the spps stuffed!, page-10

Vix

Not always right by a long shot, just been right with this one so far on technical grounds.

To be honest just over a week ago I thought that the down trend "may" have been coming to an end, If you move sideways long enough the down trend will be broken by itself, but the SPP put a stop to that. Hence my dismay when the announcement came.

XSO has been selling off since the beginning of May right on schedule. Question is will today's bounce be sustained or a dead cat bounce before heading even lower...

Good Old "Alan Kohler" was telling Mums and Dads to sell their shares on the news last night, so I don't expect much interest in the spec end of the market for some time to come. And our "worlds best treasurer" Lmao will be giving us a dose of Austerity for our own good today so we'll see how the market likes that...

If OTML has the results from any of the cores then there hasn't really been any indication of that through increased buying activity. Which is unusual IMO as I'm sure it would leak.

Our drills aren't even turning ATM. Just rusting.

Can't lease out our drills as it would cost too much to pack them up and transport them elsewhere not to mention lost time on our own leases. We have camps set up that need to be manned.

We have now broken the 76.4 fib which is bearish. 9 becomes resistance instead of acting as support. It may be a false break since it was on low volume, but would need to get back above 9 and hold it quickly for that to be valid. Without news... unlikely IMO.

People are turning away from the spec end of the market, specially gold explorers. Just look at the SP of GOR and a few others its following FNT.

There have been some hot stocks, but even those are looking shaky ATM IMO.

Many including myself believe that technically Gold needs to come back to about $1400 or possibly even lower before the next leg up. That wont help the SP either. Specially with the low grades we've seen so far.

It would actually be beneficial if the OTML results were delayed until near the end of June IMO as it would flush the last of the sellers out and allow clear air above. The SP could then rise on its own.

Peter will probably have a back up plan regarding the SPP. Maybe OTML or a Soph. I certainly hope so anyway. What I would love is to see him and the other directors reach deep in their own pockets.

It's just not a good look when SPP's are under subscribed as it generally means the current share holders don't have confidence going forward.

Solution? drill results "damn good ones" one after another over a sustained period to get momentum going again.

Once the SP breaks above the down trend line and we confirm a technical breakout the traders will move the SP on their own.

I can't see anything else on the horizon that's going to do it ATM.

Just my view, which won't be popular I'm sure.