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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (43367)	5/31/2006 10:10:42 AM
From: Johnny Canuck	Respond to of 67823

Search for best savings rates May 31, 2006. 07:53 AM ELLEN ROSEMAN The Bank of Canada's latest rate increase, the seventh in a series that started last September, worked like a charm for savers. It encouraged financial institutions to bump up their rates on savings accounts, rates that had remained stuck at the same level for months. On May 19, ING Direct raised its investment savings rate to 3.15 per cent (from 3 per cent). This was the first increase since early January. The last time the bank rate was at this level (back in 2001), ING was paying 3.85 per cent on its high-rate savings account. Banks seemed to be tightening their spreads at the expense of savers, as I said in a column two weeks ago. They have been raising mortgage rates at a faster clip than savings rates. ING's savings rate now beats the 3.1 per cent you would earn on a high-rate account at President's Choice Financial. It's better than the 3 per cent you'd get on a high-rate account at the Bank of Nova Scotia and the 2.6 per cent you'd get at the Bank of Montreal. But ING is no longer paying the best rates around, as implied by its omnipresent television commercials. Citizens Bank pays 3.2 per cent on savings (up from 3.05 per cent), FirstOntario Credit Union pays 3.25 per cent, Desjardins Financial Security pays 3.3 per cent, ICICI Bank and Dundee Wealth Bank pay 3.5 per cent and Manulife Bank pays 3.75 per cent. Achieva Financial and Outlook Financial, both based in Manitoba, pay 3.85 per cent on savings. And if you keep searching that province, you can do even better. "Please check out Steinbach Credit Union, scu.mb.ca. It's so much better than all the others," says a reader who looks beyond the mainstream institutions for higher rates. Steinbach pays 4.25 per cent on a savings account (with no minimum balance), up from 4 per cent two weeks ago. Suppose you're willing to lock up your money for a few months or a few years. Again, it pays to look further afield. On term deposits of under one year, you'll find the best rates at smaller institutions whose names you may not know: Equitable Trust, Home Trust Co., Pacific and Western Bank, Dundee Wealth Bank, ResMor Trust and MRS Trust. The big banks are now paying 3.2 per cent on a one-year GIC (with annual payment). But take a closer look at the Sunday Star's interest rate tables. You can get 3.9 per cent on a one-year GIC at President's Choice Financial and Equitable Trust, 3.95 per cent at MRS Trust and 4 per cent at ING Direct and ResMor Trust. And you can get: 4.1 per cent on a one-year GIC at ICICI Bank and Effort Trust; 4.2 per cent at Home Trust, DUCA Financial Services Credit Union and Pacific and Western Bank; and 4.25 per cent at Dundee Wealth Bank and Italian Canadian Savings and Credit Union. If you want to lock up your money for two years, you can get 4.3 per cent from Alterna Bank, the offshoot of a merger last year between Metro Credit Union in Toronto and CS CO-OP in Ottawa. Dundee Wealth Bank also pays 4.3 per cent for two years, while Effort Trust pays 4.4 per cent. Earlier this month, Meridian Credit Union introduced a GIC that pays 4.57 per cent if you hold it for two and a half years. Meridian opened its doors in April 2005, following the merger of Niagara Credit Union and Hepcoe Credit Union. It's now Ontario's largest credit union, with 43 branches and seven commercial banking centres serving more than 180,000 members across south-central Ontario. Opening an account at a smaller financial institution can be more cumbersome than at a local bank branch. Be prepared to supply lots of identification and go through rigorous credit checks. What if the financial institution goes under? The amount of protection you get on your deposits depends on what kind of company you're dealing with. Most banks and trust companies belong to the Canada Deposit Insurance Corp., which covers you up to $100,000 per deposit. With a credit union, your deposits are covered by a provincial deposit insurance corporation. Some provinces, such as Manitoba, have no limit on coverage. Every dollar on deposit with a credit union will be reimbursed in the event of bankruptcy or insolvency. For more information on deposit insurance, go to the CDIC's website (http://www.cdic.ca). You can also check out a one-stop portal, financepro tection.ca. Sorting out membership can be tricky. Alterna Bank is a CDIC member, for example. Meanwhile, Alterna Savings (the parent company) is a credit union and a member of the Deposit Insurance Corp. of Ontario, which gives coverage of up to $100,000 per deposit (including interest and dividends), the same as with CDIC. Ellen Roseman's column appears Wednesday, Saturday and Sunday. You can reach her by phone at 416-945-8687; or at erosema@thestar.ca by email. Additional articles by Ellen Roseman

To: Johnny Canuck who wrote (43367)	5/31/2006 10:16:37 AM
From: Logain Ablar	Read Replies (1) \| Respond to of 67823

Harry: Ignoring the BP's for a minute if you just look at the comp chart the break down thru 2240 now creates a pretty good resistance point. I would think this is the top of the bounce (its showing the liquidity coming out of the Naz type stocks) and we have to see if they can even run it to 2220 area. stockcharts.com I think this bounce is it & I'm still targeting we turn south again by end of 2nd week in june. RTS has some nice charts, his thread on IHUB is one of my bookmarks.