TSX and TSX-V and Nasdaq Leaders

VOLUME LEADERS

Symbol Name Last Trade Change Volume Related Info BBD-B.TO BOMBARDIER INC., CL. B, SV 5.11 1:29PM EST 0.04 (0.78%) 5,171,519 Reports, More LUN.TO LUNDIN MINING CORP. 3.71 1:26PM EST 0.07 (1.85%) 4,088,307 Reports, More UUU.TO URANIUM ONE INC. 2.44 1:29PM EST 0.09 (3.83%) 3,906,031 Reports, More HNU.TO HORIZONS BETA PRO NYMEX NAT GAS 6.59 1:29PM EST 0.44 (6.26%) 3,854,327 More XIU.TO iSHARES SP TSX 60 INDEX FUND 17.66 1:27PM EST 0.04 (0.23%) 3,581,261 More HND.TO HORIZONS BETAPRO NYMEX NAT GAS 6.02 1:29PM EST 0.36 (6.36%) 2,832,822 Reports, More QUX.TO QUADRA FNX MINING LTD. 10.60 1:29PM EST 0.72 (6.36%) 2,540,523 More SU.TO SUNCOR ENERGY INC. 34.01 1:29PM EST 0.53 (1.53%) 2,525,554 Reports, More YRI.TO YAMANA GOLD INC 10.83 1:29PM EST 0.03 (0.28%) 2,488,974 Reports, More HOU.TO HORIZON BETAPRO NYMEX CRDE OIL 6.85 1:28PM EST 0.03 (0.44%) 2,210,488 More TCK-B.TO Teck Resources Limited 36.53 1:29PM EST 0.14 (0.38%) 2,145,839 Reports, More BNK.TO BANKERS PETROLEUM LTD. 8.09 1:28PM EST 0.20 (2.41%) 2,133,647 Reports, More TLM.TO TALISMAN ENERGY INC. 17.50 1:29PM EST 0.19 (1.07%) 2,071,591 Reports, More BVF.TO BIOVAIL CORP 18.97 1:29PM EST 1.95 (11.46%) 1,881,466 Reports, More EQN.TO EQUINOX MINERALS LIMITED 4.01 1:27PM EST 0.01 (0.25%) 1,766,919 Reports, More ABX.TO BARRICK GOLD CORPORATION 46.22 1:29PM EST 0.36 (0.78%) 1,702,622 Reports, More WTN.TO WESTERN COAL CORP 4.79 1:29PM EST 0.09 (1.84%) 1,584,438 Reports, More LQW.TO LIQUIDATION WORLD 0.80 1:27PM EST 0.04 (5.26%) 1,514,400 Reports, More ECU.TO ECU SILVER MINING INC. 0.65 12:30PM EST 0.01 (1.56%) 1,511,850 Reports, More ECA.TO ENCANA CORP. 34.59 1:29PM EST 0.65 (1.84%) 1,509,567 Reports, More CLM.TO CONS. THOMPSON IRON MINES LTD. 7.69 1:29PM EST 0.15 (1.91%) 1,433,068 Reports, More ELD.TO ELDORADO GOLD 18.45 1:29PM EST 0.23 (1.26%) 1,432,305 Reports, More NGD.TO NEW GOLD INC. 6.68 1:29PM EST 0.06 (0.91%) 1,389,190 Reports, More MFC.TO MANULIFE FIN 16.79 1:29PM EST 0.02 (0.12%) 1,376,866 Reports, More CVE.TO CENOVUS ENERGY INC. 29.43 1:29PM EST 0.47 (1.57%) 1,222,615 More

