Roger Biduk; Financials Take Bay Street Higher

Roger Biduk;

If you read my blog yesterday, it started like this:
“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.”
And I hit the nail on the head.
Many of my clients out there loaded up on these ETFs and they went through the roof today.
Depending on what President Obama has to say later tonight, we may see a follow-through day tomorrow.

Exchange Traded Funds (ETFs) were again among the biggest percentage gainers on Wall Street and Bay Street.
As you know from my writings, the ETF I’ve been buying and recommending for client accounts over the last several days is DIREXION SHARES ETF TRUST (FAS), which soared 27.44% today on huge volume of 174M! I’ve been watching this baby drop to a 52-week low the other day and it was definitely time to buy.
ProShares Ultra Financial (UYG) jumped 21.39% to $2.44. Proshares Ultra Real Estate (URE) rose 16.92% to $3.11. Financial Select Sector (XLF) higher by 12.12% to $8.05.

Canadian ETFs also had a great day.
Horizons BetaPro S&P/TSX Global Gold Bear+ (HGD-T) soared 17.39% to $9.25. Horizons BetaPro S&P/TSX Capped Fin Bull+ ETF (HFU-T) jumped 13.71% to $3.40. Horizons BetaPro S&P/TSX Cap Energy Bull+ ETF (HEU-T) jumped 10.92% to $3.25. Horizons BetaPro MSCI Emerg Markets Bull+ ETF (HJU-T) rose 10.90% to $14.04.

Toronto's main stock index closed sharply higher on Tuesday as oil and gas issues climbed with rising crude prices, while financials strengthened as fears over the fate of the troubled U.S. banking sector eased.
In see-saw action, the benchmark index swung nearly 300 points from trough to peak, with the upside supported by strength in energy issues as oil settled nearly 4 percent higher at $39.96 a barrel. The main pressure to the downside came from weaker gold prices.

Roger Biduk;
The March crude contract on the New York Mercantile Exchange gained 3.95% to US$39.96 a barrel and the S&P/TSX Energy Index was 5.48% higher. Natural gas gained 2.34% to $4.19.
Nexen (NXY) jumped 10.77% to $16.46. Highpine Oil & Gas (HPX) higher by 10.20% to $4.43. Bonavsita (BNP.UN) up 9.65% to $13.75. Cnd. Nat.Res. (CNQ) rose 8.76% to $39.74.
Eveready (EIS) tanked 16.67% to 43.60. Trinidad Drilling (TDG) sank 7.78% to $2.37. Phoenix Tech. inc. Fund (PHX.UN) down 6.31% to $5.05. Angle Energy (NGL) lower by 5.71% to $3.30.

The S&P/TSX Global Gold Index tanked 8.94% as the April bullion contract in New York sank $25.50 to US$969.50 an ounce.
Moto Goldmines (MGL) tanked 18.64% to $2.40. US GoldCorp.(UXG) sank 16.90% to $2.36. Kirkland Lake Gold (KGI)lower by 15.81% to $5.75. Barrick Gold (ABX) down 12.15% to $39.25.
First Quantum Minerals (FM) soared 9.67% to$33.34.

The heavily weighted financial services sector led the TSX higher. The S&P/TSX Capped Financial Index, which lost over 14 per cent soared 7.22% today.
The sector followed U.S. stocks higher after Federal Reserve Chairman Ben Bernanke signaled that nationalization of major U.S. banks was not at hand.

The Toronto Stock Exchange S&P/TSX composite index closed up 211.66 points, or 2.77 percent, at 7,859.33, with nine of its 10 main groups advancing.
The index rose sharply at the open, rebounding from multi-year closing lows on both Canadian and U.S. markets on Monday. At one point on Tuesday, however, the index retreated to touch its lowest level since October 2003.

Roger Biduk;
The S&P/TSX Capped Utilities Index jumped 4.29%.
Atco (ACO.X) rose 6.07% to $35.28. Cdn. Utilities Ltd.(CU) gained 5.14% to $39.70.
Superior Plus (SPB) lost 5.05% to $10.15.

The S&P/TSX Consumer Discretionary Index was higher by 3.55% and the S&P/TSX Consumer Staples Index was up 1.51%.
Cascades (CAS) lost 6.73% to$2.50.
ZCL Composites (ZCL) jumped 7.95% to $4.75. Rogers Sugar income fund (RSI.UN) rose 6.67% to $3.20. Viterra (VT) higher by 6.16% to $10.17%. Glidan Activewear (GIL) up 5.73% to $8.86.

The S&P/TSX Capped Industrial Index rose 3.99%.
Sino-Forest Corp. (TRE) tanked 9.09% to $8.50. Heroux-Devtek (HRX) sank 6.62% to $4.09.
Bombardier (BBD.B) soared 11.70% to $2.96. Bird Construction Income Fund (BDT.UN) jumping 8.63% to $17.14. Martinrea Int’l. (MRE) gained 7.27% to$2.36. ATS Automation Tooling (ATA) gaining 5.12% to $3.49.

The S&P/TSX Capped Information Technology Index rose 1.78% and the S&P/TSX Capped Telecom Services Index was up 1.88%.
Research in Motion (RIM) soared 7.96% to $50.56. Computer Modelling Gr. (CMG) jumped 7.48% to $9.20.

Roger Biduk;
The S&P/TSX Capped Health Care Index was higher by 3.02%.
Medical Facilities (DR.UN) sinking 7.52% to $7.50. QLT (QLT) down 5.09% to $2.05.
Biovail (BVF) higher by 5.63% to $13.70.

In the service sector, Thomson Reuters (TRI) soared 11.47% to $31.49. Westjet (WJA) jumped 6.96% to $11.53. Santec (STN) higher by 6.97% to $24.57. Cdn. Pacific Railway (CP) gained 6.04% to $36.01. Transat A.T. (TRZ.B) gained 5.32% to $9.30.
Transcontinental (TCL.A) tanked 8.62% to $7.95. Reitmans (RET.A) sinking 8.26% to $9.55. Great Cdn. Gaming (GC) losing 8.12% to $3.17. Black Diamond Income Tr. (BDI.UN) down 7.14% to $6.50. Altus Group Inc. Fund (AIF.UN) losing 6.12% to $6.90.

The S&P/TSX Capped Diversified Metals & Mining Index gained 3.41% as aluminum gained 2.54%, copper gained 3.38% and silver dropped 3.15% to $14.00.
Sherritt Int’l. (S) jumping 7.92% to $2.59. Inmet Mining (IMN) gaining 5.49% to $27.50.
New Gold (NGD) tanking 16.84% to $2.47. PDX Resources (PLG) sinking 12.20% to $2.52. Silvercorp Metals (SVM) down 10.93% to $2.77. Aurora Energy Res. (AXU) down $10.59% to $2.11. Red Back Mining (RBI) lower by 9.95% to $7.24.

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