I suspect that we'll see another down leg in the TSX and the NYSE. However, it's nice to see the general market up today. Some commentators on Business Network News (BNN) have noted that a 20% correction takes a lot of stocks into oversold positions. I believe Spider Resources is in that position at the moment.

(I've been trying to persuade myself to buy another 50,000 at 8.5 cents. But my wife would kill me.)

I was going to phone Neil Novak over the last couple of days, but I think any conversation at this point would be lost in "the static of a panicked market". So I'm going to leave it for a bit.

The fundamentals (such as they are) for SPQ are the same. Close to 300 million shares outstanding, a share price a way under valued at 9 cents, and lots of potential tonnage of precious metals and base metals in the ground. Moreover, Spider Resources is part of an "area play" led by Noront, which has CEOs, geologists, and investment bankers all communicating and working on a strategy that will make us very wealthy.

"Ya just have to hold onto your shares! That is, don't bail when everyone else is having apoplexy. It's hard, but hang in there."

Snug