This was a horrible week for the stock market – the CDNX plunged 7.5%, the TSX was off 4.4%, the Dow declined 5.7% while the Nasdaq was off 7.9%.
Precious metals performed well and Gold closed the week at $1,208. There appears to be little doubt that Gold is going to jump to new highs. Theoretically, that should provide support to the gold-sensitive CDNX.
The CDNX showed some encouraging resilience today. It was down as much as 29 points this morning but recovered some of those losses by the end of the day to close down just 13 points at 1549. The CDNX is “on the edge”, as we mentioned in an article last night, and it can’t afford to fall much further without suffering some very serious technical damage and the possibility of a much more significant correction. For now, though, we’re maintaining our position that the CDNX will find its footing at current levels (in the vicinity of its rising 100-day moving average) and start to move higher.
We have some interesting charts and articles we’ll be posting throughout the day tomorrow, so be sure to check back here over the weekend for some helpful information prior to the start of what promises to be another volatile trading week.
2 Comments
I truly respect BMR comments and analysis during this terrible week …. GBB, SD, NAR will be the stars in this year. I have adjusted my forecasts to three stock price as follow:
May 10
GBB Close at 0.39 High 0.40 Low 0.36 volume: 3.6 million shares
SD Close at 0.07 High 0.07 Low 0.06 volume: 2.5 million shares
NAR Close at 0.22 High 0.22 Low 0.20 volume: 180,000 shares
May 11
GBB Close at 0.38 High 0.41 Low 0.37 volume: 2.2 million shares
SD Close at 0.70 High 0.70 Low 0.065 volume: 1.7 million shares
NAR Close at 0.21 High 0.22 Low 0.20 volume: 110,000 shares
May 12
GBB Close at 0.40 High 0.42 Low 0.38 volume: 2.9 million shares
SD Close at 0.70 High 0.75 Low 0.65 volume: 2.3 million shares
NAR Close at 0.21 High 0.21 Low 0.20 volume: 135,000 shares
May 13
GBB Close at 0.39 High 0.40 Low 0.375 volume: 1.6 million shares
SD Close at 0.65 High 0.65 Low 0.60 volume: 800,000 shares
NAR Close at 0.22 High 0.225 Low 0.215 volume: 225,000 shares
May 14
GBB Close at 0.42 High 0.435 Low 0.40 volume: 3.7 million shares
SD Close at 0.70 High 0.75 Low 0.65 volume: 4.2 million shares
NAR Close at 0.24 High 0.255 Low 0.225 volume: 374,000 shares
Disclaimer: THIS IS ONLY A FORECAST …. NOT INTENDED TO RECOMMEND FOR A BUY OR SELL ORDER…. ALL BUY OR SELL WILL BE AT YOUR OWN RISK AND RESPONSIBILITY.
I truly respect BMR comments and analysis during this terrible week …. GBB, SD, NAR will be the stars in this year. I have adjusted my forecasts to three stock price as follow:
May 10
GBB Close at 0.39 High 0.40 Low 0.36 volume: 3.6 million shares
SD Close at 0.07 High 0.07 Low 0.06 volume: 2.5 million shares
NAR Close at 0.22 High 0.22 Low 0.20 volume: 180,000 shares
May 11
GBB Close at 0.38 High 0.41 Low 0.37 volume: 2.2 million shares
SD Close at 0.07 High 0.07 Low 0.065 volume: 1.7 million shares
NAR Close at 0.21 High 0.22 Low 0.20 volume: 110,000 shares
May 12
GBB Close at 0.40 High 0.42 Low 0.38 volume: 2.9 million shares
SD Close at 0.07 High 0.075 Low 0.065 volume: 2.3 million shares
NAR Close at 0.21 High 0.21 Low 0.20 volume: 135,000 shares
May 13
GBB Close at 0.39 High 0.40 Low 0.375 volume: 1.6 million shares
SD Close at 0.065 High 0.65 Low 0.06 volume: 800,000 shares
NAR Close at 0.22 High 0.225 Low 0.215 volume: 225,000 shares
May 14
GBB Close at 0.42 High 0.435 Low 0.40 volume: 3.7 million shares
SD Close at 0.070 High 0.75 Low 0.065 volume: 4.2 million shares
NAR Close at 0.24 High 0.255 Low 0.225 volume: 374,000 shares
Disclaimer: THIS IS ONLY A FORECAST …. NOT INTENDED TO RECOMMEND FOR A BUY OR SELL ORDER…. ALL BUY OR SELL WILL BE AT YOUR OWN RISK AND RESPONSIBILITY.