Approaching the "BUY" Zone....
Complete and total panic in the oil markets, everything oil getting hammered across the board. ELW holds some very prospective properties that they picked up at decent pricing, but in this kind of chitstorm it's all being thrown out the window. We had a tonne of paper being issued at $.10 cents that "friendlies" of the deal will most likely hang on to, but the parasitical financiers of the deal will most likely jettison their paper for any shred of profit. Will we touch down to $.10 cents? I can't say for certain - but what I can say, is that I am a light buyer here at the $.15 cent level, and will increase the size of my buys if she drops lower in a pyramid buying formation. If she touches down at a dime, I would hold a very solid position around a $.12 average, and if it miraculously turns around tomorrow, I have a small position at the lows. In my opinion, oil has dropped too far - or more importantly, too fast, and at worst should see a turn and a bear-rally. GLTA.