A seriously rough day again on the stock market. Gold was below that technical 1100 for most of the day however was able to close above 1100 to maintain the daily support level. That’s good news for gold but I’m not entirely convinced that the negative market sentiment is done yet. After the market close today Google released numbers that beat estimates, but revenues were only a slight beat. The stock traded down over 5% on this news, so it is looking like the negativity will continue on into Friday’s trading session. At this point I’m starting to average into a position in XIU since I see this market wide decline may continue for another couple of days but I’d rather start a position now and build it up on the way down and when it recovers I will again be well positioned to profit from a recovery.

Yesterday’s picks were all based on the BNN Market Call Tonight’s stock picks and were all resource plays. Here’s how they did:
IAE.V – $1.39 – Close $1.53 (+10.07%)
MBC.TO – $2.90 – Close $2.98 (+2.76%)
DEE.TO – $2.00 – Close $2.02 (+1.00%)
All three stock gained on a day where the TSX was down over 200 points? We could be on to something here! It will be interesting to see if this trend continues. We’ll try it again to see if there’s a “BNN effect” that can be played.

Penny Stock ideas for tomorrow:
OGC.TO – $1.89
BXI.TO – $2.35 (It will be its first day of trading on the TSX)

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