I watched the BNN video again and a few things stand out:

Mr. Magoo started out be stating some good facts about the CDN junior mining industry. The scarcity of drillers, people willing to work at the sites, and the shortage of good geologists.

He then went on to subtlely slam SCR and gave an indirect thumbs up to CME, though he contradicted himself regarding the need for solid drill results compared to just grab samples. The first is down today and the second up. Then he went onto Noront (was that your voice Jimminy)?

What struck me the most about Noront is that he mentioned that two holes still needed assays but that the geological setting is not like Voisey Bay. I found this interesting as they are still working out the actual find after partial hole one assays, but he may be correct. According to geo Dr. Franklin, who did a report on McFaulds back in 2003, there are similarities to other good areas:

"The McFauld’s lake hydrothermal system is similar in many respects to those inproductive VMS districts. The style of alteration and metal contents, along with the style of volcanism is quite similar to the Mattagami Lake camp.

This part of the Sachigo Belt, although exceptionally poorly known, may contain a typical distribution of VMS deposits; this includes one giant (25mt) deposit and 3 to 8 smaller (1-5mt) deposits, based on a comparison with other better known productive belts. Much more knowledge about the nature of the physical volcanism in the area is needed to refine this estimate.

The felsic rocks below to a class of high- temperature rhyolite-dacite volcanic rocks that are typical of areas with high VMS potential. Only a few others, such as Noranda and the Uchi area have similar felsic rocks. This should be of interest to those who use such indicators to determine ore potential."

The important thing to consider here is that the references to Voisey Bay have more to do with the core values than geology. This is what Mr. Magoo missed the point on today. He through out a few slick geo terms but failed to mention that the nickel, copper, platinum, and paladium values were very good for a first strike.

He then went on to say that the area was a "very limited size". Does this guy work as a geophysicist at night at McFaulds? Where does he get his information? I also wonder why he failed to mention that Noront's first hole was very close to surface.

I agree with many on here that he was quick to talk about Noront and seemed prepared with a good monologue. For CME, he missed up his words many times. With NOT, he went through his checklist of why people should not buy. Finally, he mentioned that a lot of longs were holding which was keeping the price high. I interpret this to mean (in brokerage language) that the price is high because of low supply. What a concept. Let's face it, he would have prepared for the Noront question as he knew it was coming. The number #1 volume stock and the most talked about on Bay Street right now. He had time to review all the material and prepare. He left out the good stuff to drop the price for his buddies IMHO.

My hope the next time he is on is that we will be able to call him (after the Hole 5 results are back as well as some initial geophysical work) and ask him why he was so far off in this review of Noront. Maybe I can fake some fears when I told him I sold based on his advice (which I didn't btw.). These analysts hold a lot of power and their words are followed by many. Like many have said, companies like Scamaccord and others took advantage of his words the moment they left his mouth. Canseco noticed the same thing I did whereby the sellers were not even waiting for bids to appear before dropping to the next level. This is not retailers bailing folks. This is classic dumping into the bid with short sales. You do it to freeze the buyers into a waiting state and then create a self fulfilling prophecy, while dragging the day traders into selling to protect their small gains. Once it dips far enought they cover and start the whole thing over again when the bids are weak.

Regardless, it was still a nice day. We are up a quarter of a buck and had the fun of watching the SP test 4.99. This makes it that much more easier the next time as the belief is not in people's heads.

We closed above yesterday's close which was nice. I expected a small pullback if news did not come out today. The fact it didn't showed me that there are a lot of strong hands out there. I believe most of the volume today was a lot of inter-broker crosses trying to simulate that this is still high volume on the ups and downs. One thing that struck me is that the first 8 million shares traded well over 4.60. When I look at shareprice, I look for demand distribution, not just what a few of the last sellers happened to do.

This bodes well for Monday as those who held after buying above $4.60 are more likely to hold till at least $5 (10%).

Have a great weekend everyone. Not sure if I'll be back posting before Monday but I will stop in to read the posts so I do not fall too far behind. I read 100% of the posts on here. That next message button is a great feature :)

Misfit1.