daytrades march 30 pre-market, page-2

This Weeks Picks

Market Direction: With the market presenting few real opportunities at the smaller end my list of stocks for today is relatively small. Yesterday's market was again characterised by a lack on conviction in both prices and volume, with most smaller stocks that I follow just drifting.

Sectors of Interest: Gold stocks should do well today with the price in USD up sharply to $1107/oz on Friday night against the backdrop of an Australian dollar which fell sharply to 90.25 US cents. The combined effect of these two factors pushed the Australian dollar gold price up by 2.5% so I expect plenty of interest in the sector today.

CVY: The company put out an investor update yesterday which provided a revised timetable for the settlement of the Cameron Lake gold project with a target date of mid late April. The company also said that several institutional investors have undertaken to make substantial investments in CVY upon settlement of the Cameron Lake project. Conceptual underground mining studies to augment the open pit are progressing well with initial results anticipated during April. Drilling at the Ardeen gold project is also continuing so results can be expected at any time. All this points to the likelihood that April will be an exciting period for the company with announcements on several fronts. I suspect that those people taking positions will be rewarded in April provided things go to plan. News Due: Drilling results from the Ardeen gold project in Canada. Completion of the institutional component of the placement at 22 cents per share. Conceptual studies into underground mining at Cameron Lake. Disclosure: Holding CVY

SSN/SSNO: Based on yesterdays price action the cup and handle pattern has failed to play out. However Ange08 has pointed out a pennant pattern which is still in play. The breakout level is 3.6 cents and the target would be 5.5 cents based on the height of the flag pole. In my opinion some really good news would be needed for that target to be achieved. The target depth at the Ripsaw well was due to be hit last night so I expect another update today or tomorrow. News Due: Commencement of fracturing operations at the Gene#1-22H well due on the 29th March. Drilling results from the Ripsaw well. Details of the upcoming drilling program at Bakken. Disclosure: Holding SSNO

Good luck today.