Stockhouse @ the Bell: TSX's 2012 gains gone; Worst Dow day this year

Today on Stockhouse

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Ryan Fitzwater of Investment U describes the art of trading penny stocks.

Top Bullboards post: “Drilling to date has not completely defined the limits of Côté Lake mineralization. RPA notes that the limits of the Côté Lake gold mineralization have been delineated to the southwest direction, but the deposit remains open for expansion locally in other directions, in particular to the north and to the southeast. Drilling to date is conducted primarily on sections spaced at 100 m. In 2011, Trelawney carried out somein-fill drilling at the Côté Lake deposit on 50 m spaced sections, which has allowed part of the northeastern domain of the deposit to be classified as Indicated Mineral Resources. Trelawney has a total 2012 budget of $26.8 million for surface exploration of the Côté Lake deposit and other parts of the Chester Property. The budget is weighted largely towards the Côté Lake deposit, which is located 100,000m of diamond drilling. Trelawney’s objective is to advance the Côté Lake Mineral Resource estimate to the Indicated category by the end of the 2012 drill program, as well as to expand the current Mineral Resource. Trelawney also plans to conduct some condemnation drilling in areas that will have proposed tailings and waste rock piles.” From letsgetready on the Trelawney Mining and Exploration (TSX: V.TRR, Stock Forum) board.

Top Bullboard: Orbite Aluminae (TSX: T.ORT, Stock Forum) received the most reads and the second-most posts.

Top blog:littleguy123 explains what he means by precious metals déjà vu for Morgan Stanley in the Outside the Market blog.

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

Word on Wall Street

"We've had a really strong run and we've needed a correction, so it makes sense for people to take profits off the table," said Weyman Gong, chief investment strategist at Signature, in an interview with Reuters. "Still, if we go down further, we might use that as an opportunity to add exposure."

Today In The Markets

China worries hammer TSX

DJIA	12,715.93	-213.66
NASDAQ	2,991.22	-55.86
S&P500	1,358.59	-23.61
S&P/TSX	11,935.29	-83.21
S&P/TSX Venture	1,431.10	-17.55

TORONTO-NEW YORK (The Canadian Press) - The Toronto stock market closed sharply lower Tuesday, wiping out the last of the TSX’s gains for the year as Chinese trade data added to worries that economic momentum is faltering.

A new round of worry about the European debt crisis also drove the market lower as Spain was forced to pay bigger returns to attract investors to its bonds, a sign that people are becoming more wary about the Spanish government.

The S&P/TSX composite index fell 83.21 points to 11,935.29, in a fifth-straight day of losses. It was the market’s first close below 12,000 since Dec. 30 and leaves the TSX about 20 points below where it started the year. The TSX Venture Exchange was off 17.54 points to 1,431.1.

Please click here for the complete U.S. and Canadian market summaries.

After-Hours News

Alcoa (NYSE: AA, Stock Forum)
After Tuesday’s close, the aluminum producer reported first-quarter net earnings of $94 million, or nine cents a share. Earnings excluding the impact of special items were 10 cents a share, and revenue rose slightly to $6 billion from the year-ago quarter. Analysts expected a loss of three cents a share on $5.77 billion in revenue.

Midas Gold (TSX: T.MAX, Stock Forum)
The gold junior, after Tuesday’s closing bell, announced additional assay results from the ongoing core and reverse circulation drilling program on its Golden Meadows Project in the Idaho, which included 92.7 metres of 2.90 g/t gold.