CDN Markets Rally With Commodity Prices, US Markets Down On Fed Taper Fears

allpennystocks Newsletter

You can read the original version online:

http://ymlp226.net/zygFHT ——————————————————————————– August 18, 2013 Week In Review…

Week In Review For August 12 to August 16, 2013 This week on AllPennyStocks.com:

* Article Published, August 14, 2013: Wi2Wi Bluetooth Product in Thousands of Cars at Leading Global Fleet Management Company (http://www.allpennystocks.com/aps_ca/special-reports/364/Wi2Wi-Bluetooth-Product-in-Thousands-of-Cars-at-Leading-Global-Fleet-Management-Company.htm) (CDN Company) * Article Published, August 14, 2013: On Track Innovations Sells SmartID Division to SuperCom (http://www.allpennystocks.com/aps_us/special-reports/380/on-track-innovations-sells-smartid-division-to-supercom.htm) (U.S. Companies) * Article Published, August 15, 2013: One Junior Miner in Prime Position as Gold Rebounds (http://www.allpennystocks.com/aps_ca/special-reports/365/one-junior-miner-in-prime-position-as-gold-rebounds.htm) (CDN Company) Video charts for the week:

* August 14th Technical Video Chart For BIOL. Biolase has lost about half its value in five trading sessions and is trying to form a base at $1.80. The chart is a speculative technical bounce play, but the bottom support must stay intact and some buying pressure be demonstrated to start to generate some momentum in order to signal a possible move back towards resistance at $2.50. view:

( http://www.youtube.com/watchv=J07Cu__OSbc ).

* August 14th Technical Video Chart For SGL:CA. After a sharp fall in the past 3 weeks, Spyglass Resources` stock made a move upward on Tuesday on increased volume, signaling that the stock may be ready to try a buck the downward trend. Support is found at $1.53 with some resistance at $1.70 and the 20 day moving average. view:

( http://www.youtube.com/watchv=CNWaOXQIBVk ).

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WEEKLY UPDATE –TAPER FEARS ARE BACK, GIVING MARKETS A CAUSE TO PAUSE Stocks in North America moved in opposite directions this past week, with Canadian stocks finding strength on increased prices of commodities, while US-listed equities tumbled on mixed economic data and still-growing concerns that the Federal Reserve is going to start to cut its extraordinary stimulus package of buying $85 billion each month in Treasuries and mortgage-backed securities. The TSX Composite index ended the week at its highest weekly closing price since the week of May 25 to erase losses from three consecutive down weeks. The smaller Venture Exchange continued its climb from multi-year lows in June to achieve its highest weekly close since the first week of June.

Things weren`t so rosy in the US with the Dow Jones Industrial Average posting its worst weekly percentage loss since May 2012 and biggest weekly point decline since June 2012 as yields on 10-year Treasury notes rose to 2.83 percent, marking the highest level in two years.

Higher yields are generally tough on equities in the short term.

Yields rising can be a sign that the economy is strengthening, but that won`t manifest into stock prices until further down the road. The S&P 500 took a beating alongside the Dow, suffering its worst point decline of 2013. The saving grace for the Nasdaq was Apple`s 10-percent rise, helping to moderate losses on the tech-rich index.

The consumer price index showed stabilization in July, adding another arrow in the quiver of supporters of the Fed to slow its stimulus efforts. The Fed is charged to try and control inflation and unemployment and with jobless claims sitting near 5 year lows and inflation remaining benign, the central bank may be seeing the nation`s economy as able to sustain a decrease in its asset purchases and turbo-low interest rates.

Amongst a busy week of economic data in the US, investors continued to parse through more earnings reports, with bellwether companies like Wal-Mart, Macy`s and Cisco laying out disappointed guidance that rattled the retail and technology industries. Stocks were already feeling overstretched as they repeatedly made new all-time highs in recent months in the face of worries that the Fed could begin decelerating its stimulus efforts, possibly as early as next month.

The consensus is that the Fed will drop its purchases to a range of $60 billion to $65 billion per month. Given majors like Cisco and Wal-Mart issuing outlooks that don`t indicate a strong second half of the year, investors are concerned what can happen if the Fed pulls the rug out on easing, giving a good reason for a pullback in the frothy markets.

