Re: Today's Trading
in response to
by
posted on
Feb 24, 2009 02:34PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
JC Thanks for your insight and I mean- Thanks every day. I just spent a couple of minutes looking at things on Scottrade. For the people who missed your paragraph (the one I would like to address) here it is:
Dow up over 200 on to a positive day. Daily OBV now up, so gain will hold, and there may be more to come. Uncle Ben is believed by investors. With tonight's talk by Obama, and tomorrow's additional talk by Uncle Ben, things are turning around.
Gold hovering above $960. May trend lower as more info comes out of DC.
I have about 12 junior miners between 25 million and 1/2 billlion market cap on my watchlist and have been doing fairly well buying dips as gold went from 900 to 1000 dollars.
I am bullish on gold (and have some silver miners also) What is revealed today is gold flatlined at 960, most of my watchlist stocks bottomed out midday or 2/3 the way into the day, most sharply corrected up a little and then continued flat with POG till the end of the day. What I saw that was very interesting to me is most of all these stocks seem to have had a majority of trading velocity occur into the last hour or two. Take a look at NGD, VGZ, GSS AND NXG for example. KRY had half of today's total volume trade hands in the last 25 minutes.
What this tells me is there are some shrewd buyers out there, that this selloff in gold is a short term event and they are picking up shares from some weak hands.
Kry speculation factor is higher of late, with the RML financing and all and I do not think we see the teens.
Today's gold selloff looked so uniform they are not even trying to disguise it.
I sure hope that Obama and his financial ministers don't shoot the whole load all at once to rally the market for just a mere 24 to 48 hours.
I think the POG creeps back up.
Good luck everyone and today is my holliday (Fat Tuesday) Hondo.