Roger Biduk; Bay Street Hits Five-Year lows

Roger Biduk;

The markets have dropped so much that I believe it’s now time to be selective and jump in. I think the ETFs that follow the indexes and the financial sector are the places to look at.
Remember, it’s a trading market, not one to buy and hold.

The Toronto stock market fell to levels not seen in more than five years on Monday as a fresh wave of pessimism trumped assurances from U.S. regulators on the financial system.
Toronto's S&P/TSX composite lost 302.32 points to 7,647.67, its lowest close since October 2003.
The TSX Venture Exchange lost 13.96 points to 878.94.
The CDN$ was down 0.12 cent at 79.92 cents US as retail sales fell 5.4 per cent in December to $33 billion - the largest monthly decline in over 15 years.
Statistics Canada said three-quarters of the December retail decline was rooted in the automotive sector, without which retail sales fell 1.8 per cent.

Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Bay Street. Horizons BetaPro S&P/TSX Cap Energy Bear+ ETF (HED-T) soaring another 11.14% to $25.54. Horizons BetaPro S&P/TSX Capped Fin Bear+ ETF (HFD-T) jumping 7.32% to $56.60. Horizons BetaPro NYMEX Crude Oil Bear+ ETF (HOD-T) rising 8.86% to $44.10.

The S&P/TSX Capped Utilities Index lost 2.66%.

Roger Biduk;
The S&P/TSX Consumer Discretionary Index was down 1.51% and the S&P/TSX Consumer Staples Index was down 1.62%.

The S&P/TSX Capped Financial Index, which lost over 14 per cent last week sank another 3.56% today.
Copernican Int’l. Fin. (CIR.PR.A) tanked 15.03% to $2.43.
Canada's big banks start to report their first-quarter earnings this week and I think expectations aren’t very high.
Royal Bank (TSX:RY), which reports on Thursday ahead of its annual meeting in Vancouver, lost $1.25 to $25.82, while insurer Manulife Financial (TSX:MFC) moved down 59 cents to $12.53.

The March crude contract on the New York Mercantile Exchange lost 3.97% to US$38.44 a barrel and the S&P/TSX Energy Index tanked 5.38%. Natural gas gained 1.54% to $4.10.
Canadian Natural Resources (TSX:CNQ) fell $1.72 to $36.54 and EnCana Corp. (TSX:ECA) gave back $3.49 to $44.78.

The S&P/TSX Global Gold Index dropped 2.78% as the April bullion contract in New York lost $7.20 to US$995.00 an ounce.
Barrick Gold Corp. (TSX:ABX) faded $1.40 to $44.68. Shares in Iamgold Corp. (TSX:IMG) added cents to $ after the company said proven and probable reserves at the end of 2008 were 9.6 million ounces, an increase of 20 per cent from a year earlier.

Roger Biduk;
The S&P/TSX Capped Industrial Index sank 4.54%. as Canadian National Railways (TSX:CNR) gave back $ .74 to $39.07 while Bombardier Inc. (TSX:BBD.B) lost 17 cents to $2.63.
Canadian investors also took in a major deal as Nova Chemicals Corp. (TSX:NCX) has agreed to be bought out for US$2.3 billion by Abu Dhabi-based International Petroleum Investment Co. Nova Chemicals shares, which had hit a new low earlier this month, gained C$4.83 to $6.49 in Monday trading.
Toronto-area steel distributor Russel Metals Inc. (TSX:RUS) is cutting 500 jobs and reducing executive and white collar salaries by 10 per cent to deal with a battered steel market. Its shares dropped $1.69 to $14.45.

The S&P/TSX Capped Information Technology Index dropped 2.49% and the S&P/TSX Capped Telecom Services Index was down 2.23%.

The S&P/TSX Capped Health Care Index was lower by 1.18%.

The S&P/TSX Capped Diversified Metals & Mining Index dropped 2.12% as aluminum dropped was flat, copper gained 1.26% and silver dropped .28% to $14.45.

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