I must admit I thought it would hold onto the early gains...

I must admit I thought it would hold onto the early gains today.

I guess I forgot about the T+3 crowd. I didn't think T+3 would be such an issue with not many shares in issue and even less in the freefloat.

Still we had a good run yesterday and today there was a fair bit of volume above 80c.

If one takes a guess at the freefloat as being about 40% of the total issued capital we would be looking at about 18mn shares (although I expect it to be less in reality) in the last 2 sessions almost 11mn shares have changed hands.

There can't be that much stock in loose hands now as we go into the weekend.

Accordingly the current level of mid 70s should form a new foundation for rises on Monday as more T=3 cash and more new investors take a position.

2 days ago we were wondering what the seller was doing when he kept pushing TRH down below 50c at the close each day.

Now we are 73c almost 50% higher and the real action hasn't happened yet.

STB, ELM and FMJ all had rises punctuated by some savage profit taking making it look like a succession of pump and dumps at ever increasing levels. I would guess we will see the same from TRH.

Maybe the info uncovered by TD today will appear in an official ASX re;ease on Monday - that would be a good way to start the week.

Have a good weekend all.

EB