Earnings season is winding down now and has not exactly been impressive with companies generally showing increasing profits, but little revenue growth. About 95 percent of the S&P 500 companies have reported results from the latest quarter with about 66 percent of the companies beating on earnings, but only 53 percent topping revenue expectations. Retailers comprise a good portion of the companies left to report, but with the reports from companies like Wal-Mart and Macy`s setting the tone, expectations for the coming weeks are relatively low.

Outside of the US, Japan disappointed with annualized gross domestic product expanding 2.6 percent in the second quarter. That was far below economist predictions of 3.6 percent expansion.

Europe was a bit of a bright spot with Eurostat, the official statistics office of the European Union, reporting that its flash estimate for second-quarter gross domestic product showing better-than-expected expansion. The agency estimated that the combined 17-member GDP grew by 0.3 percent in the second quarter, as compared to the first quarter. It was the first expansion in seven quarters and topped economist forecasts of 0.2-percent growth.

Germany, the biggest economy in Europe, played a role in the expansion, but other countries like France and even Portugal chipped in. Portugal recorded growth of 1.1 percent, the largest gain in any of the contributing countries. Italy and Spain still notched contraction for the quarter, but not as pronounced as the first three months of the year, signaling that the EU as a whole is healing (although it has a long way to go to cure the banking, unemployment and huge debt problems).

Egypt was firmly in focus with deadly clashes stemming from protests surrounding the ousting of democratically elected President Mohammed Morsi in July. Morsi supporters refused to obey military orders to disperse from two large encampments in Cairo, leading to the military declaring a state of emergency and storming the camps. More than 500 people were reported killed with thousands more injured. The protests could escalate again this week with marches planned by the Muslim Brotherhood to follow prayers on Sunday in Egypt. US President Barack Obama has condemned the violence of the government as did interim Egytian Vice President Mohamed ElBaradei, who stepped-down from his position last week.

The situation in Egypt will be closely monitored this week as to how it could impact the market, especially oil prices, which are squeezing on their highest prices since early 2012. The week will be relatively light on economic data from Washington as well as earnings reports, so momentum and overreactions to any information may take control. The Federal Open Markets Committee will be releasing the minutes from their latest meeting, which will surely have the attention of all of Wall Street for news about unwinding the latest iteration of quantitative easing.

The Canadian dollar gave up ground to its US counterpart last week as the greenback swung wildly against world currencies with investors sifting through a mixed bag of economic data and considering the slowing of economic stimulus by the Federal Reserve Bank. The loonie, as the Canadian dollar is often called because the the aquatic bird on the $1 coin, lost traction as foreign investors sold out of Canadian bonds and manufacturing data suggested that the country is lagging in its recovery compared to the US. In general, the USD advanced against the world, although it has fallen in four of the past six weeks as investors see the slowing of QE3 as a move that can hamstring the US`s growth. The ICE Dollar Index, which measures the greenback against a basket of six major world currencies, edged ahead by 0.24 percent in the last five days. On the week, Canada`s dollar lost 0.47 percent, or $0.00458 against the USD, meaning next week will begin with one Canadian dollar buying US$0.96746.

With commodity prices finally starting to move back up after a prolonged and quite severe decline, investor sentiment is quickly shifting and investors are looking for Companies that may benefit from this trend shift in commodity prices. AllPennyStocks.com took a closer look at one mining Company this week that may benefit greatly from this turning tide in investor sentiment. The article titled “One Junior Miner in Prime Position as Gold Rebounds” discusses how the mining sector is turning the corner slowly and that severely oversold junior mining Companies may finally see the light at the end of the tunnel. To read the full article, investors are encouraged to click here: (http://www.allpennystocks.com/aps_ca/special-reports/365/one-junior-miner-in-prime-position-as-gold-rebounds.htm).

