X Toronto Stock Exchange.

x feb 2011

The TSE does in six months what it took one hundred years to do. Everyday we are up 50/100 points no matter what the news. We have one Fed. member saying that we are pushing the envelope. another saying that we should seriously review QE2. China increases interest rates, now at about 6%-plus, but here in Canada we still believe the nonsense about our great banking system etc.etc. I will stick to the basics. This is a sell, period!

The stock looks to open today at around $42.60 up about 2 1/2dollars from yesterday’s close. The TSX will end up as a minority shareholder of the new company, clearly it is seen as the pig in the Ham & Eggs joint venture. There are lots and lots of regulatory issues that need to be dealt with and one can only wonder how they are going to assert that this is in the interest of Canada after the Potash nonsensical position. The OSC, which has no teeth will have to step aside for the English version, FSA. All of this can get very messy! Reported earnings for the quarter (came out this morning) were lower than expected and below last years by about 20% or so.