Day Trader UpdateThursday, April 27, 2006 - DAY TRADER UPDATES - Your source for up to the minute, blow-by-blow coverage of the DT Community.
And now a look at Odyssey Resources [TSXv:ODX C$0.215] Working on the premise that inexpensive stocks "always return to the breakout point following a steep advance before trending higher" the DT's took a shot at breaking ODX this morning, selling into a modest bid quickly after the opening bell.
Although their pressure did manage to drive it down by 4 Canuck cents for two trades at C$.205, the attempt failed to cause a follow on sell-off by retail holders, and a barge full of new bids just beneath put the brakes on the raid attempt.
"Heh, heh, they shouldn't come to a gun fight with just a sling shot," said one long-time accumlator of inexpensive resource stocks who asked not to be named. "We're just laying back and letting them bring it to us. It kind of surprises them when we start hitting their marquee offers," he added.
As the lunch hour approached, it was looking more and more like the selling DT's were re-loading, but probably above their intended target. "You know, we usually work the stock bulletin message boards much harder before doing one of these sell-down raids," said Seymore Dipps, a day trader with the Toronto firm of Bernham and Chernham. "I'm going to have to tell someone to get some better stock knockers on the bull boards. This is not working like it should. I don't understand where these bids are coming from," he added.
Perhaps those bids are explainable. Since first breaking out above long-time resistance of C$0.205, Odyssey saw its shares trade as high as C$0.46 largely on news of a successful confirmation drilling program at Odyssey's 100%-owned Alous claim in Morocco. Part of a 500-square kilometer area of the Anti Atlas region Odyssey had the rights to explore and develop. Results there confirmed an at-surface copper/silver potential resource first discovered about 35 years ago by Occidental Minerals using 1960's methods. The company recently said that the information just obtained will allow the use of the historic Oxy data set for a 43-101 compliant resource look.
In addition, the company is currently doing new drilling at its gold prospect in Western Turkey at Tavsan. Results from that drilling program are starting to surface and it could be that the bids confounding the raid attempts have that in mind.
As always the battle of the day traders continues, as it will until the particular issue being worked gains more exposure in the investment community. “Dang these bidders getting in our way. We just want to get in as cheap as possible before the next news,” concluded Dipps.
As of 12:30, Odyssey’s shares were trading at C$0.215, down two and a half Canuck cents on a firming bid.
Chart: https://stockcharts.com/def/servlet/SC.web?c=odx.v,uu[w,a]daclyiay[dc][pb50!b200!f][vc60][iut!ub14!la12,26,9][J71866270,Y]&pref=G
NOTICE: Written just for fun. Part of the above is pure fantasy, part is fact. If you can’t tell the difference, you don’t need to be trading stocks! Either that or you must read the Vancouver Sun!