PINNACLE DIGEST: Orbite Orbite Aluminae (TSX:ORT) stole the show Friday, rising 26% and trading 6.8 million shares. Orbite actually had some competition as dozens of mining and resource companies bounced from grossly oversold positions, proving the Canadian exchanges are still alive!
Gold jumped almost $30 an ounce to close at $1,580.40. The TSX Venture finally broke its death spiral to 999 by rebounding 15 points to close up 1.5% at 1,041.85. It was strange to see the Dow and major US indices down, while the TSX Venture traded up.
Orbite Aluminae, whose name we won't try to pronounce, rose 26.80% Friday to top the Daily Breakouts of our Stock Challenge.
Orbite Aluminae Inc (TSX: ORT) (OTCQX: EORBF) management commented today on recent developments stating "…we announced that we received our patents for the process in Russia and China, so at this point we are patented in the U.S., Canada, Australia, Russia and China."
Orbite Aluminae also has plans to change the alumina industry "…by building several smelter grade alumina plants serving Quebec which is the third largest alumina producing region in the world."
Orbite Aluminae Inc. is a Canadian cleantech company whose innovative technologies are setting the new standard for alumina production.
Read its full press release here
Visit Website Here
Although 3 Pinnacle members benefited from the rise, none had a strong enough 2nd pick to crack the top 20.
Some prominent long time members, and one past champion, selected ORT.TO for April's Challenge. It is definitely worth tracking. SchiffKnowsBest selected MBI.V, ORT.TO and had a one day average increase of 18.96%. Low patch selected ORT.TO, PRB.V with a one day average rise of 12.45% and longtime member DiamondsAce selected E.TO, ORT.TO for a one day average rise of 11.74%.
Although the first week of April has been a nightmare for junior resource and small cap investors as whole, days like Friday remind us why volatility can be our friend.
The Venture continues to experience very low volume, indicative of seller exhaustion. There is always a new wave of value investors set to step in; it’s just a matter of when.
On Wednesday there were only 15 total monthly challengers in green territory. On Thursday it jumped to 28 and today it jumped to 32. The market is showing signs of life as gold refuses to go quietly into the night.
Good luck and have a great weekend Stock Challenge competitors! Monday morning will be here before we know it, so enjoy the two days off!