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Gold is firmer this morning…as of 5:30 am Pacific, the yellow metal is up $15 an ounce at $1,589…Silver has climbed 35 cents to $27.53…Copper is up 8 cents at $3.53 (a close above resistance at $3.50 would be significant)…Crude Oil is $1.28 higher at $91.15 while the U.S. Dollar Index is off one-quarter of a point to 82.75…

More Fed Action Appears Likely

Fed Chairman Ben Bernanke’s two days of testimony before Congress have kept hopes alive for QE3 or some form of additional Fed action given a weak U.S. employment situation…Bernanke also made it clear he’s more concerned about the threat of deflation than inflation…he noted that while the Fed does not see a double dip recession, it is committed to doing all it can to ensure progress in employment and that it’s ready to take action as needed…the Fed next meets at the end of the month, but there appears to be a growing view in that the markets that the Fed will take action at its September meeting with perhaps additional measures following the November elections…

Today’s Markets

Asian markets were strong overnight with China’s Shanghai Composite gaining 16 points to 2185…European shares have hit an 11-week high this morning while U.S. stock index futures as of 5:25 am Pacific are pointing toward a solid opening on Wall Street despite an earnings “miss” just reported by Morgan Stanley…

TSX Gold Index

The TSX Gold Index has declined in 9 out of the last 10 sessions and in 18 out of the last 24, so conditions are ripe for an immediate rally in Gold…the Index closed yesterday at 279, 13 points above its May low in what could be an attempt at a double bottom…RSI(2) is near previous extremes, so an imminent rebound appears to be in the cards…below is a 3-month daily TSX Gold Index chart from John…

Venture Exchange

The Venture Exchange continues to hold above its June 26 low of 1166, and good drill results from some companies this week have helped to improve sentiment somewhat…

Canamex Resources (CSQ, TSX-V) gained a whopping 290% yesterday on Venture volume of 23 million shares (nearly 30 million for all exchanges) after announcing it had intersected 118 metres grading 4.08 g/t Au at a depth accessible by open-pit at its Bruner Gold Project in central Nevada…assay results for five more holes in the 6-hole program are pending…

In the Dominican Republic, where we’ve been closely following the success of GoldQuest Mining (GQC, TSX-V) which released an excellent step-out hole yesterday at Romero, Unigold Inc. (UGD, TSX) climbed 20% yesterday on total volume (all exchanges) of 4.2 million shares after reporting 77 metres grading 3.81 g/t Au in a hole drilled approximately 2 km east of its Candelones Gold deposit (part of the same sequence and about 45 km northwest of GQC’s La Escandalosa Project)…this eastern extension area, first identified by Unigold last year, is showing some promise with nearly 30 holes drilled to date…mineralization remains open along strike, dip and at depth…the exploration target is a large VMS hosted massive sulphide/epithermal-style deposit…

With rising 100 and 200-day moving averages (SMA’s) and a “hot” area within which to explore, the overall outlook for Unigold has to be considered positive but keep in mind the company does have over 200 million shares outstanding…UGD’s next major technical hurdle to climb is resistance around 45 cents as John’s chart shows below…

GoldQuest Mining (GQC, TSX-V)

GoldQuest did not disappoint yesterday with results from the first 25-metre step-out hole at its Romero discovery…GQC shot up as high as $1.28 on total volume (all exchanges) of 9.7 million shares…so far, so good in these early stages as GQC attempts to delineate a major Gold-Copper deposit…this is indeed showing signs of developing into a big discovery story as we suspected it could…John’s chart shows that some minor but healthy consolidation could be in store for GQC in the immediate future before the next potential major leg up…

Rainbow Resources (RBW, TSX-V)

Rainbow’s approach to exploration at its promising International Silver Property in the prolific West Kootenay region of southeastern British Columbia bears some similarities to the multidisciplinary approach taken by GoldQuest at La Escandalosa…preparations for drilling the International for the first time ever have been ongoing since 2007, initially through privately-held Braveheart Resources and then Rainbow beginning last year when RBW acquired Braveheart…last night we posted Part 2 of our on-site interview with Rainbow President David W. Johnston…the International gives Rainbow some serious “blue sky” possibilities, and the upside potential clearly outweighs the downside risk at current levels as the company prepares to start its drill program…

Technically, John’s chart below shows how RBW has recently broken out of a down trendline (a “sub-trend” in place since the spring), a bullish sign that the stock is gaining some important traction as drilling draws closer…rising 200 and 300-day moving averages (SMA’s. not shown in this chart) confirm an overall bullish long-term trend…the 50-day SMA has flattened out and should soon to ready to turn to the upside which makes current levels the “sweet spot” for entry…RBW closed up a penny at 18.5 cents yesterday…

Note: Both John and Jon hold share positions in RBW.  Jon holds a share position in GQC.

