Hi All,

As of this morning, I see that there were 76 members who identified themselves (through the click) as having purchased more shares last week. I have received some PMs from a few close friends saying that they too sold some other shares at a loss in order to buy more.

While a few posters disagreed with the actual census, as Hoov stated, we already know how many shares were bought and sold based on the public information available.

There can be many reasons people sell and some of these were mentioned last week. Forced sales to cover margins, sales to cover liquidity issues within institutional funds, betting the farm and shorting Noront, cross sales to influence weaker hands into selling, and of course, fear and weaker hands selling.

Of the five reasons above, we can only control the last one. Not selling in what looks like the face of doom. But most on here already know that and have held as we have dropped from the highs earlier this year.

I wanted to focus on the buyers. There are only a few reasons people buy. To take a position, to increase a position and average down, to increase a position and average up, to cover shorts, and to act as the other end of a cross sell.

It is the cross selling that worries me most. Two parties selling shares back and forth to each other at a couple of penny losses each time in the face of low demand.

Last week was a buyers market across all markets. Sellers could not give away there shares in most sectors. When the buyers are not in place, the field is ripe for manipulation through crosses and shorting. Hedge funds can make money as easily when a stock is heading down as when it is heading up.

Though a stock like NOT dropped 50% last week, this does not indicate true supply and demand. We assume that there is a deep pocket fund out there that will buy any share that falls a few points as this represents an undervalued buying opportunity. While this is more true with the blue chip companies, it is not a reliable assumption with juniors. It is those closest to the juniors who are able to pick up undervalued shares first.

From the survey I took, it appears that at least 86 regulars on here took an increased position last week at lower prices than when the market opened last Monday, with many of those on sale from 30 - 50% from the previous weeks close.

This is important as we all believe that $3 was cheap a month ago. So a buy at under $2 represents a chance to make 50% on an investment when it returns to $3 where we will still be talking about how cheap $3 is with what Noront has.

The funds will follow when they are able and as Noront continues prove out the areas in McFaulds and Windfall. It will be those with the newly purchases shares who will be selling them to them at a profit, not the other way around. Imagine that, we have become the hedge fund :)

Thanks to all who joined in on the discussion. It shows that we not only talk the talk on here, but walk the walk when opportunity strikes. The last "your insane if you do not buy at this price" call we made on Noront was in August 2007 when the share price dropped 50% to the mid .30s. The rest was history for the first wave holders. I expect that a new wave is coming in time for the AGM.

I am off in San Fran this week so will not be posting. Hopefully I will be eating eagles and blackbirds this week and not crow.

M1.