Roger Biduk; Commodities Sink Bay Street

Roger Biduk writes;

The Toronto stock market tumbled almost 300 points as worries about the economy sent commodity stocks tumbling.
But weak jobs data at the end of last week helped further depress bank stocks.
Toronto's S&P/TSX composite index tumbled 291.85 points or 3.2 per cent to 8,793.33, leaving the key index down 2.1 per cent for the trading year so far.
The TSX Venture Exchange was 30.55 points lower to 878.35 while a stronger American currency and sharply lower oil prices helped send the CDN$ down 1.7 cents to 82.28 cents US.

The market also lost ground as the Bank of Canada's quarterly survey of companies found that business leaders expect sales growth to slow and job cuts this year. As well, the firms reported tightening credit conditions over the past three months.

The TSX energy sector lost four per cent as the February crude contract in New York fell US$3.24 to $37.59 on the New York Mercantile Exchange. EnCana Corp. (TSX: ECA.TO) declined $1.61 to $54.86 and Suncor Inc (TSX: SU.TO) gave back $1.33 to $26.56.
Gainers were few in the sector with Horizons BetaPro Nymex Crude Oil Bear Plus ETF (HOD) gaining 15.83% to $25.32. This EFT is leveraged twice to the daily percentage decline in the price of oil and is the opposite of (HOU).
Losers in the sector include Horizons BetaPro Nymex Crude Oil Bull Plus ETF (HOU) tanking 15.49% to $9.00. This EFT is leveraged twice to the daily percentage gain in the price of oil and is the opposite of (HOD). Highpine Oil & Gas (HPX) dropping 9.90% to $4.73. Petrobank Energy & Res. (PBG) down 8.86% to $21.60. Tristar Oil & Gas (TOG) lost 8.00% to $11.15. Fairborne Energy Trust (FEL) dropped 7.50% to $5.80. Pacific Rubialis Energy (PRE) down 7.02% to $2.78. Paladin Energy (PDN) slumped 6.50% to $2.30. Crescent Point Energy Trust (CPG.UN) declined 5.93% to $22.21. Birchcliff Energy (BIR) down 5.58% to $5.25. Canadian natural resources (CNQ) fell 5.26% to $48.07. Ensign Energy (ESI) lost 5.14% to $12.00.

The base metals sector fell eight per cent while copper dropped 4.6 per cent to $1.4885 a pound after posting double digit increases last week. Teck Cominco Ltd. (TSX: TCK-B.TO) dropped 45 cents to $6.60 and HudBay Minerals (TSX: HBM.TO) retreated 11.14% to $3.43.
Decliners include Timminco (TIM) tanking 14.65% to $4.31. Quadra Mining (QUA) dropping 12.79% to $3.07. First Majestic Silver (FR) losing 12.02% to $2.05. FNX Mining (FNX) down 10.45% to $3.60. Silver Wheaton (SLW) declining $8.89% to $6.76. Sherritt Intl. (S) slumping 8.74% to $3.55. Inmet Mining (IMN) down 8.61% to $23.26. Red Back Mining losing 8.16% to $6.87. First Quantum Minerals (FM) sank 6.78% to $22.00. Teck Cominco (TCK.B) dropped 6.38% to $6.60. Thomas Creek Metals (TCM) slumped 5.79% to $5.70. Ivanhoe Mines fell 5.21% to $3.64.

Roger Biduk writes:
The gold sector gave back 4.35 per cent as the February bullion contract moved down $34 to US$821 an ounce in New York. Goldcorp Inc. (TSX: G.TO) faded $1.98 to $30.40 and Barrick Gold Corp. (TSX: ABX.TO) surrendered $1.21 to $37.99.
Gainers were few in the sector with Horizons BetaPro S&P TSX Global Gold Bear Plus ETF (HGD) soared 7.57% to $13.93. This EFT is leveraged twice to the daily percentage decline of the price of gold and is the opposite of (HGU). Alamos Gold (AGI) rose 2.79% to $7.73.
Decliners include European Goldfields (EGU) tanking 10.65% to $2.60. Horizons BetaPro S&P TSX Global Gold Bull Plus ETF (HGU) dropped 8.06% to $9.47. This EFT is leveraged twice to the daily percentage gain of the price of gold and is the opposite of (HGD). Eldorado Gold (ELD) lost 7.14% to $8.59. Yamana Gold (YRI) losing 6.84% to $7.76. Iamgold (IMG) fell 5.47% to $6.57.

The financials sector was down three per cent as Royal Bank (TSX: RY.TO) fell $1.07 to $35.74 and CIBC (TSX: CM.TO) dropped $1.95 to $50.71. Bank of Nova Scotia (BNS) slumped 5.24% to $31.27.

All sectors were weak except for slight rises in the tech sector, thanks to Nortel Networks (TSX: NT.TO) rising 4.5 cents or 9.7 per cent to 51 cents on top of a 39 per cent surge on Friday.
Units in Bell Aliant (TSX: BA-UN.TO) rose 17 cents to $24 after it said it is cutting 500 management jobs in a move to streamline operations and improve its bottom line. Enghouse Systems (ESL) up 2.67% to $5.00.

Magna International (TSX: MG-A.TO) shares were 44 cents lower to $38.70 after the auto parts maker said it is teaming up with Ford Motor Co. to produce a fully electric car that will get up to 160 kilometres on a single charge. Magna said the car, based on the Ford Focus platform, will be on the market in 2011.
Other industrials like CAE (CAE) dropped 5.81% to $7.62. Bombardier (BBD.B) fell 5.51% to $4.46.

Other movers include Horizons Betapro S&P TSX 60 Bear Plus ETF (HXD) up 6.46% to $28.33. This ETF is leveraged twice the daily percentage downside of the index and is the opposite of (HXU). Brookfield Properties (BPO) lost 7.83% to $8.47. Finning Intl. down 6.69% to $13.94. Horizons Betapro S&P TSX 60 Bull Plus ETF (HXU) losing 6.52% to $10.75. This ETF is leveraged twice the daily percentage gain of the index and is the opposite of (HXD). Thompson Reuters (TRI) fell 5.04% to $29.20.
Fertilizer stocks tanked with the rest of the commodity market. Potash Corp., (TSX: POT.TO) tanked $11.20 or 11.1 per cent to $89.50. Agrium (AGU) slumped 8.07% to $38.84.

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