Pre-opening Comments for Friday April 9^th

U.S. equity index futures are higher this morning. S&P 500 futures added 2 points. Index futures are responding to weakness in the U.S. Dollar. Commodities priced in U.S. Dollars including crude oil, gold, silver, copper and platinum are trading higher.

Canada added 17,900 jobs in March. Its unemployment rate remained at 8.2%. Consensus was a gain of 25,000. The Canadian Dollar weakened slightly following the report.

Alimentation Couche-Tard made an offer to acquire Casey’s General Stores (CASY) for $36.00 per share cash. The offer is valued at $1.9 billion.

Alcoa slipped 1% after JP Morgan downgraded the stock from Overweight to Neutral. Target price was reduced from $21.50 to $16.50. JP Morgan is one of several investment dealers that have downgraded the stock prior to release of first quarter earnings on Monday.

JC Penney gained 4% after Goldman Sachs raised its rating on the stock to a Conviction Buy.

Chevron gained 1% after offering positive guidance. The company noted that profit margins from refining operations have improved. ‘Tis the season for Chevron to move higher.

Ambac Financial jumped 75% after a fourth quarter profit that swung to $558.1 million.

Canadian Natural Resources was downgraded by CIBC from Outperform to Sector Perform.

Silvercorp was downgraded by UBS from Buy to Neutral.

Taseko Mines was upgraded from Neutral to Buy at TD Newcrest.

Constellation Brands fell 5% after reporting lower than consensus fourth quarter earnings.

Technical Action Yesterday

Technical action by S&P 500 stocks remains bullish. Eight S&P 500 stocks broke resistance (American Express, CBS, Capital One, Eastman Kodak, Lowes, Morgan Stanley, Union Pacific and Yahoo) and one stock broke support (Forest Labs). The Up/Down ratio increased from 6.53 to (359/59=) 6.69.

Technical action by TSX Composite stocks was mixed. Three TSX stocks broke resistance (Cogeco, Forzani and Yellow Pages) and three stocks broke support (Couche-Tard, Daylight Resources, TransAlta). The Up/Down ratio slipped from 3.09 to (140/47=) 2.98

Interesting Chart

Investors are watching the equity index for Greece for clues when the financial crisis will end.

Adrienne Toghraie’s Trader’s Coach Column

Enough is Enough

By Adrienne Toghraie, Trader’s Coach

www.TradingOnTarget.com

You only have to look at the news to see what we have allowed ourselves to accept as part of the way life is:

· Government officials using contributor’s money for ways not intended

· Church leader cover-ups of sexual abuse of children with no major consequences

· Children abusing other children with no intervention of the administrators

· Banks allowed to continue with the same practices where they are too big to fail

How can we regulate ourselves to make the right choices, if we allow abuse of power to continue to destroy our society? It is this groupthink of accepting the status quo that allows traders to continue on a path of self-sabotage.

Shall we count the ways traders continue on a destructive path:

· Going from system to system to try to find the Holy-Grail of trading

· Staying with a so-called mentor/trader who has displayed despicable behavior in his business practices

· Ignoring the needs of family because of an obsession with trading

· Basing trading decisions on other people’s advice that has not worked

· Trying to make a strategy work when it has proven itself to not earn a profit

· Working with a strategy that works for others, but you are not able to follow

· Taking money from others who are willing to invest in the fact that you are a good salesmen and not a

competent trader

Malcolm is a smart man, or is he?

Malcolm is an astrophysicist, which would qualify him to be intelligent by most people’s standards. His perfectionism worked well as a scientist, but when he entered the world of trading it was his Waterloo. Malcolm came into trading as a result of a colleague who lost his job and found that he could earn more money as a trader. This convinced Malcolm that he should look into trading as an opportunity to invest the family money for profit.

Malcolm became obsessed with finding the right strategy. The obsession he had for trading, led to his wife leaving with their two children. Malcolm went from book to book, trading teacher to trading teacher and seminar to seminar for ten years. When I met him, I asked if he had a system that he believed would work. His answer was that he had many systems that would work. The bottom line to this conversation was that Malcolm was not able to choose just one system because there was not a system that was good enough to insure that there would not be any loss.

I found it fascinating that all I had to do was give Malcolm a quizzical look for him to spew out exactly what I was thinking. Malcolm knew the problem, knew the solution, but was not willing or able to do anything about it. His monologue ended with him saying, “I’ll call you when I’m ready to make a change.” I smiled and nodded my head. He continued, “No, I really will.”

It took Malcolm six months to call to get some help.

Looking at the trader in the mirror

Very often I am asked at what point should a trader seek help. Usually, if a trader asks the question, he is at the point of needing help. Ask yourself:

· Should I be profitable by now in my trading?

