to 60 Percent (http://www.allpennystocks.com/aps_ca/special-reports/359/mitsubishi-tanabe-pharma-boosting-stake-in-medicago-to-60-percent.htm) (CDN Company) Video charts for the week:

* July 11th Technical Video Chart For ALSK. The Alaska Communications Systems Group chart is again coming off a support level at $1.70 and moving towards a resistance at $1.80, the topside of a recent channel.

The next level resistance is not until $1.92 as the chart looks to continue a multi-month upward trend of higher highs and lows. Click here to view: ( http://www.youtube.com/watchv=CG9nXxg64xA ).

* July 11th Technical Video Chart For OYL:CA. For three months, the CGX Energy chart has been developing and uptrend. With support at 10 cents, the chart looks positioned to try and move again towards resistance at 14 cents to make the next leg of a new higher-high.

view: ( http://www.youtube.com/watchv=rUxU9wTbpRM ).

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WEEKLY UPDATE – DOVISH COMMENTS FROM US FED SENDS STOCKS SOARING Stocks in North America sprinted forward last week, with the US`s Dow Jones Industrial Average and S&P 500 printing new record high closing prices and the Nasdaq Composite rising to its highest level in nearly 13 years. North of the US border, the TSX Composite blasted to five-week highs and the smaller Venture rose off the bottom as commodities churned upward.

As with most of 2013, the markets are focused on the status of the Federal Reserve and its extraordinary package of low interest rates and $85-billion each month in purchases of Treasuries and mortgage-backed securities. In June, comments from Fed Chairman Ben Bernanke signaled the Fed could start tapering its easing program in the coming months which sent stocks tumbling from record highs, stirring concerns that the nation couldn`t grow without the third iteration of quantitative easing. After sliding in June, the US and Canadian markets have come out with the bulls in charge in July, with all five major indexes registering gains in the first two weeks.

The Fed assuaged investors with dovish comments on tapering with Bernanke effectively saying that the Fed is in no rush to raise interest rates or completely stop its Treasury and security purchases.

Minutes from the latest meeting of the Federal Open Market Committee showed that about half of the 19 members supported scaling back purchases by the end of 2013, as “many” said the asset purchases would need to continue into next year. The markets took the unclear signal as a sign that the massive stimulus may continue a bit longer than many first thought. If nothing else, the markets are having plenty of time to digest the fact that tapering is coming and understanding that the Fed is just not going to take away the punch bowl all at once.

Fed officials are still openly debating tapering with Philadelphia Fed President Charles Plosser commenting on Friday that he backs winding-down stimulus in September and St. Louis Fed President saying the same day that inflation is still too low to consider tapering too soon. Economic data was slight this past week, with mixed results to support or defend against slowing QE3 as inflationary pressures rose with June`s wholesale prices, but initial jobless claims rose more than expected. Safe to say that the debate is far from over and requires the next few months of economic data showing the condition of the US economy.

Adding to optimism this past week, Alcoa unofficially kicked-off the earnings season with slightly better than expected results from the second quarter, helping to start the week and continuing a rally from the week prior on a strong jobs report in the States. The bar is actually set relatively low for most companies reporting this season.

Earnings growth forecasts are only about 3 percent for all S&P 500 companies combined, down 4 points from forecasts in the first quarter.

With investors coming to terms with Fed easing possibly slowing, they will be closely watching earnings based upon growth from demand, not just cost cutting.

Canada got an upgrade on growth expectations from the International Monetary Fund, which now sees the country expanding 1.7 percent in 2013, rather than the 1.5 percent originally forecast.

Overseas, China, the world`s second biggest economy, provided plenty of information on the state of their economy. Consumer prices rose at a faster pace in June, while wholesale prices posted a 16th straight month of deflation. The National Bureau of Statistics said the consumer price index rose 2.7 percent in June, following a 2.1 percent increase in May, although still far under the government`s 3.5 percent target for 2013. Separate reports showed Chinese exports slumped 3.1 percent in June year-over-year while imports contracted 0.7 percent.

Again, both figures are below government targets and further signal a decelerating Chinese economy.

