To cover or not?I have to say, I have nothing bad to say against CAN, but I am in the business to make money, not dream about what could be. For example, when Tanzdevil was touting his 15.00 SP targt by Thanksgiving, anyone with at least some logic could figure out that was stretch to say the least.
Then there's IKE, I don't know how many shares he owns or doesn't but I have a feeling IKE, like others, felt that once we hit 5.00, 6.00 there was nothing stopping us to go above 10.00+
Look, the stock closed at 2.87 today, once again in the red, yes volume was light, but still 2.87 speaks pretty loudly to the fact that regardless of the news flow, and I can't say it hasn't been coming, the stock cannot move 3.50 let along the 4.00 mark and the market just doesn't have the confidence in CAN and other juniors, and CAN has cash in the bank!
So then I ask myself, when I will stop being short and build up my long position, which I have been doing slowly under the 3.00 mark. But I will continue to be short CAN, not because I hate the company or anything like that, but really it's because if you look at the 6 month chart, from 6.45 to 2.87, I made money having that short open.
I still feel we'll be lucky to see 3.50 by Oct 1, more likely 3.00 will be where we end up. By Dec 31 2011, I say 4.00. Of course by then I'll have to covered and finally be long.
GLTA.