I was a shareholder for 10 months and I sold todayFirst off, I have been around here for over 10 months and post occasionally. I always enjoy reading the regulars and they make sense.
Today, before the open, I decided to sell. Why did I do this?
well, its simple. I looked at the chart of EPO, ICP and WPX after they came out with their PFS, or PEA, whatever you want to call it and all....I repeat...ALL, had the same trading pattern. Spike up on that day, then followed by slow downward pressure to the support zone during the few weeks that followed.
I picked up a boatload at 86 cents (my last buy) and decided to bail at 1.20 today. I am definately not over with this story...just waiting for a lower price. Maybe $1....if I get real lucky, maybe $.90.....who knows. If it goes the other way and head for the hills upwards, then congrats to you all and I am happy for you longs. I am still al long. Just risking it and trying to get in at a lower price because of what I saw with the other juniors.
I don't see AAA taking off to the races for sometime now. Still a ways off from the mine, and the big news came out. Now we look fwd to some holes for the short term to move this stock. Problem is Europe and the US. This story will not go away and many good companies are getting crushed. And thats what will happen here.
The second major red flag that I didn't like was when I got the annual financials. There was an explosion in the number of shares outstanding. This has a major impact on share price. Some of you do not want to realize this but this company was valued the same last year at $1.80 as it is today at $1.13...just because of the extra shares. Don't you realize that if we think the company is worth $300 million today...that only caps the price at $1.50....vs $2 last year. I don't like that and it has no sign of stopping.
As I said, I would be a buyer again at $1 or if I get real luck, $.90 b/c I know long term, its a winner.....only problem is short term, the markets look like they are stuck in a rut with no way out and if EPO, WPX and ICP graphs are of any indication....trending down for a few weeks.
If it goes up, well.... today there are plenty more bargains out there and I wish you all the best of luck in the world. I am not a basher and believe in this story, just made a trading decision today.
Frank