Commodity Snapshot:

* Gold futures continued to climb since bottoming late in July, rising to their highest level since June 18. Gold futures have risen in seven of the past eight trading sessions, in part because of better-than-expected data from China. This past week the World Gold Council said that it expects China to overtake India as the world`s top consumer of gold, even though imports to India are expected to hit record levels. The World Gold Council also said that gold bar and coin purchases hit all-time highs in the second quarter and that jewelry usage climbed to 2008 levels. Gold`s only down day came on Wednesday when India raised import taxes on gold for the third time in 2013 as the country tries to slim ins current-account deficit.

December contracts were the most actively traded for the week, advancing $58.80 per ounce, or 4.48%, to $1,371.00.

* Silver futures were simply spectacular last week, far outpacing its higher-priced cousin to record its best week in about 5 years. Silver has been rallying since late in June, when prices dipped near $18.

Stoking the silver fire, Bloomberg reported that sales of American Eagle silver coins by the US Mint have totaled 31 million ounces so far in 2013, compared to 33.7 million ounces for all of 2012, indicated their is strong physical demand for the white metal.

Additionally, official data from China showing factories are increasing production and the country`s commitment to grow its solar sector have added to the appeal of silver at reduced prices.

September contracts for silver were the most actively traded, climbing $2.915, or 14.28 percent, to $23.322 per ounce.

* Copper futures rose again to hit their highest level since June 6, drawing strength from global economic data that suggested manufacturing in China, the world`s top copper consumer, was stabilizing and the euro zone returned to growth in the second quarter after a year and a half of contraction. Economic data in the States weighed on copper a bit with strong jobs data indicating that the Fed may begin tapering is stimulus policy soon, which may hurt demand.

Meanwhile manufacturing data in the US was less than impressive, also sending some copper investors to the sidelines. September contracts were the most actively traded on New York`s COMEX exchange during the week; gaining 5.65 cents, or 1.71%, to $3.363 per pound.

* Oil futures rose back to one month highs as the above mentioned turmoil erupted in Egypt. Egypt is not much of an oil producer, but it does control the Suez Canal, a key waterway for which about 10 percent of all Middle East oil passes each year. The massive protests led to a state of emergency declaration by the Egyptian military and fears that the political unrest would spread across other countries and possible choke supply routes. Also helping oil prices rise, the Energy Information Administration said that oil inventories dropped in the States by 2.8 million barrels a week earlier, an amount more than analysts predicted. September contracts for West Texas Intermediate crude were the most actively traded; rising $1.32, or 1.25%, to $107.29 per barrel.

Equity Market Snapshot:

(All percentages on a weekly basis unless otherwise noted) * Major gold miners exploded upward as gold prices advanced. Yamana Gold (TSX:YRI, +14.91%), Kinross Gold (TSX:K, +13.10%), Barrick Gold (TSX:ABX, +11.17%), Agnico-Eagle Mines (TSX:AEM, +12.63%), Newmont Mining (TSX:NMC, +13.51%) and Goldcorp (TSX:G, +14.77%) all notched impressive gains.

* Rising revenue and a royalty sale helped B2Gold Corp. (TSX:BTO, +11.18%) record a healthy jump in second-quarter earnings to $33.1 million, or five cents per share, up from $11.9 million, or three cents per share, in last year`s quarter. Gold revenue rose to $122.6 million from $57.3 million a year ago.

* Major energy plays were mixed last week. Canadian Natural Resources (NYSE:CNQ, +0.16%), Suncor Energy (NYSE:SU, +5.95%) and Imperial Oil Ltd. (NYSE:IMO, +3.13%) advanced, but Cenovus Energy (NYSE:CVE, -0.59%), Talisman Energy (NYSE:TLM, -1.97%) and Exxon Mobil (NYSE:XOM, -3.10%) relinquished points. XLE, the Energy Select Sector SPDR, lost ground for the third time in four weeks, unloading 1.65 percent.

* The biggest of banks in the US weighed on indexes. UBS AG (NYSE:UBS, +1.12%) edged upward as Wells Fargo & Co. (NYSE:WFC, -1.11%), Citigroup (NYSE:C, -1.89%), JPMorgan Chase (NYSE:JPM, -2.26%) Bank of America (NYSE:BAC, -0.21%) and Goldman Sachs Group (NYSE:GS, -0.91%) depreciated in value. XLF (NYSE:XLF, -1.93%), the financials select sector SPDR that tracks the financial stocks in the S&P 500, fell for the second straight week.

