The minutiae of the Friday closeSome interesting dissections of the end of day purchases. I put a bid in for 1,000 at 1.35 when the bid was 1.32 and the ask was 1.38. Got 'em. Unbelievable, but I made what turned out to be one of the most dramatic gestures of the final 45 minutes of trading with that small purchase. There is a very fine line between bullishness and bearishness around here this evening, and it exists as such because no one knows what the market will do on Monday.
Doubt and reservations regarding market volatility are guiding the price action. I wouldn't have paid 1.38 at closing and you didn't either, but somebody wants a lot of shares at $1.30, so there is a sense of exuberence regarding company fundamentals (support) but also clouds over the market itself ("Yes, but if the market drops Monday I'll get them cheaper.")
I bought at $1.12 yesterday too and one could always buy even more of the dirt cheap shares next time around I suppose... if the Venture drops 500-600 points again or similar. It would take time to eat through the support and for the market to drop that much IMO so it's not that big a deal. That's a worst case scenario.
SA held up for a long time in the 1.50s and 1.60s when this engineered market correction started and it will always run up hard when most of us least expect it. How many of us thought it would gap 13 cents this morning?
So, if you're keeping cash spare for the possibility of impromptu bargain-basement hunting that's good and prudent but it also makes sense to own more shares at 1.30-1.40 than one was holding at 1.50-1.60 if you truly believe in value here.
If the market stabilizes somewhat next week (no big swings), buying pressure will continue to build on fundamentals- billions of dollars in ore deposits with unknown quantities of high grade gold at Bising, Pelangan, Sumbawa etc. yet to be drilled and a small market cap.
The last two purchases of 200 and then 300 shares were even more insignificant than the previous purchase that I mentioned. We closed a fraction of a percentage point lower.