Further, the International Monetary Fund cut its 2013 growth forecast for China to 7.8 percent from 8.1 percent. As part of its revisions in its World Economic Outlook, the IMF shifted lower its expectations of the world`s growth to 3.1 percent expansion, down from 3.3 percent in April and 3.5 percent in January. Adding to worries about China, Finance Minister Lou Jiwei said that growth as low as 6.5 percent would be tolerable, although at the same time expressed that the country would expand at least 7 percent in 2013. Previously, China had forecast 7.5 percent growth in 2013. Economists will be looking for GDP data this week from China, with the majority of economists expecting China`s economy to slow for the ninth time in the last 2-1/2 years. Metals, which are particularly sensitive to Chinese growth (China is the biggest consumer of industrial metals in the world), will likely react to the GDP info.

European regulators agreed to release 3 billion euros in aid to Greece in order to avert any potential escalation in the nation`s debt crisis as long as Greece provides reform measures to lower spending.

Also on the bailout front, the troika of international lenders agreed to postpone the next review of Portugal`s 78-billion-euro aid program until late August, rather than this weekend, following the recent changes in Portugal`s government with cabinet members resigning to avoid a political crisis.

This week, economic data will pick-up in both Canada and the United States. Also on tap is Fed Chairman Bernanke`s semi-annual testimony before a House panel and Senate committee on Wednesday and Thursday, respectively. Based upon the markets sharp reactions to Bernanke commentary this past month, Bernanke`s words could certainly shift stocks this week as well. Earnings will continue to stream at a steady pace, meaning that there are plenty of “market moving” activities going on this week, so short-term traders should stay sharp for fluctuations to see if anything will suck the wind out from the bull sails that are flying high again.

The Canadian dollar reversed course from near two-year lows against the US dollar as the greenback lost steam on investor sentiment that the Fed will continue with its stimulus efforts. Strong housing data from Canada also helped support the loonie. The US ICE dollar index, which measures the USD against a basket of world currencies, fell almost 2 percent for its first loss in four weeks. On the week, Canada`s dollar gained a solid 1.65%, or $0.015655 against the USD, meaning next week will begin with one Canadian dollar buying US$0.96186.

Commodity Snapshot:

* Gold futures finally rumbled ahead to log their biggest weekly gains since the week of October 28, 2011, with bullion closing higher every day, except Friday this past week. The primary driver was comments from Fed Chairman Bernanke signaling that interest rates will remain low for the foreseeable future to support economic growth. The news hurt the dollar, which has been strong all year, giving way to rising commodities. A soft USD makes commodities – which are priced in the USD – more attractive to users of foreign currencies because it makes them less expensive. August contracts were the most actively traded for the week, advancing $64.10 per ounce, or 5.28%, to $1,277.60.

* Silver futures tracked gold to post healthy weekly gains as metals rolled higher on a weakening greenback and assumptions that QE3 will continue longer than many expected before some profit taking set in heading into the weekend. On Thursday, the day of Bernanke`s comments, silver surged more than 4 percent. September contracts for silver were the most actively traded, climbing $1.017, or 5.42 percent, to $19.792 per ounce.

* Copper futures logged a three-day winning streak mid-week, helping the industrial red metal post its biggest weekly gain in two months.

As part of a broad commodity rally, copper got a lift in part from news that stockpiles monitored by the LME dropped almost 3 percent, marking the sharpest decline since October. China, as the world`s biggest copper consumer, also had a hand in copper fluctuations as consumer prices jumped more than expected in June, but growth concerns resurfaced on Friday as the Chinese government disappointed with GDP expectations. September contracts were the most actively traded on New York`s COMEX exchange during the week; inching up by 8.15 cents, or 2.65%, to $3.155 per pound.

* Oil futures roared ahead to their fifth straight week of gains to add to nearly 7-percent gains from the week earlier as tensions remained high in the Middle East and dovish commentary from the Federal Reserve let traders know the Fed was in no hurry to slow its monetary stimulus efforts. Protests in Egypt following the ousting of President Mohammed Morsi have left more than 50 dead and hundreds more injured. Egypt controls the Suez Canal, a key water thoroughfare for Middle East oil, so investors are pricing in any potential future supply constraints. Further, a report from the EIA showed that oil stockpiles in the US have dropped by more than 20 million barrels in the past two weeks, driving oil prices to 15-month highs. August contracts for West Texas Intermediate crude were the most actively traded; adding $2.79, or 2.70%, to $105.95 per barrel.

