Wednesday-Night
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Wednesday-Night, with the help on Metastock, has a fine record of pointing out spots in a stock chart that could generate good money see Nortel chart an easy call when we combined the High P/E with the chart break. see our NT file
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Wednesday-Night 1152
This Wednesday Night returns to its origins, embracing the old quote "it's
the economy, stupid" and by inference, the Market. We will look at both,
remembering that it is suggested the U.S. electorate is more concerned with
the President's performance vis à vis the economy, than with his
performance internationally. As though the two could be separated.
Amidst the uncertainties of the market and concerns about the jobless
recovery, it is worth considering the statement from Stephen Poloz, Senior
Vice-President and Chief Economist, Export Development Canada in his weekly
report of March 10: "Disposable personal income is 3.7% higher than last
year, personal consumption spending is up about the same amount, and
household wealth has risen by 12% in the past 12 months. These are not
boom-like numbers, but they are solid and will continue to support growth."
So, will the market continue to rise?
We don't pretend to have the answers, but we will look very briefly at a
tool that may provide some help - MetaStock Professional 9.0 is
award-winning charting and analysis software for Real-time Traders.
Jacques Clément and our faithful economists, reinforced by "Uncle Hughie"
Anderson, will supply the charts to navigate the way through the evening's
topics.
For updates on the topics, check back here
Diana and David Nicholson
Wednesday Jan 7, 2004
Latest Outlook fights junk e-mail
by HUGH ANDERSON ...to improve your sex life and your business prospects ..Unwanted e-mail or spam costs money as well as time and aggravation, especially for small businesses with little time or money to spare.
[see w-n on spam] & www.unclehughie.com
see HughAnderson on WN
Direct-Access Trading Competition Heats Up In Canada
By Hugh Anderson
Toronto-based E*Trade Canada went hunting for what it called hyper-active traders, with its launch of a major enhancement package for the broker’s three-year-old Power E*Trade service
The Ferst Brothers Dominique & Jay will be present
“I know E*Trade will be a strong competitor but I welcome their arrival in our market,” says Dominique Ferst, president of Montreal-based TradeFreedom Securities Inc., the pioneer of direct-access trading in Canada.
March 26, 2004: 2:33 PM EST E-Trade to be added to S&P 500
Shares of the online broker rose more than 4 percent on the news. E-Trade is replacing FleetBoston.
NEW YORK (Reuters) - Standard & Poor's said it would add E-Trade Financial Corp. to its flagship 500 stock index and drop FleetBoston Financial Corp. from the index after the close of trading on March 31.
WN daytrader Archive file
 Trade 125 + times per month and get point and click trading and direct access with US ECN
 QUESTRADE CyberTrader Pro & CyberX2
 SwiftTrade was founded in 1997 by Peter Beck, Charles Kim, and Joseph Ianni. Headquartered in Toronto, Ontario, Swift Trade is the first and the largest Direct Access Electronic Trading Centre in Canada with Offices across Canada, Europe, and Asia. The firm?s Proprietary Traders actively trade the NASDAQ, NYSE and AMEX markets, executing tens of thousands of transactions representing upwards of 100 Million shares daily. Today, SwiftTrade is expanding rapidly, and will have 30 Offices open by the end of 2004
Friday Jun 28, 2002 cbc SWIFT TRADE SECURITIES ACCUSED OF FRAUDULENT TRADING SCHEME
Swift Trade Securities - which gained fame as Canada's first
day-trading brokerage firm - is facing allegations that it engaged
in a fraudulent trading scheme involving fictitious "wash" transactions.
Wed 1152 News slide show | Latest
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NP story on W-N
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Photos are of some the guests expected for this 1152 Wednesday-Night
Wednesday Night Salon
# 1152 March 31st, 2004
Wednesday Nighters again paid homage to the late Pierre Sévigny, Sir Peter Ustinov & Alistair Cooke, three greats in our world.
Wednesday Nighter Harry Mayerovitch O.W.N. was again congratulated for celebrating the start of his ninety-fifth year of life by publishing his latest book, “Way to Go.” His publisher Drawn & Quarterly will launch the book on Saturday April 3rd at the Blue Metropolis Festival.
Hubert Marleau, a new guest, was an asset ON THE ECONOMY throught the evening.
Dick Clarke’s recollections have met with varied reactions from Wednesday Nighters, ranging from whether the Iraq invasion was petroleum-based rather than a counter terrorism operation. That the September 11 attack was sponsored by Al Qa’Ida is not subject to debate, although the only ones shooting at Americans were the Iraqis in the no-fly zone . President Bush’s 2004 election campaign will undoubtedly be largely driven by his claims to success in counteracting terrorism.
