Looks like today brought a lot of pain to a lot of people.  The World Bank announcing a downward forecast of the 2009 world economic growth numbers and a slower recovery to 2010.  This drove the TSX down a whopping 453 points.  Many people believe that this could be a fundamental shift back downwards as a part of a “W” shaped recovery.  This might be true considering the closing price fell below the 50-day moving average signals a direction change.  So it might be a painful week, not just today.  That being said, you need to look for companies that are releasing positive news about funding or resource finds during this downturn.

UW.V Open $2.40 – Close $2.01 (-16.25%) – This got slaughtered today.  Gold was down and there was certainly some large profit taking going on here.  The news releases hasn’t come out yet though so it could be a great buying opportunity if you haven’t gotten in at the sub $2.00 level.  If it tanks again though I might consider exiting this position around $1.90.  We’ll see though.

What I’m looking at tomorrow:
BNK.TO – $2.01 – A good oil play. Will be watching crude prices and examining this company a little more at http://www.bankerspetroleum.com/s/Home.asp

How did you do today?

Technorati Tags: canadian stocks, penny stocks, Stock Picks, stock trading