At 1.76 we're just a cent below the 50 day moving average, the 20 day is at $1.84 so we're a bit more below that metric. The 200 though is at $1.62 so we're still well clear of that longer term indicator.

I think this is going to be yet another one of those...'darkest before the dawn' days, although things aren't really that dark. We've seen worse back at the end of December and the start of January when the PPS fell below 60 cents before going on a tear. Even more recent would be Aug 24th when the PPS closed at $1.25 (after touching $1.00 inter-day) and then took off to its current range....getting over $2 for a time.

Just like those previous times I think there are buyers lurking, but they're playing it smart and testing the patience of longs by not storming in and buying whatever few shares might be available and pushing the PPS higher. I also think these same buyers are not typical retail investors, but are rather industry types who have the ability to squelch anything close to a rally with some well timed sells.

We all know what's coming, the investor conference in Toronto this weekend, preceded of course by the analyst presentation at the Yale Club, followed by the AGM.

I've said it before, timing the market is nigh on impossible...sometimes you just get lucky. Sometimes its simply a matter of putting in time and being patient....well now I think its time and that those who've put their time in and who have been patient, that the rewards are on our doorstep.