What a Day!
Today I was so busy watching the stocks I had a position in I didn't even look at what was moving the markets today.
Then, as I was walking thru the +15's in downtown Calgary, I stopped at the market board in the Stock Exchange Tower to look at the TSX Venture tickers displayed on the board.
I saw GGL and it said it was up .70 and I took a second look...that can't be 70 cents on a 15 cent stock could it? I get back to my desk and fire up my brokerage account and sure enough...the stock's on fire and literally watched it go from 80 cents to over a dollar and back to 80 cents...in within a five minute span. I have never truly seen anything like this in my life!
The dream stock I have been looking for for years and when it arrives, I'm looking the other way. Am I kicking myself? You better believe it...lol
So now the question is, what is gonna happen tomorrow? I think there's a bit of irrational stock market fever going on here, it may swing up a bit, but nothing like today. I am also a bit suspicious of the magic rise after the company completed a series of financings, the first one to a Saudi Sheik who stood to make $20 million or more today on his shares (see the news item on the company snapshot).
A lot of people are talking about Voisey Bay...but people should also remember Bre-X back in the late 90's and the gold scam that was pulled off in Borneo. That is the risk here.
Gotta keep your wits in this game. Give in to fear or greed, you'll get toasted. Don't risk more than what you can lose. Set realistic expectations. Be happy when you make a small gain with a small stake. Keep in perspective of what that gain may mean compared to a paycheque you earn or a sideline business that you may operate.
I admit I am having dreams of getting into this stock, getting rich and being able to retire from the involuntary work force. However, many dreams come crashing down into reality, and many poor souls who were dreaming in technicolor are forced to face the black and white reality of evaporated savings.
I wish you all luck tomorrow. Money could be made, but don't bet the farm on it.
Cheers,
Steamer