Equity Market Snapshot:

(All percentages on a weekly basis unless otherwise noted) * Major gold miners were mostly winners with rising gold prices.

Agnico-Eagle Mines (TSX:AEM, 4.87%), Goldcorp (TSX:G, +4.95%), Yamana Gold (TSX:YRI, +2.76%), Kinross Gold (TSX:K, +1.20%) and Barrick Gold (TSX:ABX, +6.31%) added points, although Newmont Mining (TSX:NMC, -3.15%) fell lower.

* Major energy plays continued the oil rally. Imperial Oil Ltd.

(NYSE:IMO, +7.43%), Cenovus Energy (NYSE:CVE, +7.58%), Exxon Mobil (NYSE:XOM, +2.00%), Canadian Natural Resources (NYSE:CNQ, +7.82%) and Suncor Energy (NYSE:SU, +5.80%), while Talisman Energy (NYSE:TLM, -0.35%) slipped. XLE, the Energy Select Sector SPDR, gained 2.44% for the week, climbing for the third straight week after declining the previous two.

* The biggest of banks were solid performers again. Wells Fargo & Co. (NYSE:WFC, +1.33%), UBS AG (NYSE:UBS, +2.98%), Citigroup (NYSE:C, +4.70%), JPMorgan Chase (NYSE:JPM, +1.82%), Bank of America (NYSE:BAC, +1.56%) and Goldman Sachs Group (NYSE:GS, +4.48%) all appreciated in value. XLF (NYSE:XLF, +1.93%), the financials select sector SPDR that tracks the financial stocks in the S&P 500, rose to its highest level since late in 2008.

* JPMorgan led big banks` earnings reports with a 32 percent climb in earnings. The US`s biggest bank posted net income of $6.5 billion, or $1.60 per share, compared to $5 billion, or $1.21 per share, in last year`s quarter. Revenue rose to $26 billion from $22.9 billion.

Analysts were only expecting EPS of $1.44 per share on revenue of $24.9 billion.

* Wells Fargo also beat analysts by reporting net income rising to $5.27 billion, or 98 cents per share, as compared to $4.40 billion in last year`s second quarter. Revenue edged up to $21.4 billion from $21.3 billion. Analysts were anticipating EPS of 93 cents on revenue of $21.3 billion.

* Canada`s biggest banks didn`t disappoint last week either. Bank of Montreal (TSX:BMO, +2.11%), Royal Bank of Canada (TSX:RY, +1.53%), Toronto-Dominion Bank (TSX:TD, +1.40%), Bank of Nova Scotia (TSX:BNS, +2.90%), National Bank of Canada (TSX:NA, +2.16%) and Canadian Imperial Bank of Commerce (TSX:CM, +2.33%) all pushed upward.

* Barnes & Noble Inc. (NYSE:BKS, -4.92% reported that Chief Executive Officer William Lynch was resigning, effective immediately. No replacement was announced, instead three division chiefs will report to Executive Chairman Leonard Riggio: newly appointed President and Nook Media CEO Michael Huseby, and Retail Group CEO Mitchell Klipper and Barnes & Noble College CEO Max Roberts.

* Alcoa, Inc. (NYSE:AA, +3.71%) reported revenue of $5.83 billion, compared to $5.85 billion in the year prior quarter. The company posted a quarterly net loss of $119 million, or 11 cents per share, compared to a net loss in the year earlier quarter of $2 million, or nil per share. On an adjusted basis, which excludes $195 million in restructuring, legal and other one-time items, was $76 million, or 7 cents per share, versus $61 million, or 6 cents per share, in the second quarter last year. Wall Street expected adjusted earnings of 6 cents per share on revenue of $5.81 billion.

* AT&T Inc. (NYSE:T, +1.22%) said that it will spend $15 per share, or about $1.2 billion, in cash to acquire prepaid wireless company Leap Wireless International (NASDAQ:LEAP, +8.87%) as the carrier looks to branch into the low-paid cost markets. The deal, which was announced after Friday`s closing bell, was about an 88 percent premium to Leap`s closing price on Friday.