Gold has backed off modestly over the last 45 minutes…as of 6:20 am Pacific, the yellow metal is down $11 an ounce at $1,571…Silver is off 28 cents at $27.03…Crude Oil is 19 cents lower at $89.03…Copper is down 2 pennies at $3.44 while the U.S. Dollar Index (see chart below) has gained one-third of a point to 83.33…

Bernanke’s Testimony

Fed Chairman Ben Bernanke continues his testimony before Congress today…yesterday,  he told the Senate Banking Committee that the Fed stood ready to offer more stimulus as needed but stopped short (as expected) of signaling action in the near term…he also said the U.S. recovery was being held back by anxiety over Europe’s debt crisis and expressed unease over a stagnant jobs market…he set out a list of options for further easing but refused to say which he might prefer…

“The logical range includes different types of purchase programs…that could include Treasuries or include Treasuries and mortgage-backed securities…those are the two things we’re allowed to buy,” he said…

Asset purchases, also known as quantitative easing, are a way of course of driving down long-term interest rates to boost the economy when short-term rates are already at zero…

The Fed’s other options include lending via the Fed’s discount window, communications about future policy, or cutting the interest that the Fed pays banks on excess reserves, Bernanke said…“We haven’t really come to a specific choice at this point, but we are looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market“…

The quote in bold from Bernanke above is a clear indication in our view that the Fed will embark on QE3 if the U.S. employment situation continues to weaken…a .more important factor, however, in kick-starting U.S. growth will be a “course” change at the political level – tax and regulatory policies are suffocating the private sector and holding back U.S. growth opportunities, and only the November elections can change that…

U.S. Dollar Index

One thing Bernanke probably doesn’t want to see is an even stronger U.S. Dollar which could negatively impact the push for growth down south…while the Dollar Index has been meeting resistance, as we expected, around the 83.50 level, it has plenty of support not far below current levels as John’s chart shows…keep a close eye on this Index…another breakout in the greenback could be one of the deciding factors for Bernanke in the timing of QE3…

GoldQuest Mining (GQC, TSX-V) Delivers On First Step-Out Hole At Romero

This market will still reward discoveries which is why GoldQuest, which we began following in the fall of 2010 when it was trading under 20 cents, has jumped more than 15-fold in less than two months…as detailed in our previous post, GQC released assay results pre-market this morning on its first step-out hole at Romero, and the grades and widths are impressive…hole LTP-92, collared 25 metres to the west of the discovery hole, returned a 159-metre section grading 4.45 g/t Au including a sub-interval of 75.5 metres grading 9 g/t Au and 1.06% Cu…the hole was terminated at 399 metres for technical reasons and bottomed in mineralization…three other holes have been completed and two are in progress…the Gold grades from LTP-92 are even better than those encountered in the discovery hole…

While it’s understandable all the attention is focused on Romero at the moment, and will continue to be as the company attempts to prove a major Gold-Copper resource may exist there, it’s also comforting to know (and worth reminding everyone) that GQC has other assets in the DR that are more valuable than ever in our view given the discovery at Romero…

Rainbow Resources (RBW, TSX-V)

It’s quite clear that word on Rainbow Resources (RBW, TSX-V) is slowly beginning to spread in the American market, and an expected acceleration of this with the company’s upcoming OTCQX listing could have a dramatic impact on overall trading volumes and share price action…albeit at a modest 108,000 shares, yesterday nonetheless was the highest volume day ever for Rainbow on the U.S. pink sheets, and the American buying also had an impact on the Canadian exchanges as RBW firmed up to the 18 cent level for the first time since early June…combine this development with an upcoming drill program at the flagship International Silver Property, followed by drilling at Gold Viking and Jewel Ridge in Nevada, and you have the “perfect storm” scenario for Rainbow in the weeks ahead, especially if Gold and Silver and the Venture firm up in August and September as we believe they will…the fundamentals on the ground for a potential discovery by Rainbow are in place, and President David W. Johnston will elaborate on that in Part 2 of our interview with him which we expect to post by this evening…

