Roger Biduk, Bay Street Sinks on Energy & Financials

Roger Biduk;

I don’t usually make recommendations in this email (and I’m still not) but there are some sectors that are worth looking at after these huge drops.
I’m expecting a huge but brief relief rally that should bring the indexes, commodity and financial sectors to some sharp gains. I’d be looking at ETFs that are leveraged in these areas.
It could start tomorrow when the employment numbers come out at 8:30 AM. in the U.S. The non-farm payrolls numbers and unemployment rate are going to be ugly. But that could be a short-term catalyst washing out any remaining sellers going forward.

Ten of the eleven sectors I follow on Bay Street fell today as the S&P/TSX composite index lost Wednesday's 183-point advance, falling 185.58 points to 7,629.17.
The TSX Venture Exchange slipped 1.26 points to 829.69 while the CDN$ fell 0.79 cent to 77.62 cents US.

The S&P/TSX Capped Financial Index tanked 4.97% after being slapped around earlier in the week after insurer American International Group Inc. handed in a US$62 billion quarterly loss, a U.S. corporate record.
Royal Bank (TSX:RY) declined $1.36 to $29.22 and CIBC (TSX:CM) shares were down $1.77 to $37.86 after it announced that it will raise up to $1.6 billion in a Tier 1 debt issue. It said that completion would take the bank's pro-forma Tier 1 capital ratio to about 11.5 per cent.
Canadian Western Bank (TSX:CWB) reported Thursday a first-quarter profit of $25.6 million, down from a year-earlier $25.9 million in earnings, as the fallout from the recession continued to pressure its earnings. Its shares gave back $1.27 to $9.33.
MI Developments Inc. (MIM.A) +16.20% to $5.81. Central GoldTrust (GTU.UN) +11.96% to $58.50. iShares CDN S&P/TSX Global Gol (XGD) +6.26% to $19.34. Dynasty Metals & Mining Inc. (DMM) +5.91% to $5.20.
Homburg Invest Inc. (HII.A) -20.95% to $4.00. Crown Hill Fund (MYT.UN) -18.52% to $2.64. Financial 15 Split Corp. (FTN) -13.38% to $2.33. Brompton Lifeco Split Corp. (LCS.PR.A) -12.13% to $7.03. Canadian Western Bank (CWB) -11.98% to $9.33.

Roger Biduk;
The April crude contract on the New York Mercantile Exchange dropped 3.90% to $43.61 and natural gas lost 5.81% to $4.09 as the S&P/TSX Energy Index lost 3.09%.
TriStar Oil & Gas Ltd. (TOG) -14.93% to $7.92. Galleon Energy Inc. (GO) -9.43% to $2.40. Trinidad Drilling Ltd. (TDG) -8.79% to $2.18. Addax Petroleum Corporation (AXC) -8.20% to $21.49. Cathedral Energy Services Inco (CET.UN) -7.34% to $2.40. EnCana Corp. (TSX:ECA) surrendered $1.71 to $48.56.
Investors also took in earnings reports from some of the oilpatch's heavyweights, while another company filed for creditor protection.
Natural gas explorer and producer Canadian Superior Energy Inc. (TSX:SNG) says it has filed an application with the Court of Queen's Bench of Alberta for protection from creditors under the federal Companies' Creditors Arrangement Act. Its shares plunged 20 cents to 29 cents and the TSX said it is "reviewing the common shares of the company with respect to meeting the continued listing requirements."
Canadian Natural Resources (CNQ) +5.11% to $40.51 after it said Thursday it was reducing its 2009 capital spending budget by $800 million in anticipation of a turbulent year marked by low commodity prices. The company recorded net earnings of $1.8 billion during the fourth quarter, up from year-earlier profits of $798 million. Canadian Natural also said it was raising its annual dividend by five per cent to 42 cents per share.
Shares in Talisman Energy Inc. (TSX:TLM) drifted 10 cents lower to $11.38 after the oil and natural gas producer said net profits for the latest quarter came in at $1.2 billion, up sharply from year-earlier profits of $656 million.

The S&P/TSX Capped Diversified Metals & Mining Index sank 3.02% as aluminum lost 2.42%, copper dropped 2.39% and silver rose 1.51% to $13.11.
Greystar Resources Ltd. (GSL) +13.74% to $2.40. Forsys Metals Corp. (FSY) +10.18% to $6.28. Aquiline Resources Inc. (AQI) +10.07% to $2.95. Red Back Mining Inc. (RBI) +9.54% to $7.69. Agnico-Eagle Mines Ltd. (AEM) +8.64% to $65.40.
Mongolia has submitted a draft agreement to allow Canadian mining company Ivanhoe Mines (TSX:IVN) and Rio Tinto to mine at one of the country's largest gold and copper deposits. Ivanhoe shares inched 12 cents lower to $5.63 .

Roger Biduk;
The gold sector was the only advancer as the S&P/TSX Global Gold Index soared 6.34% as the April bullion contract in New York jumped $21.10 to US$927.80 an ounce.
SEMAFO INC. (SMF) +16.29% to $2.07. Greystar Resources Ltd. (GSL) +13.74% to $2.40. Yamana Gold Inc. (YRI) +10.87% to $11.32. Aquiline Resources Inc. (AQI) +10.07% to $2.95. Goldcorp Inc. (TSX:G) ran ahead $3.02 to $38.45
Virginia Mines Inc. (VGQ) -6.25% to $3.75. Gabriel Resources Ltd. (GBU) -5.56% to $2.55.
The S&P/TSX Capped Information Technology Index lost 2.39% and the S&P/TSX Capped Telecom Services Index was 2.72% lower.
Celestica Inc. (CLS) -7.25% to $3.71.

The S&P/TSX Capped Industrial Index lost 4.20%.
Bombardier Inc. (BBD.B) -8.96% to $2.44.

The S&P/TSX Capped Utilities Index lost .06%.

The S&P/TSX Consumer Discretionary Index was 2.37% lower and the S&P/TSX Consumer Staples Index dropped 3.46%.
Gildan Activewear Inc. (GIL) -5.10% to $7.44.

The S&P/TSX Capped Health Care Index was lower by 2.55%.

The service sector also stunk today. Great Canadian Gaming Corporat (GC) -12.82% to $2.38. Transcontinental Inc. (TCL.A) -9.75% to $6.48. Wajax Income Fund (WJX.UN) -6.43% to $12.80. Canadian Pacific Railway Limit (CP) -5.83% to $33.27.

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