· Should I be more profitable in my trading?

· Am I sabotaging my results by not following my rules?

· Is my trading affecting the happiness of my family?

· Am I working with people who are honorable in their business practices and have a reputation for

producing good results in those that have worked with them?

The answer to these questions should bring you to the understanding that you are either on the right path or enough is enough.

Conclusion

It is not always easy to admit you’re wrong or to do the right thing. The process can be uncomfortable. The question we all have to ask ourselves is are we looking to stay with the status quo or looking for long-term gains in the world and in our own personal lives?

Adrienne’s Calendar of Events

www.TradingOnTarget.com

4/13	Online 4:30 PM (NY Time)	Keystone Trading Group Free Webinar Presented by Pete Renzulli and Eric Solomon If you could go back in time and give yourself advice as a new trader, what would you say?” Registration URL: http://tradingontarget.omnovia.com/registration/pid=38021270737023	Keystone	Free
6/10-6/12	Live Event	Trader Expo – Los Angeles Registration URL: http://www.moneyshow.com/caot/main.asp?scode=018265 Attend Free Workshop – Overcoming Sabotage Traps June 11 – 1:15 – 2:15 PM	Adrienne
8/7-8/8	Live Seminar	Top Performance Seminar * Call now – 919-851-8288	Adrienne	$2,500 *

Go to www.TradingOnTarget.com or email: Adrienne@TradingOnTarget.com for more information

* Ask for early enrollment special

Ken Norquay’s Column

The Financial Philosopher
Ken Norquay, CMT
President, Market Street Investment House
Trudeau was Right!
April 7, 2010

Years ago, Prime Minister Pierre Elliott Trudeau (paraphrasing Sir Wilfrid Laurier’s famous remark back in 1896) said that the 20th century belonged to the USA and the 21st century would belong to Canada.

And now, as the Canadian Dollar (CD$) flirts with the US Dollar (US$) on equal terms, it looks as if his prophecy is coming true. Canadians have become economically smug these days. Here’s why:

1. Our banking system has held up better than the American’s.
2. Our economy suffered less in the down-turn and has expanded more in the up-turn.
3. Our real estate market is still in an up trend; theirs is in a hopeless down trend.

Canadians are not used to being smug. In international circles, our citizens are known as polite and unassuming people. Our soldiers are well trained, fierce fighters. We have a good reputation. But if Mr. Trudeau was right, Canada will soon be stepping up to the plate as a world leader.

Could this be real?

Are the reasons I listed above as to why Canadians are economically smug be the same reasons that foreigners are willing to pay the same price for a Canadian dollar as they are for a US dollar? The sceptics are saying the high value of the CD$ is temporary, caused by a short-term surge in oil and metals prices, and that it will cool back down once the current commodities boom is over.

In my book, Beyond the Bull, I discuss the idea of over-analysis. Sometimes we ramble on about what we think we know; we use the same tired, old thinking patterns that worked in the past to sort out what might happen in the future. And if the rules change, as Mr. Trudeau prophesied, the old ideas don’t help us. If this is Canada’s century, we’ll have to learn to think Canadian instead of American.

Beyond the Bull encourages us to feel as well and think. Rather than run in mental circles of out-dated logic, just kick back and say: “How does this feel?” Let’s try it.

Let’s review the fluctuations of the past decade. The CD$ came into the 21st-century on a downward trend. It hit bottom in the winter of 2002 at 72 cents US. By autumn 2007, it had ripped upwards through par to $1.11, then reversed and dropped back to par within only a few weeks. It then fluctuated between $1.00 US and $1.05 US for four months before dropping to 77 cents US again, just one short year after our glorious run to $1.11.

We Canadians weren’t used to having such a strong currency. Somehow, we felt relieved that CD$ had returned to ‘normal’: a CD$ selling at a huge discount to the US$.

But now the CD$ has crept back up to par against the US$ again and somehow it feels different. Last time, in early 2008, there was a flurry of Canadians buying of US cars with their high-priced CD$. It was as if they wanted to cash in on their short-term good luck and buy up those cheap US cars. This time there is no feeling of “temporary” or “short term” around a loonie at par with a US green-back. This time it feels different.

What should we do?

Well, let’s do the typical Canadian thing: doubt our new-found prowess as world economic leaders and buy a cheap US car with our high-priced Canadian dollars . . . just in case. Feels right, eh?

To order your copy of Beyond the Bull and the Five Levels of Investor Consciousness CD, or to sign up for Ken’s free monthly webinar, visit www.gobeyondthebull.com (Bullmanship Code = SS32).

This article and others by Ken are available at http://kennorquay.blogspot.com.

Contact Ken directly at ken@castlemoore.com.