As we pointed out the other day, RBW’s 200 and 300-day moving averages (SMA’s) continue to rise which technically is very bullish, but the stock has also just recently broken out of a “sub-trend” in place since the spring by pushing through a downtrend line…this is an important development that bodes well for the overall market if it’s repeated in numerous other situations, and we’re beginning to see signs of that…

Below is a chart from John on Orko Silver (OK, TSX-V) which hasn’t yet broken out of its down trendline, but this gives a good example of what John is referring to…in the case of Orko, its 200 and 300-day SMA’s reversed to the downside late last year…it’s currently trading below its flattened-out 1,000 day SMA, sitting at just under $1.60 where resistance can be expected…

Today’s Markets

Futures in New York as of 6:20 am Pacific are pointing toward a slightly lower open on Wall Street…groundbreaking on new U.S. homes rose in June to its fastest pace in over three years, lending a helping hand to an economy that has shown worrisome signs of cooling…the Commerce Department said this morning that housing starts rose 6.9% last month to a seasonally adjusted annual rate of 760,000 units…that was the highest rate since October, 2008, and slightly above expectations…the U.S. housing market, which collapsed six years ago, has been a relative bright spot in the economy this year, although it remains hobbled by a glut of unsold homes…Bernanke commented yesterday that the sector has shown modest improvement…

GoldQuest Mining (GQC, TSX-V) has just released assay results (5:25 am Pacific) from the first step-out hole at its Romero discovery, and it should meet or exceed the market’s expectations.  LTP-92 intersected an impressive 159 metres grading 4.45 g/t Au from 212.5 to 372 metres, including a sub-interval of 75.5 metres grading 9 g/t Au and 1.06% Cu. 

A high-grade intersection from 243.9 to 288 metres returned 13.9 g/t Au using a 50 g/t Au cut-off.  Meanwhile, a section from 320 to 346 metres returned a lower Gold grade (0.54 g/t Au) but 2.04% Cu.

The hole bottomed in mineralization (it was terminated for technical reasons due to the smaller portable rig) at 399 metres “with certain horizons displaying enrichment in Gold and base metals”.

LTP-92 was collared 25 metres to the west of discovery hole LTP-90 and displayed similar characteristics to that hole.

Three other holes have been completed and two are currently in progress.

