HFU

The title is not short hand of some coarse languages, don't worry. It's the Canadian Financials ultra long ETF I bought today at $17.03.

I know the overall market did not start with good upward moving in 2008, but with strong oil and gold, Canadian market did go up 2 days in a row, how surprising.

But, the financials did not follow the index. HFU is now sitting at a price very close to the lowest set in November 2007. I did not commit all my money, just a first dip to test the water. I think given that Canadian banks have less problem related to credit crunch (but still there is ABCP problem) as their US peers, Canadian financials should have some short term upside potentials.

We'll see how it plays out.

My FXP battled to go up passed $80. I guess I'll liquidate it if it hits somewhere like $82. I guess I'll take a look at the market before it opens tomorrow (as US is reporting job data tomorrow before market opens) and see should I put in a limit order.

Quite surprise me too is FMCN, which went up 2 days in a row in a down market. I guess people really like its acquisition of CGEN, which is a direct competitor. I guess if resource allows, I can consider VISN as well. VISN's revenue number doesn't look bad.

Nintendo held up very well as well. I guess nothing I can complain about.

Given the market action today, doesn't look very good to QQQQ or QLD. The Nasdaq was holding up for most of the day, only to see it turned red in the late afternoon. XLF is at the November's low already, if there will be a rebound we should see it tomorrow comes with the excuse of the job report, or expect XLF to make a lower low.