Tuesday 30 Mar 2004 ts 9/11 allegations divide Americans
WASHINGTON—Americans are split on the question of whether U.S. President George W. Bush ignored warnings of the 2001 Al Qaeda terrorist attacks, even after the White House unleashed a week-long counterattack to discredit its accuser, Richard Clarke.
As for oil, although it is claimed that all five of Saudi Arabia’s oil fields have been contaminated by water, it is likely that Russia and not the Middle East will be the major supplier in the foreseeable future. There has been some concern about the price of oil in the future, with predictions of the price of crude rising to a possible fifty dollars per barrel in the face of cutbacks in world production by OPEC. However, the annual increase in the sale in China of one million new vehicles and the purchase of incredible numbers of S.U.V.s in the U.S. would indicate that consumers are not that concerned about the ever-increasing cost of petroleum products. The price of gas is down in Europe and the increase in the U.S. is largely due to the decline in the U.S. dollar. In fact, in constant dollars, there has been no increase in the price of oil.
Whatever his motives for invading Iraq, it is certain that withdrawal of the U.S. from that country would not only serve to accord validity to terrorism and reinforce the image of the U.S. as a government that does not finish what it starts, but would also inevitably draw the U.N. and/or its member nations into the situation. Canadians might do well to ponder what our role might or should be when this happens. [Editor's Note: the Wedesday Night discussion predated the appalling news and video scenes from Fallujah of the murder of 4 American security guards and the mutilation of their bodies which have generated more outrage aong Americans than any other event in the war and post-war period. What influence this and the ongoing Congressional enquiry may have on the November polls]
With extended waits for cancer therapy, questions are starting to arise as to our ability to continue to pay for medicare. Those posing the question appear to draw a distinction between the government and the electorate. To illustrate the flaw in this reasoning, one might ask whether the insurance companies can afford to continue to insure properties against fire. The government of Canada has decreased its contribution to medicare over the years and although the current government of Québec has injected a considerable amount of money into the medicare plan, poor planning, linguistic roadblocks and unwillingness to pay adequate incentives for overtime in areas of shortage have proven a guarantee of continuing problems. The failure to integrate qualified foreign practitioners into the system has exacerbated the problem.
Wednesday 24 Mar 2004 cbc
NEW MONEY FOR PUBLIC HEALTH EMERGENCIES
The federal government will spend $665 million over two years to respond
to public health crises, including $165 million to help establish a
national public health agency.
Gold
Gold is beginning to come into its own again with some predicting the price may rise to five hundred dollars an ounce. The sudden interest in the acquisition of gold runs counter to the climate of uncertainty and deflation that spurred previous events. Perhaps it is being fuelled by the belief that the U.S. dollar might be in danger of ultimate collapse, but to some who have studied the situation closely, it appears that the U.S. is building a two-tiered empire of those nations whose currency is tied to the U.S. dollar and those whose currency is semi-pegged to it. It is claimed that when the trade deficits and surpluses of the whole are taken into account it is in complete balance. In effect, the U.S. has become the central banker to its sphere of fiscal influence. The electronic market has become the e-Bay of the financial field with a infinite number of products offered and traded evenly in thinly traded products. This has resulted in a transparency unprecedented in the field
JACQUES CLÉMENT’S REPORT ON THE ECONOMY
CANADA - ECONOMIC and FINANCIAL UPDATE
Gross domestic product (by industry) in January was negative due to a decline of over 3% in wholesale sales, 5% decline in imports and exports, weak shipments, stagnant business spending, weak employment and consumer confidence tumbling as a result of the substantial rise in gasoline prices and strong Canadian dollar. I still expect Bank of Canada to ease policy on April 13 by ¼% to 2% despite retail sales rebounding by 1½% in January. The Canadian dollar trading range: 75 cents U.S. to 77 cents U.S., supported by the continuing strong commodity prices.
QUÉBEC BUDGET
Considering the legacy of over five billion hidden deficit and losses on bad loans and investments by the previous administration, it is remarkable that the Finance Minister was able to eliminate 90% of it and forecast fiscal 2003-2004 to end with a deficit of less than four hundred million. The government should have no problem in selling eight hundred and eighty million dollars of assets and investments , given the strength of the real estate market. The anti-deficit law will be respected. The 115 billion debt as a percentage of provincial domestic product will be similar to the federal government at 42% in the new fiscal year. Although the one billion dollar tax reduction will not take effect until January 1, low revenue families, children, poor and handicapped people will mainly benefit. Health, with one billion dollar additional spending, with a twenty billion budget, makes it the largest in Canada. The main losers in this budget are the City of Montreal, the Transport Commission and the moderate increase for education. This was a very responsible and transparent budget with positive proposals for business and simplified fiscal system.