* Canada`s biggest banks helped boost Toronto markets. Bank of Montreal (TSX:BMO, +1.23%), Toronto-Dominion Bank (TSX:TD, +0.91%), Royal Bank of Canada (TSX:RY, +1.21%), Bank of Nova Scotia (TSX:BNS, +0.26%), National Bank of Canada (TSX:NA, +0.67%) and Canadian Imperial Bank of Commerce (TSX:CM, +2.51%) all stepped forward.

* Apple Inc. (NASDAQ:AAPL, +10.54%) busted through $500 for the first time since January on Tweets from billionaire investor Carl Icahn saying that he has a sizable position in the company and that he thinks it is “grossly undervalued.” Icahn also said that he has spoken with CEO Tim Cook and expressed his opinion that a large share buy-back is necessary in the near term. Apple also drew strength from a judgment the prior Friday by the International Trade Commission that banned Samsung from importing or selling certain devices that infringe on Apple patents.

* Shares of BlackBerry (TSX:BB, +8.16%) slipped from highs, but still posted solid weekly gains as the embattled smartphone maker said its brought in a committee to assess strategic alternatives, which could include a joint venture or sale of the company.

* Shares of Dole Food Co. (NYSE:DOLE, +5.07%) rose after the board approving a plan by chief executive David Murdock to take the company private for $13.50 per share.

* Shares of Osiris Therapeutics (NASDAQ:OSIR, +86.23%) skyrocketed after releasing results of clinical trials on Grafix, the company`s treatment for foot ulcers commonly associated with diabetes. The study easily hit its primary goal, with Grafix-treated patients demonstrating a 62-percent closure rate in ulcers after 12 weeks, as compared to only 21 percent of patients given conventional therapy. A second endpoint was also hit with 80 percent of patients that did not respond to conventional therapy showing a response to Grafix.

* Steinway Musical Instruments Inc. (NYSE:LVB, +12.45%) advanced as the grand piano maker agreed to be taken private by billionaire hedge-fund manager John Paulson for $40 per share, or about $512 million.

* Airline stocks took it on the chin after the US Justice Department filed a lawsuit to block the $11-billion merger of American Airlines parent company AMR Corp. (Pink Sheets:AAMRQ, -52.76%) and U.S. Airways Group (NYSE:LCC, -13.92%), contesting that the deal would lead to higher fares for consumers. Other airlines, including Delta (NYSE:DAL, -3.60%), United Continental (NYSE:UAL, -8.45%) and Southwest Airlines (NYSE:LUV, -2.91%) fell on the news.

* Eli Lilly (NYSE:LLY, -1.54%) saw shares initially rise after reporting that its lung cancer drug, necitumumab, increased survival rates in patients with advanced forms of the disease compared to chemotherapy alone in a late-stage trial.

* Shares of MannKind Corp. (NASDAQ:MNKD, -22.76%) got an immediate spark after the biotech said its inhalant version of insulin called Afrezza, in conjunction with other orally administered medications, is more effective at controlling blood sugar levels in diabetes patients than the standard intravenous method. However, after analysts dissected the results of the Phase III trial, questions arose that could possibly cause the company to face yet another FDA rejection for the drug. MannKind has been trying for six years to get approval.

* Cisco Systems Inc. (NASDAQ:CSCO, -6.84%) reported revenue of $12.4 billion in the latest quarter, up 6 percent from $11.7 billion in the same quarter last year. Net income was $2.3 billion, or 42 cents per share, compared to $1.9 billion, or 36 cents per share, in the year prior quarter. Adjusted earnings, which excluded costs associated with a settlement with TiVo, Inc. (NASDAQ:TIVO, -1.47%) and other one-time items, were $2.85 billion, or 52 cents per share, up from $2.53 billion, or 47 cents per share, in Q4 2012. Analysts expected adjusted earnings of 51 cents per share on revenue of $12.4 billion.

