GREY:MLKKF - Post by User
Post by
schoron Aug 10, 2009 8:11pm
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Post# 16207561
I have the feeling
I have the feelingthat ML will move close to $3 on/after the quarter report. Depending on copper prices and overall market moves I can see ML dropping back down to the 150MA which would most likely be in the 1.30-1.50 range. We came close to touching the 150MA when we hit 1.03 last time, I have the feeling it could be in play again even without an overall market correction.
Don't sell the whole position, my guess could be wrong, but it would be a good time to sell some traders if you picked them up recently in the low $1-1.20 area.
Long run we hit a home run, but short term, forces are increasing against the markets and the enthusiasm of the economic recovery. October could be another big downturn as reality sets in that things have gone up too much too fast.
I doubt we will hit the lows of March but I can see us coming close to 9000 on the tsx.
Keep the cash on hand for that downturn if it comes, buy ML and the other stocks you believe in because they will move back the fastest when we come off the bottom.
Trade the stocks you know, you've done the DD, if they give you shares at sale prices, jump on them and be over weight. In the end the story will unfold and you will know if your initial convictions were right. I think ML is a winner in the next few years and I'm going to trade around my position to maximize my profits.
GLTA
Schor