Interesting Day

Today's trading suggests what might happen when we really do get financing news. The quick spike up to 15 cents (which was over a 50% gain) came because the buyers feared being left on the sidelines before the stock was halted for financing news. It's an indicator of what will actually happen when/if financing news is announced.

The prospect of financing news I think improved immensely today. First we had gold attempting to go lower starting at the predictable time of 9AM, but the decline from about $916 could only get to $907 when it started moving sharply higher to as much as $937. That may indicate that $900 was the bottom of the previous downleg and the gold price could very well go higher from here. At least it has to give the prospective lenders some confidence that the support level is $900 and that the upside is much higher.

Secondly, the proposed financing had CMM issue 24 million shares and warrants to the financiers. The day before the financing news release, the share price closed at 6 cents, making 24 million shares worth $1.4 million. At 12.5 cents, they are worth $3 million.

Here's today's summary. The details are posted in the "Today's Trades" link on the right.