BullMarketRun

Gold has snapped back after a drop down to $1,088 this morning…the precious metal is now up $2.00 on the day at $1,099 as of 8:30 am Pacific time…yesterday we identified $1,085 as a key level gold must not breach for our near-term bullish scenario to play out…the CDNX was quite weak at the start this morning, testing 1,500 which wasn’t unexpected, but is now at 1,510, off 9 points on the day…Seafield Resources (SFF, TSX-V) is very strong again this morning, trading 1.8 million shares already and hitting a new 52-week high of 35.5 cents…Seafield is currently trading at 34.5 which is a nearly 500% gain from when we first initiated coverage on this stock at just 6 cents last summer…our outlook on Seafield remains very positive as the company draws closer to finalizing its Colombian gold property acquisitions and proceeding with exploration…a double or triple from here is entirely possible in the coming months…however, traders may wish to consider locking in profits as the stock is clearly now overbought on a short-term basis and could react soon, though likely not below the upper ’20′s…some cheap private placement stock comes free trading next week as well which could put some downward pressure on the stock…the possibility of another Seafield private placement in the 30 to 40 cent area also exists in our view, as we have previously suggested, if for no other reason than strategic “positioning” purposes…Gold Bullion Development (GBB, TSX-V) is up half a penny to 11 cents this morning on heavy volume, while Kent Exploration (KEX, TSX-V) – another favorite of ours – continues to look incredibly attractive at 15 cents…Kent is oversold and due for a very sharp rebound, while Gold Bullion should have more assay results soon from Granada, a property along the prolific “Cadillac Trend” that we believe has excellent potential for a major discovery…