RE: Something's wrong, folks...Those are good questions and allow me to elaborate.
First, I would be careful in placing too much faith in americanbulls.com. I use them as just one tool in an overall analysis, and on many occasions over the past year they have given false signals on FRP. And here's just a recent example - the other day they gave a "buy confirmed" to SOX at $1.35-----the stock tanked a day later and fell below $1.20 today.
Technically, two major trouble spots have now emerged for FRP: 1), the stock fell below its 50-day M.A. yesterday for the first time in over three months. We briefly rallied back over that average during the day today, only to close below it for the second consecutive trading session. The 50-day has also flattened out and, even more alarmingly, #2, FRP's 200-day M.A. has started to decline. These are just two technical examples that are easy to explain-------I could point out some other negatives in a visual way on the chart.
Basically, what I'm saying is that the rally that started a few months ago has ended, plain and simple. This should NOT have happened and I would have been the last person to predict this a month or even two weeks ago. This is an unexpected reversal and I suspect the stock will get hammered in February. I actually hope I'm wrong, as I do still hold some shares. But the risk-reward ratio, especially on a short-term basis, became very unattractive for me today.
What could save all of this? One mother of a hole at Dixie Creek, for one. We're awaiting drill results from there but given the deepness of that hole, FRP will have to produce close to an ounce or better per ton with significant width for the market to react in a substantial way.
I do believe, as I stated about a week ago, that there are troublesome delays with drilling permits in Peru...and don't expect the environmental approvals in Greece anytime soon...I am particularly annoyed that Peter Tegart led investors to believe that these approvals would happen by the end of January. So we are now at the end of January, and Peter your stock is getting hammered, and rightly so. Delay after delay.
Having vented here a little, I remain long-term bullish with FRP. I just think we're in for a rough ride in the few weeks ahead.
How low will we go? Not sure. I am trying to make some calculated predictions.
And let me also say this: it gives me no pleasure and there is no motive for me to be negative on these boards. I have been a long-time FRP supporter. And I've been completely honest with everyone in terms of the buying and selling I have done with this stock. I have moved on to other plays at the moment and while I'll still be keeping a close eye on FRP, I expect to be buying back in at a lower price down the road.