U.S. ECONOMIC and FINANCIAL UPDATE
The focus will be on March employment data to be released Friday. Over 100,000 new jobs are expected following very strong economic recovery since mid-June last year. First quarter G.D.P. is expected to rise by over 4½%. Factory orders recovered somewhat in February. New home sales rebounded by close to 6% and existing home sales by 2%. Corporate profits and margins remain strong. Durable goods orders rebounded by 2½% in February. Both Michigan and the Conference Board consumer confidence have improved slightly. Personal and disposable income continue to rise moderately as does consumer spending.
Gold is heading for $450 U.S. and should trade between $420 U.S. and $430 U.S. in the near term. Crude oil is heading for $40 U.S. in a near term trading range of $ 35 U.S. to $40.00 U.S., following OPEC’s decision to cut output by 4%.
EUROPE
The Euro is trading between $1.22 U.S. and $1.24 U.S., expecting the possibility of the European Central Bank easing policy tomorrow with inflation (1.6%) at its lowest in four years, very moderate increase in G.D.P., industrial production decline in France, Germany and Italy, second consecutive decline in business confidence in Germany, the lowest in five months. Institutional and investor sentiment sharply dropped in March to its lowest in sixteen months. France, Germany and Spain have a rate of unemployment of 10% to 11%.
QUOTES of the EVENING
- “You’re not allowed to make a mistake if you’re National Security Adviser.”
- “The invasion of Iraq was the most successful and least costly invasion in history. That spoiled it. ... Things are not going from bad to worst .. They are going from wonderful to normal.”
- “A million new cars ... every year in China ... Americans are buying SUV’s. ... Do consumers really care about the price of gas?”
- “Gold is no longer a measure of inflation.”
- “The market doesn’t like uncertainty. If there is uncertainty, October will be a difficult time.”
Question: “Why will Paul Martin call an election?”
Answer: “Because it can only get worse.” ....now he may go sooner
Notes by Herb Bercovitz • & Edited by Diana Thébaud Nicholson
2004 W-N Links for #1152
Globe chart
![[Most Recent Quotes from www.kitco.com]](http://kitconet.com/images/sp_en_6.gif)
Wednesday 31 Mar 2004 FGT found 37 Diamonds see FGT
2004 Notes for #1152
Please give all my best wishes to Diana and the WN gang: Most wednesday nights I have been giving speeches all over the Island. Next week, it's Dorval, the 14th It's DDO..... Tonight, I'm packing, as I move on Friday. Miss you all. Once settled, I'll be back in my little chair at the corner of your table
Peter F. Trent OWN
Tuesday 30 Mar 2004 cbc
QUEBEC BUDGET DELIVERS TAX RELIEF FOR FAMILIES
Quebec delivered a balanced budget Tuesday that pledged to return $1
billion to taxpayers.
Tuesday 30 Mar 2004 cbc
NYSE SPECIALIST FIRMS IN $241M SETTLEMENT OVER IMPROPER TRADING CHARGESM
The U.S. Securities and Exchange Commission has agreed to a $241 million
US settlement with five New York Stock Exchange specialist firms accused
of improper trading activities.
Sir Peter Ustinov, one of Britain's most respected actors, has died aged 82. "In Britain they'll remember him because he made them laugh" Video | photos
Tuesday 30 Mar 2004 cbc
BROADCASTING LEGEND ALISTAIR COOKE DIES AT 95
Legendary British-born broadcaster Alistair Cooke, known for his
long-running series Letter from America and for hosting
Masterpiece Theater, has died at the age of 95.
Tuesday 30 Mar 2004 ts 9/11 allegations divide Americans
WASHINGTON—Americans are split on the question of whether U.S. President George W. Bush ignored warnings of the 2001 Al Qaeda terrorist attacks, even after the White House unleashed a week-long counterattack to discredit its accuser, Richard Clarke.
Wednesday 31 Mar 2004 ts
Bush bows to pressure on 9/11
WASHINGTON—U.S. President George W. Bush, in a dramatic about-face under extraordinary pressure, has allowed National Security Adviser Condoleezza Rice to testify publicly and under oath about his government`s actions in the lead up to the 9/11 terrorist attacks.
Tuesday 30 Mar 2004 ts  Irish stew over smoking ban
DUBLIN—Smokers hid in toilet stalls yesterday as Ireland`s ban on tobacco in the workplace — including the country`s 10,000 usually smoky pubs — began its first divisive day. see WN on Smokes
Saturday 20 Mar 2004 ts
Inflation rate falls to 0.7% in February
Lower gasoline prices and a higher dollar helped drag Canada`s annual inflation rate down to 0.7 per cent in February, its lowest level since late 2001.
