Read Post#1 more carefully.
- #34,002
- Apr 24, 2012 9:15pm Apr 24, 2012 9:15pm
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
After some months (and maybe longer?) of this "activity", I can only deduce that our Host:
- Has a kind heart
- Finds great humour in said activity
- Or Both of the above; since he has the ability to hit the kill switch
- #34,003
- Edited 11:01pm Apr 24, 2012 10:35pm | Edited 11:01pm
- | Joined Mar 2012 | Status: PA & VSA "lead" the way | 414 Posts
Okay I apologize here nothing to do with SonicR, just wanted to share.
Along with being a Daytrader, Swing Trader, Momo Trader, etc, (I'll trade anything in any way if I think I can cash in
) I'm also an Investor.
Back in 2008 I bought some shares in this company. Then all hell broke lose in the World thanks to the U-S of A, and as a trader I went on a buying spree! Well I already had shares here so this was a no-brainer, my DD was done already. Fast forward to 2010, things were progressing slowly with the company, Market seemed "toppy" to me, etc and I finally cashed in. Since then I've always kept an eye on things but did nothing, until today.
As you can see here, we have a very typical over-reaction to news.
Short story long, this is a Copper Mining company building a 1 billion dollar mine and is getting near completion. They are due to have full copper (and a few nice side metals) production ramped up in Summer 2013. They have a mine expectancy of 30 years or so, and they will be producing copper at $0 or possibly even unheard of negative costs!
So all sounds good, and it is, so why the horrendous sell off and panic?! Well, the company was financed for the billion dollars, and as of 3 months ago everything was "on schedule" and on "budget" according to the news release. Well, within the last 3 days FOUR members of the board resigned, and then right after that news sure enough they release that they are over budget and now need another 250 million dollars. OUCH.
Management is obviously in question over this, they were doing a fine job before this "out of no where" blunder and they have many many years of experience. Going over budget is a common occurance in the mining industry, it is just the amount over that has everyone alarmed. Companies like this usually see share price slowly start to rise the closer they get to production, then price can really get going once they start generating income. The target price for this was realistically $2 to $4 before this shortfall in funds. They may have to dilute the stock now which will lessen the value of the stock, most analysts have lowered their targets to just over a dollar for now, after the news.
Okay so I don't usually play the catch the falling knife game, that is my Brother's speciality. He has been in and out of this stock since 08 as well, and has no charting abilities so another reason I was "watching", for him. Well yesterday the Turkey bought in at 0.60!
He never learns his lesson, I tell ya. As you can see, with such news, the selling was far from done. In fact, you might come back here tomorrow and laugh at me too, sometimes a good 3 days of selling is needed to purge the weaker hands.
Anyway I bought 40,000 shares today @ 0.38, had I been watching closer (again too many pots on the stove) I might have got in lower since it was a weekly support where it bounced. Nevertheless, it could go lower again tomorrow and I will buy more, and I should probably buy more even at 0.40.
So I share this with my new friends here in case it interests anyone, it trades on the Canadian Exchange, please do some DD if you would consider buying in I think it is a good opportunity. They have a huge mine with tons of high grade metal in the ground that isn't "going anywhere", Korean investors own 30% of the stake, and the company the other 70%. There are several ways they can raise the money needed to finish, and this will be the most likely result. Worst case scenario they somehow don't get the money and they get bought out, I'm guessing for somewhere around 0.50 - 0.75. If they get the funds like most expect I am prepared to hold my shares for up to 2 years, the potential return is quite high and the risk to my account is very low overall with very little capital tied up. This is in my RRSP account which is a governed tax haven account akin to spread betting in UK, and we are limited to what we can do in it but luckily buying penny stocks is still allowed.
Cheers all
Along with being a Daytrader, Swing Trader, Momo Trader, etc, (I'll trade anything in any way if I think I can cash in
) I'm also an Investor. Back in 2008 I bought some shares in this company. Then all hell broke lose in the World thanks to the U-S of A, and as a trader I went on a buying spree! Well I already had shares here so this was a no-brainer, my DD was done already. Fast forward to 2010, things were progressing slowly with the company, Market seemed "toppy" to me, etc and I finally cashed in. Since then I've always kept an eye on things but did nothing, until today.
As you can see here, we have a very typical over-reaction to news.
Short story long, this is a Copper Mining company building a 1 billion dollar mine and is getting near completion. They are due to have full copper (and a few nice side metals) production ramped up in Summer 2013. They have a mine expectancy of 30 years or so, and they will be producing copper at $0 or possibly even unheard of negative costs!
So all sounds good, and it is, so why the horrendous sell off and panic?! Well, the company was financed for the billion dollars, and as of 3 months ago everything was "on schedule" and on "budget" according to the news release. Well, within the last 3 days FOUR members of the board resigned, and then right after that news sure enough they release that they are over budget and now need another 250 million dollars. OUCH.