* Canadian media company Corus Entertainment Inc (TSX:CJR.B, +0.21%) reported net profits more than doubled in the third quarter on the back of the $55.4-million sale of its non-controlling interest in Food Network Canada. On the downside, revenue was lower and the company reduced its full-year earnings guidance. Net income for the quarter was $89.9 million, or $1.07 per share, compared to $43.2 million, or 51 cents per share, in the year prior quarter. Excluding the gains from the sale, the company earned $34.5 million, or 41 cents per share. Revenue was $200.1 million, down from $204.1 million in last year`s quarter. Analysts expected earnings of 52 cents per share on revenue of $207.95 million.

* WD-40 Co.`s (NASDAQ:WDFC, +1.93%) fiscal third-quarter profit rose 12 percent on strong sales of its multi-purpose products. For the quarter ended May 31, WD-40 reported a profit of $10.3 million, or 66 cents per share, up from $9.1 million, or 57 cents per share, a year earlier. Revenue was $93.1 million, a 7-percent rise from last year`s quarter. Analysts expected earnings of 56 cents a share on revenue of $89 million. The company raised its full-year earnings forecast to between $2.40 and $2.48 a share, from its previous guidance of $2.32 to $2.42 a share.

* Shares of pharmacy retailer Jean Coutu Group (TSX:PJC.A, +1.92%) gained after the company said it earned $108.6 million or 51 cents per share, down from $397.3 million, or $1.81 per share, a year ago. The decline was attributed primarily to smaller gains from the sale of shares in U.S. pharmacy chain Rite Aid. Adjusted earnings were $54.2 million or 26 cents per share, in line with analysts. Revenue of $681.6 million was shy of expectations of $702 million.

* Toy maker Hasbro Inc. (NASDAQ:HAS, +2.21%) acquired a 70-percent stake in Backflip Studios for $112 million in cash to expand its presence in the mobile gaming industry. Backflip develops games such as DragonVale, NinJump and Paper Toss. Hasbro expects the acquisition to be neutral to slightly accretive this year.

* Dell Inc. (NASDAQ:DELL, +2.23%) garnered support from investment advisory firms International Shareholder Services and Glass, Lewis & Co. in the plan led by Dell Chief Executive Michael Dell to take the PC company private in a deal worth $24.4 billion. However, investor Carl Icahn and Southeastern Asset Management, who are opposing Michael Dell, issued a statement disputing the ISS recommendation.

* The Kroger Company (NYSE:KR, +4.32%) rose to all-time highs after it said that it will pay $49.38 in cash for each share of smaller supermarket chain Harris Teeter Supermarkets, Inc. (NYSE:HTSI, +1.79%). Including approximately $100 million in Harris Teeter`s debt that Kroger will assume, the transaction is valued at about $2.5 billion. The transaction price is a 33.7-percent premium to the closing price of Harris Teeter on January 18, the day news broke that Harris Teeter was exploring strategic alternatives. 212 Harris Teeter stores generated about $4.5 billion in revenue in 2012.

* Canadian railway stocks initially slipped, but then recovered in the wake of the deadly derailment in Quebec, Canada. Canadian National Railway (TSX;CNR, +1.42%) and Canadian Pacific Railway (TSX:CP, +3.55%) both advanced on the week.

* Shares of Netflix (NASDAQ:NFLX, +14.29%) galloped ahead on news of a fresh deal with CBS to extend a multi-year licensing agreement for streaming content. Terms were not disclosed, but the agreement added new shows like LA Complex and CSI: NY to the package as well as extending availability for popular programs such as Medium and Flashpoint.

* Boeing Co. (NYSE:BA, -2.24%) was a drag on the Dow after one of its Boeing 777 planes being flown by Asiana Airlines crashed in San Francisco, killing three to date with other crash victims still in critical condition. Separately, the safety of Boeing`s 787 Dreamliners are facing intense scrutiny after a fire broke out on an Ethiopian Airlines plane Friday at London`s Heathrow airport. Initial investigations show no relation that the latest fire has anything to do with the battery fires that grounded the planes for three months earlier this year.

Weekly Indices Results:

The S&P TSX Composite Index roared ahead, marking the third straight week of gains, advancing by 327.26 points, or 2.70%, to 12,462.17.

