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A Daily, Vibrant Voice Focused on Speculative Opportunities,
Commodities, and Economic & Political Trends Impacting
The Resource Sector & Equity Markets
 

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Technical & Fundamental Analysis of Niche Sectors"

March 11, 2010

BMR Morning Market Musings…

Gold had a volatile day yesterday and has so far successfully tested the $1,100 level this morning…as of 7:00 am Pacific time, gold is off $4.00 an ounce to $1,104…there is very strong support for gold at $1,100, technically and fundamentally, and further testing of this level is not such a bad thing…despite gold’s drop yesterday, the CDNX lost just 2 points to 1,557…after the first 30 minutes of trading this morning, the Venture is off 5 more points to 1,552…quite a day yesterday for Eagle Hill Explorations which traded 27 million shares and more than doubled in price to 33 cents after drilling 33 metres of 19.61 g/t Au at Windfall…not surprisngly, Eagle Hill is running higher today after a brief pullback at the open…this kind of news and activity is positive for the Venture market and helps add more fuel to the bull market…it’ll be interesting to see if EAG can blast through its all-time high of 46 cents…a 200,000 share bid from TD at 22 cents less than a minute after the open this morning caught our attention with Gold Bullion Development (GBB, TSX-V)…yesterday’s trading, from a technical standpoint, appeared to be a bullish hammer reversal, so today could prove interesting to watch to see if there is any follow through from that…any weakness in Gold Bullion, in our view, represents an attractive buying opportunity…GBB is currently at 23.5 cents, up a penny…Colombian Mines Corporation (CMJ, TSX-V) is weak this morning (down 17 cents to $1.13 after dropping to as low as $1.01) and we suggest taking advantage of any pullback in that stock as well…Octagon is jumping in again on the buy side with Seafield Resources (SFF, TSX-V) which is up half a penny to 28 cents…

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