Tech Talk’s Financial Post Column This Saturday

(Available in hard copy or by paid subscription at www.nationalpost.com )

The topic is “Investing this spring”. The article is jointly written by Jon and Don Vialoux, authors of www.equityclock.com and www.timingthemarket.ca

Lou Schizas’ Blog

Lou offers an update on Manitoba Telephone. Following is a link to his report:

http://www.happycapitalism.com/2010/04/money-call-on-hold/

Keith Richards’ Blog

Keith’s latest column is entitled, “Becoming Defensive”. Following is a link to his blog:

http://www.smartbounce.ca/Smartbounce/Blog/Entries/2010/4/6_Becoming_Defensive.html

EquityClock.com Reports Released Yesterday

How might gold, silver and T-bonds behave in a bear market

http://www.equityclock.com/2010/04/08/how-might-gold-silver-and-t-bonds-behave-in-a-bear-market/

Market sentiment: Options activity for April 8^th 2010

http://www.equityclock.com/2010/04/08/market-sentiment-options-activity-for-april-8-2010/

EOG Resources (EOG): Clock that stock

http://www.equityclock.com/2010/04/08/eog-resources-inc-nyseeog-clock-that-stock/

THE CASTLEMOORE INVESTMENT COMMENTARY

For investors – fundamental and technical alike – one of the toughest decisions is knowing when to sell. We all like buying, but selling to capture profits leads to thoughts of what was left on the table or the “enfant terrible” of the buy & hold (or of a reversion back to the b&h -like getting religion when you’re in a jam) when you’re down big: “It’ll come back. I’ll just wait it out”

On that note the S&P did make an outside day a couple sessions ago, providing a warning weigh station maybe. In addition the sentiment indicators (not shown) are high and “bullish advisors” are at another peak at plus 50%. We sold half a large position in our TWO-WAY portfolio of a 2x’s S&P and booked a decent profit.

Do we think its wise to short here? No way. We’ll let the market price of the short security (next chart) tell us, and when the VIX breaks the fifty day. These two alone wouldn’t be sufficient, but they’d be a start.

WEBINAR ANNOUNCEMENT The Beyond Bullmanship Series

Webinar #3 of 3 Monday, April 12, 7pm EST & 6pm PST

Not a member of the Investor Centre? Sign up to receive an invitation. Limited to 50 computers

http://castlemoore.com/investorcentre/signup.php

NEWSLETTER / WEBINARS/ INVESTOR CENTRE ACCESS

If you like to receive bi-monthly newsletter, know more about our model portfolios or access an audio file of our investment philosophy, “Modern Financial Fiascos”, or receive information on our upcoming webinar (April 6th Beyond BULLmanship click on the link

http://www.castlemoore.com/investorcentre/signup.php.

CastleMoore Inc. uses a proprietary Risk/Reward Matrix that places clients within one of 12 discretionary portfolios based on risk tolerance, investment objectives, income, net worth and past investing experience. For more information on our discipline and methodology please contact us.

CastleMoore Inc.

Buy, Hold…and Know When to Sell

www.castlemoore.com

Thackray’s 2010 Investor’s Guide

Tech Talk frequently mentions Brooke Thackray and his book entitled, “Thackray’s 2010 Investor’s Guide”. The book summarizes attractive seasonal trades that are available during the year. The book can be purchased directly at Amazon.ca and Amazon.com. Following are links to these book stores:

U.S. Customers: Thackray’s 2010 Investor’s Guide: How to Profit from Seasonal Market Trends (Thackray’s Investor’s Guide)

Seasonal trades in the book that currently are active include Consumer Discretionary, Platinum, U.S. Materials, U.S. Retail, U.S. Oil Exploration & Production, U.S. Energy and Metals & Mining.

Disclaimer: Comments and opinions offered in this report at www.timingthemarket.ca are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.

Don Vialoux is a research analyst for JovInvestment Management Inc. All of the views expressed herein are the personal views of the author and are not necessarily the views of JovInvestment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by JovInvestment Management Inc

HAP Seasonal Rotation E.T.F. HAC $10.82 April 8 2010

· High 10.82

· Low 10.61

· Bid 10.79×4 lots

· Ask 10.94×25 lots

· Volume 7,654

· Open 10.71

· Previous Close 10.82

· 52-week High 10.87 on Apr 6

· 52-week Low 9.44 on Feb 5

· Beta 2.29

· Net Asset Value per unit: $10.76

Sponsored By...

More from the network: Next Report on Monday, February 6th Stock Market Outlook for February 2, 2012 Stock Market Outlook for February 1, 2012 Stock Market Outlook for January 31, 2012 (Lite) Stock Market Outlook for January 30, 2012 (Lite)

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