The TSX-Venture Composite Index moved up for the second consecutive week, rising 14.15 points, or 1.60%, to 898.42.

In the States, the Dow Jones Industrial Average made a new record high close, pushing up by 328.46 points, or 2.17%, to 15,464.30. The much-broader S&P 500 made its own all-time high closing price; climbing 48.30 points, or 2.96%, to close at 1,680.19. The tech-rich NASDAQ Composite closed at its highest point since October 2000; ending the week up by 120.70 points, or 3.47%, to 3,600.08.

Canadian Economic Data:

* Statistics Canada reported that the value of housing permits in May rose 4.5 percent to $7.32 billion, after a revised 11.2 percent climb in April, marking the third highest level on record. It was the fifth straight month that building permits expanded and topped economists predictions of a 5.2 percent decline. Residential permits increased by 4.2 percent in May from April to $4.56 billion. Multi-unit permits rose 4.0 percent to an all-time high of $2.22 billion, while single-family permits were up 4.4 percent at $2.33 billion.

* The Canada Mortgage and Housing Corp. said that the seasonally adjusted annualized rate of housing starts was 199,586 units in June, topping analyst expectations of 187,000 starts, signaling the markets are powering through tough mortgage rules implemented in July 2012.

Meanwhile, May`s total was revised upward from an original estimate of 200,178 to 204,616.

* In more things housing, Stats Can reported that the price of new houses rose by 0.1 percent in May compared to April, running the string of consecutive monthly increases to 26 and coming in just below economist expectations of a 0.2 percent increase. Prices rose 0.2 percent in April from March. Compared to last May, prices were up 1.8 percent.

This week, major economic data will include the Monthly Survey of Manufacturing on Tuesday; International Transactions in Securities and CREAstats/MLS Sales on Wednesday; Wholesale Trade and Employment Insurance on Thursday and the Consumer Price Index on Friday.

U.S. Economic Data:

* The Labor Department reported that initial jobless claims for the week ended July 6 increased by 16,000 to 360,000 from an upwardly revised 344,000 (from 343,000) the week prior. Economists had widely varying estimates, with consensus of about 344,000 filings for the latest week. The four-week moving average, regarded as a better gauge of jobless trends because it smoothes weekly volatility, was 351,750, up by 6,000 from the previous week`s revised average of 345,750 (revised down from an original 346,250).

* The Labor Department also reported that wholesale prices rose in June, led by a spike in gasoline prices. The headline Price Producer Index climbed 0.8 percent, as the energy index jumped 2.9 percent on a 7.2-percent surge in gas prices. The food index rose 0.2 percent.

Excluding food and energy, two very volatile segments, so-called “core” PPI rose 0.2 percent. Economists were calling for a 0.4 percent rise in headline PPI and a 0.1 percent rise in core PPI.

Year-over-year, core inflation was up 1.7 percent.

This week, data in the States will include Retail Sales on Monday; Consumer Price Index and Industrial Production on Tuesday; Housing Starts on Wednesday; and Initial Jobless Claims and the Philadelphia Fed Survey on Thursday.

Technical Penny Stocks to Watch & Company Spotlight Results:

Amongst our “Daily Technical Penny Stocks to Watch,” our biggest mover was Homex Development Corp. (NYSE:HXM), which was selected for Wednesday when the stock price was $3.16. Shares climbed each day for the remainder of the week, including hitting a high of $3.51 on Thursday for gains of 35 cents per share, or 11.08 percent.

————————- Forward Looking Statements This report includes forward-looking statements that reflect the mentioned companies current expectations about its future results, performance, prospects and opportunities. the mentioned companies has tried to identify these forward-looking statements by using words and phrases such as “may,” “will,” “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plan,” “should,” “typical,” “preliminary,” “we are confident” or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause the mentioned companies actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company`s growth expectations and ongoing funding requirements, and specifically, the Company`s growth prospects with scalable customers, and those outlined above. Other risks include the Company`s limited operating history, the Company`s history of operating losses, consumers` acceptance, the Company`s use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company`s securities, the possible volatility of the Company`s stock price, the concentration of ownership, and the potential fluctuation in the Company`s operating results.

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