Today on Stockhouse

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Andrew Mickey explains why Buffett, Grantham, and China are all buying.

If Reagan can do it, why not Obama? asks Sy Harding.

John Whitefoot discusses recession proof penny stock companies.

Jud Pyle provides an update on down banks.

Obama budget to hit HMO stocks, says Dr. Joe Duarte.

Buzz on the Boards stopped by the NOVA Chemicals (TSX: T.NCX, Stock Forum) and Homeland Energy Group (TSX: T.HEG, Stock Forum) Bullboards.

Top Bullboards post: “I don't think we are going to see gold tanking anytime soon. Sure it's down a few bucks today but the long-term trend is still up. Forget TA and gold fundamentals for a moment ... If you take a big-picture macro-economic view of things you'll realize that it's gonna get ugly before things improve on the economic front....and that will drive gold to higher levels not seen before [sic].” – From TZero on the Horizons BetaPro S&P TSX Global Gold Bull Plus ETF (TSX: T.HGU, Stock Forum) Bullboard.

Top Bullboard: NOVA Chemicals (TSX: T.NCX, Stock Forum) ended the day with the most posted Bullboard on Stockhouse.

Top blog: goodinfo11 discussed market "SlumDogs" Monday on the Goodinfo's Blog "About Nothing".

For news about small stocks that made big moves in Monday trading, please read the Stockhouse Canadian Small and Micro-cap Stock Report.

Word on Wall Street

"There's just uncertainty about what stance the government will take, whether there's nationalization or not, or some form of it that we're in currently. But it doesn't matter, the economy remains weak, the market is worried about earnings," Peter Boockvar, equity strategist at Miller Tabak & Co. told Reuters.

Today In The Markets

TSX falls through November lows as economic worries slam stocks

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TORONTO, NEW YORK (CP) - The Toronto stock market fell through its most recent lows set last November on Monday as a fresh wave of pessimism trumped assurances from U.S. regulators on the financial system.

Toronto's S&P/TSX composite lost 302.32 points to 7,647.67, after the financial sector led to a drop of 8.4 per cent last week. The TSX Venture Exchange lost 13.96 points to 878.94.

New
York indexes revisited 1997 levels as investors succumbed to their growing worries about a recession that has no end in sight. The Dow Jones industrials fell 250.89 points to 7,114.78. The Nasdaq composite index declined 53.51 points to 1,387.72 while the S&P 500 index slipped 26.72 points to 743.33, falling to 1997 levels.

Please click here for current U.S. and Canadian market summaries.

After-Hours News

Nordstrom Inc. (NYSE: JWN) After Monday’s close, the upscale Seattle-based department store said its fourth-quarter net income fell to $68 million, or 31 cents a share, from $212 million, or 92 cents a share, during the same period last year. Analysts expected earnings of 30 cents a share. Revenue slipped to $2.3 billion from $2.51 billion. In 2009, Nordstrom expects earnings of $1.10 to $1.40 a share and sees same-store sales falling 10% to 15%.

Animas Resources(TSX: V.ANI) The junior explorer, after Monday’s closing bell, reported assay results from eight of the remaining 11 holes of the 2008 core drilling program completed on its 100% owned Santa Gertrudis Property in Mexico, which included an intercept of 26.6 meters at 1.405 grams per tonne (g/t) gold.