Gold has traded in a range between $1,585 and $1,600 so far today in advance of Fed Chairman Ben Bernanke’s two days of testimony before Congress…as of 5:35 am Pacific, the yellow metal is unchanged at $1,589…Silver is 2 cents higher at $27.33…Copper is off a penny at $3.48…Crude Oil  is up slightly at $88.72 while the U.S. Dollar Index is flat at 83.15… Yesterday, we wrote about the great potential for Silver given its current chart and the very bullish COT structure… With Gold, keep in mind we’re about to enter a strong seasonal period – August and September are typically strong months, and much better than July, as the chart below shows (beware of March as we were painfully reminded this year)… All Eyes On Bernanke – Again Bernanke presents his semi-annual monetary policy report to Congress beginning at 10 am Pacific against a backdrop of slowing global economic activity and the euro zone’s continuing debt crisis…U.S. retail sales fell in June for the third straight month, the longest run of consecutive drops since 2008 when the country was mired in recession…while investors are hoping Bernanke will give new hints of additional Fed action in the near future, it’s certain he’ll bring up the the so-called “fiscal cliff” to lawmakers which is the combination of automatic spending cuts and the expiration of the Bush-era tax cuts scheduled to take effect January 1 barring action from Congress… As expected, the International Monetary Fund trimmed its global growth forecast yesterday… Spain sold 3.56 billion euros ($4.36 billion U.S.) of short-term debt yesterday, just above its target range, and debt costs dipped from a month ago though held at high levels as investors were left unimpressed by the country’s latest wave of austerity measures…key auctions of longer-term bonds take place Thursday… Today’s Markets Asian markets were stronger overnight with China’s Shanghai Composite gaining 13 points to 2161 after closing at a three-year low yesterday…profit warnings across sectors ranging from transportation to consumer goods in China have been dragging down the Shanghai recently…the Ministry of Finance reported yesterday that profits at Chinese state-owned enterprises fell 11.6% in the first-half to 1.02 trillion yuan ($160 billion U.S.)… U.S. stock index futures are pointing toward a modestly higher open as of 5:35 am Pacific, thanks to a batch of better than expected earnings… The Venture Exchange fell 4 points yesterday to 1183 on continued light volume…one of the stars, however, was GoldQuest Mining (GQC, TSX-V) which hit $1.00 per share for the first time in nearly five years…GQC gained 9 cents to close at 96 cents on Venture volume of 2.4 million…continued speculation prior to release of the next assay results from the company’s Romero discovery should allow GQC to reach John’s short-term Fibonacci level of $1.20, while strong support exists at 85 cents… Reservoir Minerals (RMC, TSX-V) Impressive drill results propelled Reservoir Minerals higher yesterday (it gained 75% to $1.14) but keep in mind the 1.28% CuEq was from a 266-metre intersection at considerable depth – 598 to 864 metres…still, the company believes “this drill hole represents the possible discovery of a potentially large blind copper-Gold epithermal and porphyry mineralized system, and may be consistent with historical grades reported from other high-sulphidation systems in this world-class copper mining district, such as the Bor deposit which lies approximately 7.5 kilometres north of FMTC 1210″…a major (Freeport) is earning a controlling interest in the project, and as a result investors have to keep in mind that this makes it much more difficult for a junior to manage the news flow on the discovery…RMC is worth keeping an eye on, though, and has a tight share structure… For comparison purposes, we much prefer the situation Rainbow Resources (RBW, TSX-V) is about to enter…RBW is going after very prospective near-surface targets with high-grade potential in the West Kootenays, and has a 100% interest in all of its projects…with a current market cap of only $6 million, one can either accumulate now in advance of the anticipated drilling speculation phase or pay a higher price to come in later as excitement builds…we expect to post Part 2 of our interview with President David W. Johnston tomorrow…RBW closed yesterday at 17 cents… Gold Reach Ventures (GRV, TSX-V) Gold Reach Ventures (GRV, TSX-V) gained 18 cents yesterday to close at $1.33…GRV continues to hold promise, but for now keep in mind the stock is consolidating in a downsloping flag…a declining 20-day moving average (SMA), currently at $1.50, is also a constraining factor at the moment… Note: John, Jon and Terry do not hold positions in GRV.  Both John and Jon hold share positions in RBW and Jon holds a position in GQC.

GoldQuest Mining (GQC, TSX-V) enjoyed another powerful day today, climbing above $1 a share for a brief period and closing up 9 cents at 96 cents on total volume (all exchanges) of 3.2 million shares. GoldQuest was on our “sleeper” list earlier this year and we’ve been following it closely since the news of the company’s Romero discovery in late May.  In early June, BMR was granted the first interview with GoldQuest Chairman Bill Fisher.

As we pointed out in last Thursday’s article (GoldQuest News Encouraging), posted within an hour after the company released a drilling update, the early interpretation is that the system at Romero is flat which greatly enhances tonnage possibilities.  But it’s still early in the game and while GoldQuest is probably more comfortable at the moment with the potential geometry of Romero, assay results for the first two step-out holes, 25 metres to the west and 25 metres to the east of discovery hole LTP-90, are still pending.

Step-out holes LTP-92 and LTP-93 bottomed at 399 metres and 433 metres, respectively, and were terminated only for technical reasons (a second portable rig has arrived at Romero and a third rig for deeper drilling is on the way). Romero certainly appears to have some depth to it.  How far this deposit extends laterally and the average grade of it will of course determine the significance of this discovery and whether or not GoldQuest can race to a new all-time high.

Until we learn more information, it’s best to stick with John’s chart in terms of the potential share price range for the immediate future.  It’s reasonable to expect some additional speculation to come into the stock in advance of the next assay results, so John’s Fibonacci level seems very reasonable.  Strong support exists at 85 cents.

GoldQuest has clearly demonstrated that even in a shaky market, huge potential gains exist with just one drill hole.  GQC became a 10-bagger on LTP-90.

Today, little-known Reservoir Minerals (RMC, TSX-V) jumped 75% to $1.14 on news of a 266-metre intercept (598 m to 864 m depth) grading 1.23% CuEq at a project in eastern Serbia (Freeport is earning an interest).  RMC has a tight share structure and should be watched closely.