Earnings alone, shares may have risen, but Cisco disappointed when it said that it is cutting 5 percent of its workforce, or about 4,000 jobs, and the top end of current quarter guidance narrowly matched analysts.

* Dollarama Inc. (TSX:DOL, -4.78%) said that chief operating officer Stephane Gonthier is leaving and going to take a job as CEO and president of discount retailer 99-cents Only Stores. Gonthier said he`ll stick around Dollarama for a while to accomodate a smooth transition for a replacement.

* Wal-Mart Stores, Inc. (NYSE:WMT, -3.63%) reported a second-quarter net profit of $4.07 billion, or $1.24 per share, compared to a net profit of $4.02 billion, or $1.18 per share, in Q2 2012. Revenue for the quarter was $116.2 billion, versus $113.5 billion last year.

Analysts were expecting a profit of $1.25 per share on revenues of $118.09 billion. Wal-Mart blamed rising taxes keeping consumers from spending money. Same-store sales, closely watched as a proxy of growth, declined 0.3 percent, a stark contrast to the 1.0-percent increase expected by analysts.

* The Globe and Mail reported that Verizon Communications (NYSE:VZ, -3.26%) is shelving its efforts to acquire smaller Canadian wireless companies Wind Mobile and Mobilicity until after a government wireless spectrum auction in January.

* Onyx Pharmaceuticals Inc. (NASDAQ:ONXX, -8.95%) shares slipped, as did Amgen Inc. (NASDAQ:AMGN, -3.89%), after Onyx rejected an acquisition offer of $120 per share by Amgen. The two companies had been going back and forth with rumors surfacing that Amgen was going to up its bid to $130 per share (approximately $9.5 billion) and that the deal was about done. Following a massive earnings beat last week, Onyx now says that the $120 per share offer undervalues the company.

* Canadian Pacific Railway (TSX:CP, -0.13%) said that it intends to appeal an order from the Quebec government that is holding the railroad company responsible for the cleanup and environmental impact of the Lac-Megantic train wreck on July 6. The accident dumped millions of gallons of crude oil on the ground. Canadian Pacific says that it is not responsible for the cleanup. The legal notice from Quebec demands that companies follow provincial law that holds them accountable, not taxpayers, for the financial impact of an environmental accident.

Weekly Indices Results:

The S&P TSX Composite Index snapped a three-week losing streak, advancing 194.79 points, or 1.55%, to 12,736.92. The TSX-Venture Composite Index pushed to multi-month highs, rising 20.14 points, or 2.19%, to 940.23.

In the States, the Dow Jones Industrial Average sunk for the second straight week, subtracting another 344.04 points, or 2.23%, to 15,081.47. The much-broader S&P 500 followed suit; declining by 35.59 points, or 2.10%, to close at 1,655.83. The tech-rich NASDAQ Composite also fell; declining 57.33 points, or 1.57%, to 3,602.78.

Canadian Economic Data:

* Average home prices in Canada surged 8.4 percent in July, compared to July 2012, and the number of homes sold jumped 9.4 percent year-over-year in July, according to the Canadian Real Estate Association. Compared to June, home sales were up 0.2 percent. The average home price was $382,373. The MLS Home Price Index rose 2.7 percent compared to last July, with the largest gains posted in Calgary (+6.79%). The only three regions to record declines compared to July 2012 were Regina (-1.79%), Greater Vancouver (-2.29%) and Lower Mainland (-1.98%).

* Statistics Canada said that manufacturing sales dropped by 0.5 percent to $48.2 billion in June, marking the fourth decline in six months. Economists were expecting a rise by 0.3 percent in June as a slightly strengthening US economy was thought to boost sales. The US buys about 75 percent of Canada`s exports. The losses were widespread, with 16 of the 21 categories posting lower figures, led by jewelry and silverware with a 20 percent drop and wood products with a 7.7-percent decline. Not counting the volatile motor vehicles and parts category, manufacturing sales were down 0.6 percent in June.

Year-over-year, factory sales are down 3.7 percent.

