Sorry Kasha, I didn't get time to sign on yesterday and mention WFC dropping over $8. Quite a move! I guess you're still of the opinion that there's more downside to come? You're right about the roller coaster, although today was reasonably calm. To be honest I didn't get much time to watch the market today as I was cleaning up a few problems a lot of the day.
I've never gone through the Canadian Mines Handbook, I usually use either the Financial Post Survey of Industrials or their Survey of Energy, Mines and Resources. If you're looking for a good publication which is more up to date, get your hands on a copy of the Northern Miner, I think they may even have a site. It's published quite frequently and gives a lt of good analysis of things you might not hear about elsewhere in the mining sector. As far as the general Canadian markets go, I like Investor's Digest of Canada. It gives consensus buy/sell/hold ratings, as well as a lot of good stuff from many of the large and small analysts. One book I'm reading now is called "Confessions of an Options Strategist", I can't recall the author's name but he's a Russian mathematician who's been working in the Cdn options market for the last twenty years. He provides about fifty 'rules' for playing the market through options, and bases almost all of them on the underlying. So I find it's also a good book for those not using options because many of the rules are the same. By the way, the book I was referring to before is simply called the 1997 Stock Traders Almanac. I'd recommend it too just because it's an interesting daytimer as well.
I'm still sitting on the sidelines regarding Cdn bank puts, I've thought about it so long I can't help but think I'm too late, it's still tempting though due to the potential weakness in the short term and rate outlooks in the US and Canada. I just don't know. Basically I find myself sitting on my hands trying not to make any mistakes, as you know I'm cautious for the short term. I don't know if you watch it, but Bre-X continues to amaze me, yesterday it hit a low of $1.75, today it hit $3.00 at one point, it's pure speculation. I wish I knew who was buying those 15 million shares everyday. I just don't think that joe average investor like you and I are able to provide THAT much liquidity. There's got to be some big player out there picking this thing up. Anyway, I won't go on as i don't know if you've been following the story or not. It'll make a good movie.
Steve |
