"The history of Eureka lies in its future." - Lambert Molinelli, 1878


The author/editor of the Eureka Miner owns common shares of local mining stocks, General Moly (GMO) and Newmont Mining (NEM); together with benchmark miner Freeport-McMoRan (FCX). Please do your own research, markets can turn on you faster than a feral cat.

Tuesday, March 31, 2009

End of Quarter Bounce?

Morning Miners!

It is 6:48 am (PDT) and we're seeing an end of quarter bounce in early trading. Hey, remember the mutual fund guys that blew all your retirement savings last fall? They are coming back in to scoop up cheap stocks on the last day of the quarter to shine the apple. Chuck those jerks in the front loader!

The commodity index (.CRB) is up nearly a percent and gold has recovered a bit, up $6.50 to $924.2 (June contract). Dollar is down a scotch, pretty much the flip-flop of yesterday.

The DOW is up 50 points (7,574.19) with sideways action in the miners:

Barrick (ABX) $32.41 up 0.13%
Newmont (NEM) $44.86 down 0.44%
General Moly (GMO) $1.06 down 0.03%
Freeport McMoran (FCX) $37.33 down 1.20%

Watch out for earnings season which fires up in a week or so. The ole Colonel is putting on his parachute.


Colonel Possum

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