Oops…Looks Like A Case Of The Mondays
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?
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