BullMarketRun.com

Markets are weak this morning with gold off $23.00 an ounce to $1,103 as of 9:15 am Pacific time, while the CDNX has shed 14 points to 1,561…the Venture Exchange has looked a little short-term “toppish” in recent days, stalling about 50 points below its 52-week high, and the possibility of a retreat to the 1,500 level (just above the 50-day moving average) now has to be considered a strong possibility…for the first time in over a year, the CDNX’s 50-day moving average has started to decline – albeit very marginally – and this raises some short-term technical concerns…this market has had a nice run (up 10%) since the lows of early February, so a pullback of half those gains would take the Index back down to just above 1,500 which would be a very attractive re-entry point across the board…we’ll see how things play out over the next couple of trading sessions, but we believe it would be wise to lock in at least some profits and raise some cash in the event of a 5% or so CDNX pullback…Gold Bullion Development (GBB, TSX-V) has traded a whopping 4.3 million shares already today and hit a new 52-week high of 29.5 cents…it’s currently down half a penny to 27 cents…maintaining a core position in this stock and a trading position would be a wise and effective strategy…strong new technical support for GBB is now at 25 cents, up from the previous 21 cents…we’re still sorting through information we gathered from our Granada Gold Property visit Monday through Wednesday, so we’ll be reporting more on GBB next week…we’re also preparing a report on Seafield Resources (SFF, TSX-V) which is looking very attractive in the mid-20’s…Colombian Mines (CMJ, TSX-V) and Richfield Ventures (RVC, TSX-V) have both enjoyed strong weeks and we’ll be reviewing them in more detail in our Week in Review feature which we will be expanding this weekend due to the fact we have so much to cover…we had a great trip to Rouyn-Noranda, Quebec, and we thank everyone there for their tremendous hospitality…