Gold is attempting to finish the week on a positive note…as of 6:00 am Pacific, the yellow metal is unchanged at $1,643…Silver is also flat at $31.80..Copper is up a nickel at $3.71…Crude Oil has gained $1.08 a barrel to $103.35 while the U.S. Dollar Index is off one-quarter of a point at 79.29…
China Opens Up More
China is poised to boost quotas on outbound investment schemes to $100 billion and cut barriers to moving foreign currency in and out of the country in a series of swift but small steps to crank open its tightly controlled capital account, according to a report from Reuters this morning…sources in close, direct contact with the People’s Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) say reforms are ready to be rushed out over the next 12 months to boost two-way capital flows, drive diversification of business finance and accelerate corporate currency hedging…Beijing took a milestone step in liberalizing its currency regime last week, doubling the daily onshore trading band for the yuan to 1 percent. The move underlined its desire for reforms designed to ease speculative pressures in the economy and re-balance capital flows, while taking the country one step closer to its goal of a basically convertible yuan by 2015…
IMF Euro Zone War Chest To Get A Boost
Major emerging powers stood ready today to pledge money to bolster the International Monetary Fund’s crisis-fighting war chest, though Brazil was holding out for promises that their voting power at the global lender would increase…Reuters is reporting this morning that, according to Russia, G20 advanced and emerging countries were ready at a meeting today to commit enough new funds to fulfill IMF chief Christine Lagarde’s request for at least $400-billion (U.S.) to draw a line under the euro zone crisis…
Today’s Markets
European markets are higher today as a rebound in bank shares offset losses in the tech and energy sectors…China’s Shanghai Composite Index was up by more than 1% overnight to close back above 2400 for the first time in over a month…
Stock index futures in New York are pointing toward a positive day on Wall Street…
Despite concerns in some quarters about a potential global economic slowdown, led in part by China, the resource-sensitive Canadian Dollar continues to hold up extremely well around par with the greenback…it’s currently in a horizontal channel after breaking down from an upsloping wedge about a month ago – whether that technical event holds any significance remains to be seen..it’ll be important to keep a close watch on the loonie over the next month or two for various overall stock market clues…
CDNX Long-Term Chart
Below is a 13-year monthly CDNX chart from John that shows the Index is now trading in a zone of major support…a strong rally from current levels is very possible – what will the catalyst be?…historically, in situations such as this, a strong move in the price of Gold or the announcement of a major discovery quickly reverses sentiment from bearish to bullish…the high degree of pessimism in the market at the moment is typically what one sees at important market bottoms…
Chart Update – Adventure Gold (AGE, TSX-V)
Note: John, Jon and Terry do not hold positions in AGE.
Chart Update – Probe Mines (PRB, TSX-V)
Note: John, Jon and Terry do not hold positions in PRB.
BMR – A strong rally from current levels is very possible
Bert – I agree & feel the sell in May & go away will not occur this
year, in fact, the person who coined that phrase, may have been
influenced by the fact that AWAY rhymes with MAY. R !
Comment by Bert — April 20, 2012 @ 5:35 am
The strong rally may apply to some stocks… such as RBW, SFF, CQX …. GBB is a weak stock now… the downward trend has not completed yet. 10 cents mark is unlikely to be kept for long…. If the 10 cents level cannot be maintained, the next low point will be 8.5 cents. Better watch it… not a buy signal.
Comment by Theodore — April 20, 2012 @ 6:55 am
John
Thanks for the chart work on the CAD & CDNX.
I do appreciate your T/A on all the charts.
Once again thank you.
Comment by Charles — April 20, 2012 @ 7:04 am
Come on RBW, make me and babool rich!! lol
Comment by Avo — April 20, 2012 @ 7:42 am
Jon
re your comment yesterday
Before anyone panics look who the sellers are. Anon. and Jitney that should tell you a lot.
Comment by John – BMR — April 19, 2012 @ 10:37 am
Forgive me but what does that tell me?
Comment by Pete — April 20, 2012 @ 8:01 am
Alex,
I’d like to start off by saying that is the more informative post I have read so far (Take notes John, Jon and Terry).
I have heard some excellent things about the Napags Company – Important to note their new offices located in the city of Brown, where the diameter of the building is much longer…
As far as Alex and the babool – Jon, John and Terry, please note based on the current chart that the position and size of the babool is on an upward trend. 2012 looks to be a promising year for the babool, primarily with the work it’ll do in the Mexico area.
