The $3 level is important because some Canadian brokerages allow margin (or increased margin) for stocks above this level. And increased buying should start to come in.

The opposite occured July 2008 when the SP held at $3 for a while, and when it finally broke below it, those on margin had to cover driving the SP down quickly.

If we can break and hold this level on the upside then some smaller stock holders can use the margin to increase their holdings.

Looking for $3.25 by week's end if we can hold $3 today.

TW.