BullMarketRun.com

We’re posting very early today due to travel commitments…Gold is trading in positive territory overnight…as of 3:30 am Pacific, the yellow metal is up $8 an ounce at $1,502…Silver is 8 cents higher at $35.02 while crude oil has climbed 64 cents to 99.08…the U.S. Dollar Index is up one-tenth of a point at 75.17…the CDNX managed to close above 2000 yesterday though not with a great deal of conviction (it climbed 10 points to 2002)…today’s trading will be important to watch to see if there is any follow-through buying and a pick-up in volume (we’re heading into a long weekend in Canada, however, as Monday is a holiday with no trading activity) that will push the Index more comfortably above 2000…the Venture is off 250 points this month or 11%…the Dow is off 1.6%, the Nasdaq is down 1.8% while the TSX has declined 2.3%…this extent of this divergence between the CDNX, a very reliable leading indicator, and the broader markets is certainly disturbing…Bank of Canada Governor Mark Carney made some candid remarks at a private dinner Wednesday night that were meant to be “off the record” but got circulated nonetheless, the Globe and Mail reported this morning…“He doesn’t see the U.S. as addressing its fiscal issues until after 2012, and is concerned that the bond market isn’t sending America the signal that it needs to act due in part to huge central bank holdings of Treasuries,” Avery Shenfeld, the chief economist at CIBC World Markets, said in a widely circulated note…”the tone was generally pessimistic on developed economy prospects, saying that we are still in the financial crisis (likely alluding to the hangover from fiscal stimulus in terms of sovereign debt, and the U.S. housing mess), and that judgments on how well Canada came through it should probably not be made until we can look back five years from now”…John has two chart updates this morning – one on Levon Resources (LVN, TSX-V) which just completed a $40 million financing at $1.95, and the other on Great Panther Silver (GPR, TSX) which has declined 42% since its $4.90 high March 7…Levon is actually up since March 7, the day the CDNX began to reverse course and the correction set in…Levon is developing a very promising Silver-Gold-lead-zinc project (Cordero) in northwest Mexico…it jumped 16 cents yesterday to $1.95, just 3 pennies below its 20-day moving average (SMA)…the stock appears to have hit an important low of $1.71 this week and John likes what he sees…

The very volatile Great Panther has not performed nearly as well as Levon over the past couple of months and may need to consolidate further between $2.50 and $3.00 as John outlines below…

Barring an overall market meltdown, we have a sense that Gold Bullion Development (GBB, TSX-V) may have bottomed out in the mid-30’s this week…GBB jumped 4 pennies yesterday to close at 41.5 cents…Currie Rose Resources (CUI, TSX-V) is getting very close to commencing a drill program in Tanzania and we like that story a lot given the truly exciting potential of the Sekenke Gold Project…CUI closed up half a penny at 17 cents yesterday…it has held up extremely well during the market weakness of the past month and may finally be ready to break out by late this month or early June…Gold Canyon Resources (GCU, TSX-V), which has climbed 26 cents to $3.20 the past two days, could be gearing up for another major run to the upside…technically, what we’re looking for in GCU is a reversal in its 20-day SMA which could be just a few days away…