Wednesday 24 Mar 2004 Would you please try to make WN more boring when we are away? It is
the only thing that makes us miss Montreal in the winter.
Off to Tonga in the morning.... Cleo. and JC
David,
A last minute hitch in my plans will prevent me from attending tonight's gathering. Please convey my regrets and sympathies to the Sevigny family.
Sonny Mass
Saturday 27 Mar 2004 TORONTO: POLL RESULTS INDICATE MINORITY GOVERNMENT
A new poll suggests Prime Minister Paul Martin still has a lot of
work to do to win back Liberal support in the wake of the sponsorship
scandal in the Department of Public Works. The Ipsos-Reid survey
finds the Liberals have the backing of 38 per cent of decided voters
-- the same as they did three weeks ago. Ipsos-Reid says at 38 per
cent, the Liberals would likely win a minority government. The
Conservatives are at 27 per cent -- up one point from the last poll,
while the NDP is at 15 per cent -- down two percentage points. The
poll also finds that 48 per cent of Canadians think Mr. Martin should
call a spring election, and 47 per cent think he shouldn't.
Saturday 27 Mar 2004 cbc
PENSION REGULATOR TELLS AIR CANADA TO RESOLVE $1.2 BILLION SHORTFALL ISSUE
Air Canada was told by the federal pension regulator Friday that it
needs to move quickly to resolve issues surrounding the $1.2 billion
shortfall in its pension plan.
Wednesday 24 Mar 2004 ts
ROYAL BANK SEES ECONOMY GROWING FASTER THAN OTTAWA'S FORECAST
Canadian economic growth this year will be about half a percentage point
stronger than the federal government predicted in this week's budget, a
Royal Bank economist said Wednesday.
Wednesday 24 Mar 2004 ts
Ottawa takes aim at debt
OTTAWA— Homeowners aren`t the only ones benefiting from lower borrowing costs.
Saturday 20 Mar 2004 ts
Government to unload stake in Petro-Canada
Ottawa—Ottawa will sell its remaining stake in Petro-Canada, a move that will raise nearly $2 billion for the federal government`s coffers after expenses and remove the last vestiges of a 30-year-old irritant to western Canada.
Tuesday 16 Mar 2004 Dear David and Diana,
Oh how we miss you. Sorry for all the silence, we are happily marooned in the Pacific. New Zealand for now, soon on to Tonga and possibly Samoa. The plans were to go to Kiribati, but Air Kiribati just went belly up, so flexibility is the watchword of the day.
We expect you to have all the world's woes solved by the time we return. All the best,
Cleo and Jens Christian
Sat., April 3, 2pm.
Been there, done that
Cover story: Montreal's oldest living hipster, Harry Mayerovitch, 93, talks about life and art at Blue Metropolis
click for story by SARAH MUSGRAVE | click for the first [1996] WN Web story
Dear David
Many many thanks for the elegant plug. You and Diana sit right at the heart
of my galaxy of generous friends.
Harry
Preview this week's slide show
w-n 1152 | past 1141 w-n slides
Please click here to see new/updated pages since last visit
January We Got Him!Eliot A. Cohen, who kindly contributed this article, is professor of strategic studies at the Paul H Nitze School of Advanced International Studies, Johns Hopkins University.
 Stephen S. Poloz VP EDC Economics Weekly Commentary
Chinese Economy Should Gear Back - March 31, 2004
Past issues
David and Diana:
One of these days, I'm actually going to make it down to Montreal on a Wednesday night to see everyone again. Thanks for keeping me in the loop, and best wishes to all.
Steve Poloz
Thanks very much for this, David and Diana. Steve Poloz is good value for
money--good value not for money, too. But I'm afraid I can't make it. In my
domesticated incarnation I'm simply not allowed to go out late.
Cheers, Bill Watson
Wed 1151 Mar 24th., 2004 homage to Pierre Sévigny then Harry Mayerovitch O.W.N. new book Air Canada’s pension dispute with Thomas Windmuller VP IATA Leo Ryan & Wife Sophie Brzozowska; our Dr. Alexandra Tcheremenska-Greenhill MD; Sabra Ledent; Ron Meisels chartest Peter Ratzer pensions Dr. David Mitchell & Jacques Clement ; Glenn Goucher CFA, Vice President - Marketing & Sales, MONTREAL DERIVATIVES EXCHANGE;
Album Notes by Herb Bercovitz Art | slides | 2400x299 pre 1151 | webshots.com for more pans
 Wed1151
 Wed1153
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Bloomberg
Andy Nulman 
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