* Foreign investors lowered their holdings of Canadian securities by $15.4 billion in June, according to Stats Can. It was the largest monthly reduction since October 2007. Canadian bonds were sold and sold fast, with a record $19-billion decline more than twice the highest level of all-time that was set 10 years ago. Counterbalancing the bond exodus was a $3.2 billion investment in Canadian stocks and $400 million in money market funds. Meanwhile, Canadians added $3.7 billion in foreign securities to their portfolio in June.

This week, major economic data will include Wholesale Trade on Tuesday; Employment Insurance and Retail Trade on Thursday and the Consumer Price Index on Friday.

U.S. Economic Data:

* For the week ended August 10, the Labor Department reported that initial jobless claims dropped to 320,000 from a slightly upwardly revised 335,000 the week prior. The 320,000 claims was the lowest figure since October 2007. Economists were expecting claims to hover around 332,000. The four-week moving average, a less volatile gauge of labor trends, was 332,000, down 4,000 from the week prior.

Economists regard claims at 350,000 and under per week as signaling moderate growth in the jobs market.

* The Commerce Department reported that retail sales rose 0.2 percent to $424.5 billion in July from June. The gains were widespread with 9 of the 13 main categories showing improved sales during the month.

June’s figure was upwardly revised from 0.4 percent gains to 0.6 percent gains, compared to May. So-called “core” retail sales, which exclude the volatile categories of gas, autos and building supplies, rose by 0.5 percent. That was the best monthly move in core sales in 2013. Economists were expecting a 0.3-percent increase to headline retail sales and a 0.4-percent increase in core retail sales.

Compared to July 2012, retail sales were up 5.4 percent.

* The Labor Department said that consumer prices rose a seasonally adjusted 0.2 percent in July, paced by gains in gasoline and housing.

“Core” consumer prices, which exclude the food and energy components, rose 0.2 percent. Both the headline and core figures matched economist predictions. The CPI had soared in June, rising 0.5 percent on a 6.3-percent spike in gasoline prices. Gas settled-down in July, rising only 1 percent. Compared to last July, headline consumer prices are ahead by 2 percent, while core CPI is up 1.7 percent.

* The Federal Reserve reported that manufacturing activity in the Philadelphia region slowed in August from its highest level in more than two years in July. The Philly Fed Index dropped from 19.8 in July to 9.3 in August, well below economist expectations of a 15.0 reading, as new orders slid (to 5.3 from 10.2) and the rate of hiring slowed (down to 3.5 from 7.7).

* The Fed also said that industrial production was flat in July, anchored by a large decline in automotive output. There would have been a decline for July had June`s figure not been downwardly revised to 0.2-percent growth. Economists forecast 0.2-percent expansion for July. Production in the motor vehicle and parts component slumped 1.7 percent for the month. Manufacturing output was down 0.1 percent, representing the first contraction since April. Helping offset broad declines, mining output increased 2.1 percent in July. Capacity utilization edged lower from 77.8 percent in June to 77.6 percent.

* The Labor Department reported that wholesale prices were flat in July, according to the Producer Price Index. Passenger car prices fell 1.1 percent, their largest decline since 2009, while wholesale energy prices faded 0.2 percent. “Core” PPI, which doesn`t figure-in food and energy, increased 0.1 percent, indicating that inflation continues to remain muted. Economists were expecting headline PPI to rise 0.3 percent and core PPI to rise 0.2 percent.

* The Commerce Department reported that housing starts rose in July on the back of increases in the volatile multi-family segment. Total starts rose 5.9 percent to an annual rate of 896,000 homes. The figure was just short of economist expectations of 900,000. Starts on single-family homes, which make up the majority of starts, slowed by 2.2 percent to a 591,000 annualized pace, marking the lowest level in eight months. Multi-family starts, which are things like condos and townhouses, jumped 25.5 percent in July from June. Overall, housing starts are still about 40 percent below average levels before the housing markets crashed five years ago. Building permits, a proxy of future construction, rose 2.7 percent in July from June.

This week, data in the States will include Existing Home Sales and FOMC Minutes on Wednesday; Initial Jobless Claims on Thursday and New Home Sales on Friday.

————————- 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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