Thanks.
Comment by Avo — April 20, 2012 @ 8:22 am
TODAYS SMILE.I told my doctor I had been to the health food store about my health problem he said what crazy advice did they give you.I said they told me to come see you
Comment by gil — April 20, 2012 @ 9:31 am
Theodore you have been told before why don’t you save your GBB bashing for stockhouse where it belongs I get tired of seeing your same bash every day here.
Comment by Rob — April 20, 2012 @ 9:33 am
Sorry Rob and I know you must be tied of seeing my name here. I am sure that there are a lot of people who bought this stock and lost 70-80% out of it. I just want to tell them … it is not buying time…. The bottom price of this stock is yet to come…. Be patient, I may have nothing to say even though I do not expect them to be another SD.
Comment by Theodore — April 20, 2012 @ 1:29 pm
Pete
I always associate Anonymous and/or Jitney selling with someone from the company, or close
to the company & not wanting to be identified. Aren’t i a suspicious person, they wouldn’t
dare do that would they ? R !
Comment by Bert — April 20, 2012 @ 3:01 pm
hey theo,
what s with the GBB comments everyday??? Can you just go away? I m not sure what your agenda is?? Venture Market is just bad all around at some point it will recover!! If not, then it doesnt really matter does it, everything and everybody will be down! Cash will be the best position, or will it? Again, state your position or move on, its that simple, geepers.
Comment by alec — April 20, 2012 @ 3:55 pm
@alec
Seems anyone who comes on this board and speaks negatively about BMR’s failed picks gets shot down. Theo has been calling it right what more is to say. Get over it!
Comment by Hugh — April 21, 2012 @ 1:41 am
Hugh…I would suggest Theo should get over it. And as far as his call for GBB dropping lower …..look around the venture for pete’s sake. There are very few stocks that have been left unscathed and not dropped a ton in this massive correction and corresponding selloff. It was a no brainer. I think we have finally found bottom now though and we shall see what happens with GBB now. And by the way. Why would he want to put his buy in at 11 cents and yet still claim it is going to go down further to 9 cents and I think he was the one also to suggest it could go to 6 cents? If it were me I would have held off and put my bid in at the 9 cents or wait till the bottom has formed at least.
Comment by Rob — April 21, 2012 @ 4:27 am
Hi Pete
When I saw the stock price go lower I looked at the sellers who were Anon. and Jitney. I always associate them with execution of share blocks and market making, NOT retail trading.
Comment by John - BMR — April 21, 2012 @ 5:30 am
Hey Theo I appreciate your comments and have made a little money on them in the past, keep it up. As for all you whiners who read comments you don’t like and tell people to move on take your cue from the BMR crew and get over it or maybe you should move on. It’s all debate based on personal opinion, don’t get angryl when someone doesn’t share the same view. What anyone thinks these stocks will do is all just personal opinion. These stocks will do what they do, not necessarily what you want them to.
Comment by McLatch — April 21, 2012 @ 8:25 am
mclatch? really, thats the best you can come up with? LOL. who s angry, theo has been wrong many times, as has bmr and others including myself. At least BMR stick their necks out right or wrong, what does theo do?? pump his own with no nothing to lose, has he ever posted his creditials, experience etc…?? your right though alot is based on personal opinion, i just presented my own, and if you dont like to see both sides, perhaps you should be the one moving on?
oh btw, news flash some insiders have purchased GBB recently, perhaps a good sign and a bottom, we ll see 🙂
Comment by alec — April 21, 2012 @ 12:28 pm
I listened to an interview with PG & he claims there are several factors contributing to the poor market
for sometime now, but it will change, so he states…. Computer driven programs are partly to blame,
buying/selling only takes seconds once triggered. Private placement holding periods have been reduced to
4 months as opposed to 2 years in the past. Companies don’t get a chance to do their thing in 4 months,
before participants start selling their shares & hanging onto the warrants. Also, there’s a lack of
brokers now, being replaced by discount brokerage houses. The fees are so cheap that selling is
continuous for a profit of just a penny or two.
No doubt, the above factors are making a difference in a bad market but the good news is, he thinks it will
change & so do i. He also stated we need something positive, something dramatic to change the market, to get
the buyers back with confidence.
Comment by Bert — April 21, 2012 @ 3:52 pm