BullMarketRun.com

Gold moved slightly above $1,300 earlier today but has backed off to $1,297 (unchanged for the day) as of 10:35 am Pacific…the U.S. Dollar hit an 8-month low this morning, just above 79 on the Index…the CDNX continues to struggle trying to stay above 1700…the Venture got as high as 1708 shortly after the open but has drifted back down to 1695 for a loss of 5 points on the day…this kind of action shows the CDNX’s upside momentum is temporarily waning which leads further credence to John’s analysis last Thursday that an imminent minor correction is in the works…a pullback of 5% or so would be a healthy development from a technical standpoint…an unwinding of current overbought conditions would certainly allow the CDNX to gear up for an eventual successful push through 1700…Gold Bullion Development (GBB, TSX-V) is firmer this morning at 57 cents, up 2 pennies…the realization is sinking in that Gold Bullion’s 54-cent financing ($6 million) makes a lot of sense and will put the company in an excellent position to get even more aggressive in developing the Granada Gold Property…Seafield Resources (SFF, TSX-V) is unchanaged at 25 cents after dropping as low as 23.5 cents this morning…we’re very bullish on Seafield’s Quinchia Project in Colombia and we’re looking forward to an exploration update from the company in the very near future…Richfield Ventures (RVC, TSX-V) is off 17 cents to $2.59…there is very strong technical support for Richfield between $2.25, an area of previous strong resistance, and 2.45 where the rising 20-day moving average currently sits…the company is waiting for CDNX approval on its nearly $15 million financing at $1.95…some weakness continues in Sidon International (SD, TSX-V)…the stock is off another half penny to 12 cents…as the old adage goes, successful traders and investors buy into weakness…we see 10 cents as the “line in the sand” that Sidon is not likely to cross as there is rock solid technical support at a dime which is also just above the stock’s rising 100-day moving average…