VOLUME LEADERS

Symbol Name Last Trade Change Volume Related Info WRG.V WESTERN ENERGY SERVICES CORP. 0.215 1:13PM EST 0.00 (0.00%) 4,015,000 Reports, More GNH.V GOLDEN HOPE MINES LTD 0.65 1:29PM EST 0.07 (12.07%) 2,789,828 Reports, More PMI.V PETROMANAS ENERGY INC. 0.335 1:23PM EST 0.03 (8.22%) 2,372,272 More CC.V CASCADE RESOURCES LTD. 0.09 1:23PM EST 0.02 (18.18%) 1,954,000 Reports, More MRS.V MEDORO RESOURCES LTD. 0.73 1:17PM EST 0.05 (6.41%) 1,556,319 Reports, More KWG.V KWG RESOURCES INC. 0.125 12:43PM EST 0.00 (0.00%) 1,551,125 Reports, More SEL.V SPITFIRE ENERGY LTD. 0.59 1:23PM EST 0.04 (7.27%) 1,442,833 Reports, More SPQ.V Spider Resources Inc. 0.16 12:52PM EST 0.005 (3.03%) 1,421,971 Reports, More WMR.V WESTMINSTER RESOURCES LTD. 0.24 1:14PM EST 0.04 (20.00%) 1,051,500 Reports, More SLV.V Stealth Ventures Ltd. 0.105 12:55PM EST 0.005 (4.55%) 1,048,000 Reports, More CAN.V CANACO RES INC. 0.93 1:28PM EST 0.03 (3.13%) 1,042,000 Reports, More BUK.V BRIDGE RESOURCES CORP. 0.44 1:19PM EST 0.01 (2.33%) 1,031,500 Reports, More FAU.V FIRE RIVER GOLD CORP. 0.61 1:29PM EST 0.05 (8.93%) 1,007,900 More SRI.V SPARTON RESOURCES INC 0.13 1:30PM EST 0.00 (0.00%) 880,030 Reports, More TK.V TINKA RESOURCES LTD 0.14 12:20PM EST 0.005 (3.70%) 834,000 Reports, More ALE.V ALANGE ENERGY CORP. 0.37 1:30PM EST 0.01 (2.63%) 752,081 Reports, More IB.V IBC ADVANCED ALLOYS CORP. 0.145 1:30PM EST 0.015 (11.54%) 673,500 Reports, More GBB.V GOLD BULLION DEVELOPMENT CORP. 0.60 1:28PM EST 0.03 (5.26%) 643,460 More MVN.V MADALENA VENTURES INC. 0.32 1:08PM EST 0.015 (4.92%) 636,200 Reports, More MMT.V Mart Resources Inc 0.215 1:22PM EST 0.005 (2.27%) 634,400 Reports, More CXT.V CRESO EXPLORATION INC. 0.33 1:30PM EST 0.03 (8.33%) 583,050 Reports, More SXL.V Slam Exploration Ltd. 0.105 1:09PM EST 0.00 (0.00%) 582,600 Reports, More AUN.V Aurcana Corporation 0.30 12:13PM EST 0.005 (1.64%) 536,200 Reports, More NAG.V NORTH AMERICAN GEM INC. 0.15 12:59PM EST 0.01 (7.14%) 500,350 Reports, More PW.V PANWESTERN ENERGY INC. 0.40 1:28PM EST 0.015 (3.61%) 487,400 Reports, More

NASDAQ VOLUME LEADERS

Symbol Name Last Trade Change Volume Related Info QQQQ PowerShares Exchange-Traded Fun 46.8321 1:31PM EST 0.2321 (0.50%) 50,824,597 Profile, Reports, More MSFT Microsoft Corporation 26.20 1:31PM EST 0.25 (0.96%) 27,201,392 Profile, Reports, More INTC Intel Corporation 21.08 1:31PM EST 0.11 (0.52%) 23,559,123 Profile, Reports, More SIRI Sirius XM Radio Inc. 1.07 1:31PM EST 0.01 (0.93%) 19,945,329 Profile, Reports, More CSCO Cisco Systems, Inc. 23.34 1:31PM EST 0.00 (0.00%) 18,112,599 Profile, Reports, More AAPL Apple Inc. 275.3501 1:31PM EST 5.1801 (1.92%) 15,749,549 Profile, Reports, More MU Micron Technology, Inc. 9.78 1:31PM EST 0.14 (1.41%) 15,239,279 Profile, Reports, More YHOO Yahoo! Inc. 15.36 1:31PM EST 0.15 (0.99%) 13,299,008 Profile, Reports, More CMCSA Comcast Corporation 18.50 1:31PM EST 0.15 (0.82%) 12,875,129 Profile, Reports, More NWSA News Corporation 13.65 1:31PM EST 0.16 (1.16%) 12,299,410 Profile, Reports, More DELL Dell Inc. 13.975 1:31PM EST 0.025 (0.18%) 11,073,228 Profile, Reports, More NVDA NVIDIA Corporation 11.86 1:31PM EST 0.15 (1.25%) 10,089,346 Profile, Reports, More MRVL Marvell Technology Group, Ltd. 18.675 1:31PM EST 0.145 (0.78%) 9,890,078 Profile, Reports, More DNDN Dendreon Corporation 34.504 1:31PM EST 2.326 (6.32%) 9,485,074 Profile, Reports, More QCOM QUALCOMM Incorporated 36.10 1:31PM EST 0.46 (1.29%) 9,392,715 Profile, Reports, More SNWL SonicWALL, Inc. 11.875 1:30PM EST 0.525 (4.63%) 9,045,950 Profile, Reports, More ORCL Oracle Corporation 23.19 1:31PM EST 0.10 (0.43%) 8,936,892 Profile, Reports, More RIMM Research In Motion Limited 58.97 1:31PM EST 0.13 (0.22%) 8,659,819 Reports, More BIDU Baidu, Inc. 76.76 1:31PM EST 0.40 (0.52%) 8,617,878 Profile, Reports, More DTV DIRECTV 36.83 1:31PM EST 0.56 (1.50%) 8,281,795 Profile, Reports, More LVLT Level 3 Communications, Inc. 1.18 1:30PM EST 0.01 (0.85%) 7,391,259 Profile, Reports, More HBAN Huntington Bancshares Incorpora 6.06 1:31PM EST 0.01 (0.17%) 7,223,824 Profile, Reports, More AMAT Applied Materials, Inc. 13.27 1:31PM EST 0.01 (0.08%) 6,720,782 Profile, Reports, More FLEX Flextronics International Ltd. 6.45 1:31PM EST 0.16 (2.42%) 6,422,727 Profile, Reports, More ATVI Activision Blizzard, Inc 11.2901 1:31PM EST 0.2499 (2.17%) 6,415,289 Profile, Reports, More

