RE: RE: RE: RE: Dundee update Feb 13 Pdcon,
On the Yahoo message board, some discussion that we might have witnessed at least a "mini" capitulation yesterday. CRJ traded 825K shares and CGR traded 665K shares for a combined total of 1.5M or so shares traded along with establishing new 52 week lows.
As the 13G sugests, CRJ/CGR has been undergoing slow but deliberate fund selling. With Motely Fool putting out two articles yesterday that touted CRJ/CGR's valuation, some suggest that this is indicative of the selling not being being finnished (ie: touting the stock into selling of the same). I happen to think that all they did was point out the obvious (ie: valuation) where the selling has all but abated.
Those that follow Rubicon (RBY/RMX) oftentimes follow CRJ/CGR. With RBY being capped by the new finance package til at least the end of Feb, a few have been unloading shares and moving into CRJ/CGR. In the past, I have always noticed positive price action on CRJ/CGR especially when a little momentum builds. Something I anticipate will happen because the valuation story on CRJ/CGR is too distinct NOT to ignore.
My gut tells me that we will have to get past earnings to put in a more sustained move to the upside. Madsen drill results aside, the updated resource of Seabee that is due out by the end of March is apt to surprise imo. Since the last update, Seabee has undergone a lot of drilling and with more than just decent grades. In addition, and if selling pressure has truely abated, the stock price should rebound fairly quickly imo. When combined with some positive PM movement to jolt a few investors off the sidelines, I think we will be back to the $1.80 range sooner than later. Or so i think.....