Roger Biduk; Bay Street Tanks

Roger Biduk

All 11 indices I follow on the TSX were lower today.

Is reality finally setting in?
I believe along with many prominent analysts that there’s lots more to go on the downside.
Markets have been going up and the news over the last two years in the U.S. regarding employment and housing has only been getting worse.

The Toronto stock market joined other indexes around the world in a sharp selloff Monday as investors sold off across all sectors on worries that the American consumer won't be much help in building a strong economic recovery.

The S&P/TSX composite index fell 316.42 points or 2.92 per cent to 10,531.59 with losses paced by a drop of more than three per cent in the energy sector as crude prices fell back on demand concerns.
The CDN$ closed down 0.61 cent to 90.32 cents U.S. after falling almost a cent on Friday while the TSX Venture Exchange backed off 33.60 points to 1,159.82.

Roger Biduk
ETFs that jumped to the upside today include:
Horizons BetaPro S&P/TSX Global Mining (HMD) +9.47% to $5.20. Horizons BetaPro MSCI Emerging Markets (HJD) +8.18% to $5.42. Horizons BetaPro S&P/TSX Global Gold bear Plus (HGD) +7.65% to $7.18. Horizons BetaPro S&P/TSX 60 Bear Plus (HXD) +5.58% to $15.90. Horizons BetaPro S&P/TSX Cap Energy Bear Plus (HED) +5.58% to $8.33. Horizons BetaPro NASDAQ-100 Bear Plus (HQD) +5.24% to $18.68.

The April crude contract on the New York Mercantile Exchange fell 1.13% to $66.75 and natural gas fell 2.28% to $3.56 as the S&P/TSX Energy Index fell 3.27%.
AltaGas Utility Group Inc. (AUI) +43.04% to $8.94.
Paramount Resources Ltd. (POU) -7.14% to $7.15. Pacific Rubiales Energy Corp. (PRE.WT)
-6.20% to $5.90. Major Drilling Group Internati (MDI) -6.09% to $22.82. Calfrac Well Services Ltd. (CFW) -5.84% to $10.48. Trican Well Service Ltd. (TCW) -5.60% to $10.29.
EnCana Corp. (TSX: ECA.TO) dropped $1.52 to $55.04 while Suncor Inc. (TSX: SU.TO) lost $1.43 to $34.41.

Evidence of weakness on the consumer front surfaced Friday in a sharp falloff in the Reuters-University of Michigan consumer sentiment index, which followed a surprisingly weak July retail sales report.

Roger Biduk
The S&P/TSX Capped Health Care Index was lower by 0.35%.
Shares pharmaceutical company Aeterna Zentaris Inc. (TSX: AEZ.TO) tumbled more than 60 per cent Monday after it said it has hit a snag in the development of its treatment for prostate problems. Its shares fell $1.90 to $1.21.

Economic concerns also forced down other commodity prices as the S&P/TSX Global Gold Index fell 3.68% as the April bullion contract in New York tanked $12.90 to US$935.80 an ounce.
Kirkland Lake Gold Inc. (KGI) -9.97% to $8.67. European Goldfields Limited (EGU) -6.82% to $3.28. Richmont Mines Inc. (RIC) -6.15% to $3.05. Lake Shore Gold Corp. (LSG) -6.07% to $3.25. Kinross Gold Corporation K. (WT.C) -5.91% to $3.98.
Goldcorp Inc. (TSX: G.TO) was down $1.31 to $37.70.

Other commodities dropped as the S&P/TSX Capped Diversified Metals & Mining Index sank 4.74% as aluminum rose .85%, copper was 2.30% lower at $2.05 and silver sank 5.07% to $13.98.
Athabasca Potash Inc. (API) -15.54% to $5.49. Pan American Silver Corp. (PAA) -9.91% to $20.28. Quadra Mining Ltd. (QUA) -8.91% to $11.14. Silvercorp Metals Inc. (SVM) -8.02% to $3.44. Western Areas NL (WSA) -7.08% to $5.25.
Teck Resources (TSX: TCK-B.TO) lost $1.08 to $27.92 while HudBay Minerals (TSX: HBM.TO) was 31 cents lower to $8.54.
Shares in fertilizer giant Agrium Inc. (TSX: AGU.TO) were down $2.55 to $50.70 after it said Monday it is extending the expiry date of its hostile takeover bid for U.S.-based CF Industries Holdings Inc.
The $4.26-billion deal, which offers US$40 in cash plus one Agrium share for each CF share, will now expire on Sept. 22.
Potash Corp. (TSX: POT.TO) fell $4.79 to $100.71.

Roger Biduk
The S&P/TSX Capped Financial Index fell 2.63%.
Savanna Energy Services Corp. (SVY) -7.44% to $5.10. Labrador Iron Ore Royalty Inco (LIF.UN) -7.37% 35.57. Sentry Select Primary Metals C (PME) -6.78% to $5.36. Canaccord Capital Inc. (CCI) -6.67% to $9.24. DundeeWealth Inc. (DW) -6.19% to $10.45.
Royal Bank (TSX: RY.TO) declined $1.26 to $50.10 while Manulife Financial (TSX: MFC.TO) lost 76 cents to $21.57.

The S&P/TSX Capped Telecom Services Index was 1.93% lower and the S&P/TSX Capped Information Technology Index fell 2.26%.
5N Plus Inc. (VNP) -7.00% to $5.58. Torstar Corporation (TS.B) -5.87% to $5.93. DragonWave Inc. (DW) -5.71% to $6.27.
Research In Motion Ltd. (TSX: RIM.TO) was down $2.19 to $78.10 as American business magazine Fortune named the BlackBerry-maker the world's fastest-growing company.

In other earnings news, high-hazard protective equipment maker Allen-Vanguard Corp. (TSX: VRS.TO) said Monday impairment charges contributed to widening losses in the third quarter while a delay of some U.S. programs led to revenue levels that fell short of expectations. The company turned in a net loss of $99.2 million for the quarter ended June 30, almost tripling year-earlier losses of $36.6 million. Its shares inched up half a cent to 12.5 cents.

Roger Biduk
In the service sector:
AutoCanada Income Fund (ACQ.UN) +12.71% to $3.37.
ACE Aviation Holdings Inc. (ACE.A) -7.19% to $4.39. Canadian Pacific Railway Limit (CP)
-5.47% to $50.10. New Flyer Industries Inc. (NFI.UN) -5.87% to $8.18.

The S&P/TSX Capped Industrials Index was down 3.41%.
Newalta Inc. (NAL) +11.04% to $7.04.
Canfor Corporation (CFP) -10.17% to $5.21. West Fraser Timber Co Ltd. (WFT) -7.85% to $26.18. TimberWest Forest Corp. (TWF.UN) -7.43% to $3.49. Rocky Mountain Dealerships Inc (RME) -6.06% to $6.20. Bombardier Inc. (BBD.B) -5.35% to $4.07.

The S&P/TSX Consumer Discretionary Index was 2.24% lower and the S&P/TSX Consumer Staples Index fell 1.03%.

The S&P/TSX Capped Utilities Index fell 1.63%.

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