And in southeast British Columbia, Rainbow Resources (RBW, TSX-V) – also with a favorable share structure and a market cap of only $6 million – is gearing up for a drill program at its flagship International Silver Property.  Our site visit to the International a few weeks ago re-confirmed our view that Rainbow is on track for a near-surface discovery at the International where sampling has produced some eye-popping Silver numbers.  They’ll be drilling directly into an exposed structure that includes fine-grained massive galena.  On Wednesday, we’ll explore that a little more as we post Part 2 of our interview with President David W. Johnston.

Rainbow’s current market cap gives it major upside potential over the short-term with a drill rig expected to be mobilized immediately following receipt of the International drill permit which Rainbow is anticipating any day now.

Note: Both John and Jon hold share positions in RBW with Jon adding to his position over the last week (Jon also holds a share position in GQC).

Welcome to our site, or at least the initial version of it!  BMR has been online for nearly three years and strictly through word-of-mouth we have built a loyal following. 

We’re continuing with our plans to ultimately build a very unique investment and money-management resource site that goes considerably beyond what we have now.  While we focus a great deal on the Gold and Silver markets and trends in the global economy, and of course the technical health of the TSX Venture Exchange (CDNX), an important component of this site will always be original research on undiscovered junior exploration companies or small producers, mostly in the Gold and Silver exploration space, that offer very real and significant upside potential. We are extremely selective in the companies we feature and put forward to investors – we prefer quality over quantity.  However, investors must understand that these are still highly speculative situations and entail considerable risk, volatility and unpredictability.  Our stock coverage is for informational and entertainment purposes only and must not be viewed or interpreted as “buy”, “sell” or “hold” recommendations. We are not Registered Securities Advisers. Our opinions can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Adviser operating in accordance with the appropriate regulations in your area of jurisdiction. Always perform your own due diligence and please read our disclaimer at the bottom.

We use a combination of fundamental and technical factors in determining the value and potential of a stock.  In terms of fundamentals we look for a company with a superb project supported by strong management.  Management must possess integrity, solid ethics and a determination to succeed and build shareholder value.

At BullMarketRun (BMR) we approach the handling of money from a biblical perspective and this is an important topic we will be sharing with our readers (and listeners) as the site continues to develop. The Bible teaches so much about money and how to handle it and invest it –  there are literally thousands of verses on how we should handle the money and possessions that God entrusts us with.  By examining the life of Jesus and reading the Word of God, we can all become fully equipped to be successful investors and handle money wisely.  If it’s the other way around –  if you’re a slave to money by being in debt for instance, or if you don’t respect the value of money and spend it foolishly –  you’re in trouble and you’ll never be blessed financially.  We have a God who thinks big – He created the universe – and He wants us to think big  in every area of our lives.  When we handle money from a Biblical perpective (His money that we have been given stewardship of) He will bless our financial decisions and an increase of tenfold or a hundredfold is always possible.  This all begins, of course, with a personal relationship with Jesus Christ by accepting Him as your Lord and Savior and putting Him at the throne of your life.  It is the most important decision you’ll ever make.

God Bless,

Terry Dyer

Owner/Publisher, www.BullMarketRun.com

Disclaimer:

BullMarketRun.com (BMR) is completely independent from any companies it covers.  BMR accepts no compensation of any kind from any groups, individuals or corporations for coverage of any company mentioned on this site.  We accept no advertising either.  Our stock coverage is for informational and entertainment purposes only and must not be viewed or interpreted as “buy”, “sell” or “hold” recommendations. No investment opinion or other advice is being rendered on any stock or company. We strongly recommend that you consult with a qualified investment adviser, one licensed by appropriate regulatory agencies in your legal jurisdiction, and do your own due diligence and research before making any investment decisions. The stocks we cover, by definition, are highly speculative and potentially very volatile. Investors are cautioned that they may lose all or a portion of their investment if they make a purchase or short sale in these speculative stocks.  We are not Registered Securities Advisers. Our opinions can only be construed as a solicitation to buy and sell securities when they are subject to the prior approval and endorsement of a Registered Securities Adviser operating in accordance with the appropriate regulations in your area of jurisdiction. It should be assumed that BMR personnel, writers and their associates may hold or dispose of or trade in positions in any securities mentioned herein at any time.  Owner/Publisher of BullMarketRun.com is Terry Dyer of Langley, British Columbia.