Management is obviously in question over this, they were doing a fine job before this "out of no where" blunder and they have many many years of experience. Going over budget is a common occurance in the mining industry, it is just the amount over that has everyone alarmed. Companies like this usually see share price slowly start to rise the closer they get to production, then price can really get going once they start generating income. The target price for this was realistically $2 to $4 before this shortfall in funds. They may have to dilute the stock now which will lessen the value of the stock, most analysts have lowered their targets to just over a dollar for now, after the news.
Okay so I don't usually play the catch the falling knife game, that is my Brother's speciality. He has been in and out of this stock since 08 as well, and has no charting abilities so another reason I was "watching", for him. Well yesterday the Turkey bought in at 0.60!
He never learns his lesson, I tell ya. As you can see, with such news, the selling was far from done. In fact, you might come back here tomorrow and laugh at me too, sometimes a good 3 days of selling is needed to purge the weaker hands. Anyway I bought 40,000 shares today @ 0.38, had I been watching closer (again too many pots on the stove) I might have got in lower since it was a weekly support where it bounced. Nevertheless, it could go lower again tomorrow and I will buy more, and I should probably buy more even at 0.40.
So I share this with my new friends here in case it interests anyone, it trades on the Canadian Exchange, please do some DD if you would consider buying in I think it is a good opportunity. They have a huge mine with tons of high grade metal in the ground that isn't "going anywhere", Korean investors own 30% of the stake, and the company the other 70%. There are several ways they can raise the money needed to finish, and this will be the most likely result. Worst case scenario they somehow don't get the money and they get bought out, I'm guessing for somewhere around 0.50 - 0.75. If they get the funds like most expect I am prepared to hold my shares for up to 2 years, the potential return is quite high and the risk to my account is very low overall with very little capital tied up. This is in my RRSP account which is a governed tax haven account akin to spread betting in UK, and we are limited to what we can do in it but luckily buying penny stocks is still allowed.
Cheers all
- #34,005
- Apr 24, 2012 11:48pm Apr 24, 2012 11:48pm
- | Commercial User | Joined Mar 2008 | 9,075 Posts | Online Now
- #34,007
- Edited Apr 25, 2012 12:16am Apr 24, 2012 11:57pm | Edited Apr 25, 2012 12:16am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
EU:
A shrinking place of consolidation (pic.1)?
Then, Frankfurt Headfake (pic.2)?
Then, EUR news out and possible stopping volume (pic.3)?
A shrinking place of consolidation (pic.1)?
Then, Frankfurt Headfake (pic.2)?
Then, EUR news out and possible stopping volume (pic.3)?
- #34,008
- Edited 12:19am Apr 25, 2012 12:06am | Edited 12:19am
- | Joined Oct 2010 | Status: Trader | 1,539 Posts
- #34,009
- Apr 25, 2012 12:17am Apr 25, 2012 12:17am
and we have shrink in volume 1H meaning that market krowd refuse to folow current trend,and also confirmed by bearish divirgense Stochastic
PS:never now Market is MArket it is biger and we all a losers...
PS:never now Market is MArket it is biger and we all a losers...
EU:
A shrinking place of consolidation (pic.1)?
Then, Frankfurt Headfake (pic.2)?
- #34,010
- Edited 12:29am Apr 25, 2012 12:18am | Edited 12:29am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #34,013
- Apr 25, 2012 1:03am Apr 25, 2012 1:03am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #34,014
- Apr 25, 2012 1:07am Apr 25, 2012 1:07am
- Joined Feb 2011 | Status: Trader | 1,825 Posts
GU pop to new high with decent volume, SM is selling? Fake break? Let's the dragon show.
Sam is sensible approach to trade.
If the price is going down, Sam is selling.
If the price is going up, Sam is buying.
If prices are rising, Sam expects that they will rise further,
and if they are falling, Sam expects that they will fall further.
Sam gives preference to continuation over reversal.
Sam is aware of history, but not hung up on it,
so Sam doesnt trade history.
Sam lives in the here and now, not in the what's been, so Sam trades momentum and gives precedence to the current wave, not the last
ps: copied from some where
- #34,016
- Apr 25, 2012 1:15am Apr 25, 2012 1:15am
- Joined Mar 2008 | Status: PVSRA with Traderathome | 23,552 Posts
- #34,018
- Edited 1:33am Apr 25, 2012 1:19am | Edited 1:33am
Gu setup failed with price pulling up, but in my opinion its a fake movement, so instead of gu i took gj short. Jpy looks stronger than usd now.
Ep: 131.17
Sl: 131.58
Tp: will be taken according to situation, but i have target 130.20 or lower in my mind.
Sl on breakeve +1.
