Hi Rim and Jokal.

I will enter the New Year with renewed optimism. Lots of changes coming in 2009. New US government (good or bad, who knows (not me)), but at the very least it will be different.

My main hope is that the majority of bad news is already out there.

I spoke to the manager of my local TD bank today. She told me that TD had just released their economic report for next year. The bones of it are that the Canadian economy will continue to deteriorate ealy in the New Year, but will (should) pick up towards the end of the 2009.

This is a forecast that I have heard quite a bit recently. The stock market tends to be a leading indicator of the economy. So we should be looking at a recovery in the stock market first. There may be a rally after all the tax lose selling is over. I think December 23rd is the last day to get the tax lose sales in before the end of the financial year. So the last few days of the year should be interesting.

I keep saying that the good and great companies will recover first and recover the most. I believe Points is very firmly in that category. Poor companies may not recover at all and may have to be broken up and sold off.

If people like yourselves have held on this long already I would certainly suggest keeping at least most of your shares of Points for the next 6 - 18 months. Maybe do some trading on the high and lows. If I was to guess based on the growth of Points then I would hope for a price of $1.50 to $2 by end 2009. Any major deals or Google type tie ups would of course change my 'guess' completely.

Have a Merry Christmas and a healthy and prosperous New Year.

Pete