Carrigan Says Beware Of BP Downside

Back in late May I got a call from a local portfolio manager, Bob, asking for a technical opinion on BP PLC whose share price had torpedoed in reaction to the company’s Deepwater Horizon Gulf oil spill. “Take a look, Bil,l because at $41 the shares are cheap when you take into account the earnings multiple, the yield and the book value.”

Bob’s analysis was typical fundamental stuff that reason a falling stock is a better buy than a rising stock because a falling stock is “cheaper” than a rising stock which is getting “expensive.”

I advised against the purchase because the stock was falling faster relative to its industry peers Chevron Corp. and Exxon Mobil Corp. I told Bob the market is clearly worried about the Gulf oil spill and that in many cases stocks will fall ahead of changes in the fundamentals which can lag the current reality.

Today with BP trading in the $31 dollar I still have no interest in the stock because the Gulf oil spill is a crisis that may take generations to repair. Followers of this column know I have always had a “crisis what crisis?” attitude because I have never experienced a crisis that had a profound effect on our way of life.

There was no lasting impact on the capital markets related to the financial panic 1987, the 1990 invasion of Kuwait, the Asian stock market crisis of 1997, the terrorist attacks of 2001 and the Lehman Bros. bankruptcy of 2008. One could argue the Arab Oil Embargo of 1973 did contribute to the dismantling of the North American auto industry.

There has also been several sovereign defaults over the past 25 years, namely the 1982 Mexico and Latin America debt crisis, the 1997 Asian financial crisis, the 1998 Russian financial crisis and the 2002 Argentine default, all of which turned out to be speed bumps for the global equity markets.

In each crisis - no matter how horrific, the problem was solved by printing money. In each crisis - no matter how horrific – there was a beneficiary out there somewhere. One could argue gold was the recent crisis beneficiary, having posted an 11-year advance of almost 400 per cent and counting.

Now I have to concede the current Gulf of Mexico crisis as taken the term horrific to a new level. The very thought of a modern economy such as the United States wiping almost 20 per cent of their coastline is a staggering reality. The root of the problem is we see no end I sight. This is a crisis that could take a generation or more to resolve. This is a crisis that could take down the Obama presidency. This is a crisis that could alter weather patterns and disrupt energy and food production.

Now with all that in mind, what are we to do as investors?

Let us not even think of acquiring the shares of BP at these depressed levels because their entire enterprise could be at risk and as a shareholder and part owner, you become part of the problem.

As investors we have to protect ourselves and seek out the beneficiaries of this crisis and avoid the sectors involved with Gulf tourism and off-shore drilling.

Our chart this week is the daily closes of the NYSE Arca Natural Gas index plotted above the daily closes of BP. The share price of BP peaked on April 20, 2010 and began to slide in response to the initial news of their Deepwater Horizon fire and Gulf oil spill. The price declined into early May at the $40 level and then collapsed in late May on news that “Top Kill” failed to stop the oil spill.

Our upper plot of the AMEX Natural Gas Index reversed and turned upward in late May possibly in reaction to the bad news out of the Gulf relating to the series of failures to stop the crude that’s fouling marshland and beaches. Is the natural gas complex reacting to the possibility of restricted supply due to the Gulf oil spill?

Some experts claim that a blacker oily Gulf could alter the weather patterns in the U.S. which could affect U.S. food production. One has to wonder if we will see higher prices in the AGRA space due to the Gulf oil spill.

Fortunately there are two TSX listed Exchange Traded Funds that allow us to participate in the natural gas and AGRA space. I called Bob and whispered the symbols COW and ZJN and got a lot of dead air. Call your advisor and see if you get a better response.

Bill Carrigan, CIM is an independent stock-market analyst.