Peregrine Diamonds Ltd. PGDIF

RE: Nice little wall forming at $1.79

[bullwhip29]

Haven't posted for a while since there hasn't been much to say (obviously)...

ekim, you called a bottom at $1.90 only a few days ago, but that didn't hold. Attempting to catch a falling knife if silly right now.

The broad markets are getting a little relief for now (ie. as of this minute), but who knows what unfolds over the coming days, weeks and months? A lot of charts (not just PGD) have broken down and do not appear to have bottomed yet IMHO. Look at the TSXV and tell me that the bottom is in definitively. If it fell another 10-20% I wouldn't be the least bit surprised. Any buying in recent sessions has just been sold into meaning that we could have a long ways to go before a sustained upturn is in place.  The debate over EU bailouts, QE3 and so forth is a nasty catch-22 situation since going forward with these programs would mean our fabulous leaders would finally have to admit that previous initiatives didn't work (and we were all led to believe the worst was behind us). The market may also interpret this as bad news, which would mean the big ramp job in equities that everyone is expecting doesn't materialize. Of course, not doing anything would also result in the immediate wipeout of all that so called progress that we made in the last 3 years (which many never believed was for real anyway). The pullback in financials, ag commodities and now oil coupled with a whole slew of crappy, slapped together and poorly executed IPOs is making me very nervous too. If we are indeed witnessing the unwinding of one huge ponzi scheme which was only keep afloat since 2009 due to unprecedented amounts of stimulus, then it is time for all of us to pray for one another.

I don't mean to be all doom and gloom, but I really believe many are way too complacent about things right now and that's when bad things happen.