Forward Looking Statements:

All statements in BMR’s reports, other than statements of historical fact, may be forward-looking statements. These statements relate to future events or future performance. Forward-looking statements are often but not always identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

Gold has been trading in a narrow range so far today…as of 5:45 am Pacific, the yellow metal is down $2 an ounce at $1,587 after Friday’s $17 jump…Silver is 19 cents lower at $27.15…Copper is off 2 cents at $3.47…Crude Oil is down 48 cents at $86.62 while the U.S. Dollar Index is up over a tenth of a point, but off its highs of the day, at 83.43…

Silver’s Screaming Signals

Not only is Silver’s COT structure exceedingly bullish, with commercial traders reducing net short positions to record lows, but a couple of charts from John show how Silver is such an incredible buying opportunity at the moment…it is poised to explode higher in a move that could easily begin at some point this quarter…this analysis comes at a time when the general public is not excited about Silver, another bullish sign…

The first chart below goes back to 1998, a 15-year monthly chart…Silver is currently at the bottom of “Wave 4”, and notice how the RSI(2) is at its most extreme level since the 2008 Crash…with a chart such as this, and commercial traders also very bullish, now is clearly the time to be positioned in quality Silver stocks to take advantage of what could turn out to be an historic buying opportunity…

John’s second Silver chart this mornings shows a “double bottom” pattern and a down trendline in place since March that is likely to be overcome this summer…RSI(2) is also emerging out of extreme oversold conditions…

Rainbow Resources (RBW, TSX-V) Chart Update

On the subject of Silver, it’s interesting to note that Rainbow Resources (RBW, TSX-V) is a step ahead of the metal at the moment – RBW is one of the first stocks to break above its down trendline as shown in John’s 1.5-year weekly chart…not shown on the chart are RBW’s 200 and 300-day moving averages (SMA’s) which continue to rise, confirming a long-term uptrend remains intact, while the 50-day SMA has flattened out and is ready to reverse to the upside once the stock clears resistance at 20 cents (drilling should trigger that)…

Great Panther Silver (GPR, TSX)

Another Silver play to watch closely is Great Panther Silver (GPR, TSX) which should be able to achieve increased production during the second half of the year…GPR closed at $1.70 Friday with buying pressure, as indicated by the CMF, climbing to its highest levels since February…in addition, there are other very positive signs in the GPR chart as John shows below…

Another Takeover

Canadian-based La Mancha Resources (LMA, TSX), with mining interests in Australia, West Africa, Sudan and Argentina, is being taken over by an Egyptian billionaire for about $500 million or $3.50 share which compares favorably with the 50% average premium in Gold takeovers this year valued at $100 million or more…the deal was announced late in Friday’s trading session with LMA gaining $1.18 per share to $3.43…

Another company to keep a close eye on as a potential takeover target before year-end is Lumina Copper (LCC, TSX-V) which closed Friday at $8.46…Lumina has already put itself on the block, though recent overall market weakness has seen the stock fall in 7 out of the last 8 trading sessions…it is oversold on the charts and could be forming an inverted head and shoulders bottom…

China Takes New Steps To Encourage More Foreign Investment

Foreign companies in China will see taxes on the profits they take out of the country cut by up to 50% after rules around withholding taxes were relaxed as part of efforts to encourage more foreign investment…the move will also apply to dividends paid on Chinese listed stocks to foreign owners through the Qualified Foreign Institutional Investor scheme, although in both cases the lower tax rates will apply only to owners in countries with double taxation agreements with China including the UK…

Today’s Markets

Stock index futures in New York are pointing toward a slightly lower open on Wall Street to begin the new week…market focus this week will be on Federal Reserve Chairman Ben Bernanke as he gives his semi-annual report before the Senate Banking Committee tomorrow and a House Committee Wednesday… Investors will listen for any hints of further stimulus measures, but they’ll also likely hear Bernanke warn lawmakers about the impending so-called “fiscal cliff”…

European shares are off slightly this morning while China’s Shanghai Composite fell 38 points overnight to 2148 on some profit warnings…

Venture Exchange

The Venture Exchange closed up 18 points Friday to close at 1187, but volume remains low…with the Venture chart, what we’re looking to see confirmation of is a “double bottom”…for the moment the Index is stuck in a range between the June low of 1154 and the EMA-20 at 1215…

Note: John and Jon hold share positions in RBW.  John, Jon and Terry do not hold share positions in GPR.