Monday - June 8, 2009

Screenshot from http://finance.yahoo.com/
Dow was down -130 points, at some moment today. In the end, it recovered all of the losses and closed at +0.02%. Volume was light. In a light volume trading day, it doesn't take much to move the direction of stocks. The market seemed to be unsure where it wants to go. Investers are wondering whether the rally in recent weeks has become prolonged and whether the seemingly less-bad news have priced into the stock prices already.
In Canada, TSX was down -20 points. National housing starts is up +9.2%; however, in my home province (British Columbia) it was down -5%. Even though the starts are lower due to existing projects, I do notice movements in the local housing market in Vancouver. I am optimistic.
Crude oil fell -$0.35 to $68.09 per barrel. Angiotech Pharmaceuticlas (ANP.TO) jumped +33% to $2.38. The company has received marketing clearance from the U.S. FDA for its Option Inferior Vena Cava Filter to prevent pulmonary embolism. The device can dissolve the blockage of lung artery and preserve blood flow. Sale is expected to reach $300 million in 2012. Angiotech has had a nice run of almost +380% since early May.


Cheapco said...

Looks like it's time to buy oil!

Smarto said...

Can you buy oil futures?

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