RE: Market Depth???Hi Keeper,
I believe EXN had traded about 400K up to that point. (I could be off). Volume was almost 300K over the 20 average and volume has been excellent over that period. Let’s face it NO ONE bought in for less than 36 cents today. Most of those will probably not be satisfied with flipping for a couple of pennies. There has been quite a bit of accumulation over the past few months, but especially in the last month.
Right now there’s not a whole lot of overhead resistance even well beyond 40 cents. The bid is still not that strong yet but had been improving in the past few days. I would think we would need a few more days of similar volume to break through 40 cents. The volume at the end of the day where virtually all silver and gold stocks got beat up isn’t usually a good indication of what we can expect the next day. The direction of the POG & POS on the COMEX from 8:30 am on will generally give you a better indication of where the price of many stocks will be headed in early trading. As I type the POG is down $9/oz in Asia to $544/oz. Actually it’s refreshing to type THE PRICE OF GOLD IS DOWN TO 544 DOLLARS US. Silver is $8.93 oz.
I can’t for the life of me figure why someone (Vika) would unload their entire position of EXN right before more drill assays are coming out. Plain stupid but that’s his/her prerogative. I can certainly understand trading some shares and locking in profit, as many here have bought in between 18 and 30 cents.
This is where everything is STARTING to get interesting!!!!!
The company just threw us a bone a few weeks ago releasing a spectacular 10m drill hole. The grades were something to get excited about IMHO. If other holes turn up similar grades we’ll blow through 40 cents and probably far beyond that!!!!!
Good luck. SMF069