It looks like the TSX-V has put in an island reversal today, gapping down to the low at the open today and now trading well above the close from yesterday. I think the Venture is the best proxy for the juniors right now, even more representative than the HUI. And if we are getting a real technical signal that the bottom is at hand that suggests a positive week to come. I will leave it up to the technical experts on this website to comment.

My personal expectation is another smackdown to start monday and then a gradual climb the rest of the way. The shadow of another COMEX expiry window will then become a factor and its back to the cap and hold program of the Cartel for the last week of March.

ECU looks like it has tested the upper limits of the range and today has come back to test the lower support range. So it is quite possible at the end of the day that we are just that much closer to a major breakout or breakdown but nothing conclusive has come from the wild swings this week. I think we have a disappointment to wade through when the earnings numbers come out. Management hinted that the operations were below par with the last update and that will probably project to poor operating results in the quarter. On the other hand production has been rising and the guidance for next quarter is positive so it may already be priced in.

cheers!

mike