Todays Trading Stocks:
Market Direction: Our market is likely to be relatively flat to lower today following a weaker last hour on Wall Street. Gold was the star performer with the price rising by $15 an ounce so this should be a sector to follow today hence my notes on BCN and CVY below.
SSN/SSNO: I decided to close my position yesterday when the stock failed to maintain its momentum from the previous day. There is strong resistance at 3 cents which needs to be cleared before a substantial move will take place. I'll continue to watch for opportunities to reenter the options at 1.5/1.6 cents. News Due: Commencement of fracturing operations at the Gene#1-22H well in mid-late March. Spud of Ripsaw well. Details of the upcoming drilling program at Bakken. Disclosure: No Stock Held
ADO: The stock failed to break back above the uptrend line yesterday which points to either a period of further consolidation or weakness in the immediate future. The large sell orders which have been a regular feature of late knocked down prices yesterday. I expect trading in a range of between 5 and 6 cents until more news is released by the company. News Due: Further license agreements for the company's Mix & Go technology. Disclosure: Holding ADOO
BCN/BCNOA: The increase in the gold price overnight could generate some interest in BCN today. The Bollinger bands are still very tight which signals the potential for a substantial move when the stock finally breaks out of its tight trading range. News Due: Confirmation that exploration work has started at the Barlee gold project. Disclosure: Holding BCNOA
CVY: Given that the commencement of drilling at the Ardeen Gold project was announced on the 9th of February initial drilling results shouldn't be too far away. The $10m placement to raise funds to pay for the acquisition of the Cameron Lake project should also be near completion. Technically the chart is starting to look good with the slow stochastic having crossed, the RSI rising and the MACD also starting to rise. With a JORC compliant resource of over 1m oz of gold CVY should be worth watching closely. News Due: Confirmation that the $10m placement is complete. Drilling results from the Ardeen Gold Project in Canada. Disclosure: Holding CVY
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Todays Trading Stocks: Market Direction: Our market is likely to...
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