Tuesday, November 2, 2010

Melbourne Cup Day... Trading will be quiet

It is that first Tuesday in November here, Melbourne Cup day!  From my experience volumes will be low today and any share price moves will be exaggerated as a result.  Whilst the ASX is open it is a non-settlement day.

Overnight European and US sharemarkets were showed modest gains and/or were flat.  Oil prices were strong, base metals were only slightly stronger whilst the gold price was weaker.  The RBA makes a decision on interest rate levels today.  Stocks which may be of interest today include:

*Resource Star Limited (RSL) - This stock has attempted to break $0.20 the last couple of days and whilst it has breached it intraday it has not managed to close on or above it.  Today could be that day.  Results from drilling of it's JV Machinga REE project with Globe Metals and Mining (GBE) and pending.  Closed at $0.195 yesterday.
*Artemis Resouces (ARV) - The stock hit a high of $0.10 yesterday before closing at $0.094.  Again, this stock is awaiting drilling results from its Yangibana Rare Earth Project.  The company stated in its Quarterly Activities report on 29/10/2010 that "The Company will release results of this drilling program once all of the results have been received from the laboratory and after the technical team has compiled and interpreted the results."

Good luck in backing a winner today.

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