Today's Market, Thursday
posted on
Dec 22, 2011 08:42AM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
On OTCBB - The PP WILL close. Survival of the company depends on it. Only question is how much was given up to get 'er done. Dec23 is NOT a hard date. No PP close today or tomorrow means it will take time for the current bond holders to go legal to squeeze blood out of this turnip. So, there is time to close the PP. Charts still ugly. Could call the lower BB the next support at 0.065'ish. As long as there is no update PR, sp will trend down. Speculating that yesterday's volume was impatient folks getting out and fresh spec players getting in. Or, possibly some sellers were helping fund their way into the PP. The ax has done a commendable job of keeping this from getting uglier than it could have been, but they cannot hold the line forever. Friday, Dec23, is a material date. There should be an update PR Friday (actually today wold be nice) or by next Tuesday (Monday is a Market holiday). That is, if this were still an AMEX stock. But, being a pinky now, anything goes. TSX rules may dictate a PR update, but the boot notice was given so TSX rules might be ignored at this point.
S&P and Dow - Seems the "fix" is in. We are actually getting a semblance of a Santa Clause rally. Wall Street Fund Managers, always thought to be in cahoots, need another dollop of bonus on top of their bonus. Today should be the third wave (up wave) of a five wave move. Spain bonds and Italy voting in austerity giving the current upside to US Markets that should last through end of year. Smoke and mirrors. Expect to see decent GDP and jobless claims numbers today to boost this upside. Trading likely light Friday and through end of year, but a bump up for much of the Market through Tues, to record by end of year, should be seen. Play it as it goes.
Gold trying to get past the 200DayMA, which became resistance once it broke through. Silver still having a tough go trying to get through $30 resistance, which is the 8DayMA. Should explain that some day traders use 8 and 34 day MA's. Support for Silver is the lower BB, $29'ish. With Dollar and Euro likely to stay flat through end of year, Gold and Silver moves may be muted.