Some Past HistoryLast year during the spring run-up, all the cheerleaders were high fiving as ISM shot up to $7.69 on no news. Quite a number were almost drooling as they exchanged stories on how that whacko millright had got slaughtered covering a short position, they were sure I had. There was much glee about this being the start of just fabulous things - as RM had been talking about huge ramp ups in exploration, dewatering and NI43-101, all just down the road - and one of fabulous quips - that they had just scratched the surface.
I'm certainly not suggesting that today's comeback even approaches the heady days of May 8 & 9 - or that this spring's promotion is near ended. Just a little reminder of the foresight of a critic on May 8 - it got a lot of laughs then, was not quite so funny to the cheerleaders of the day [or the marks that were suckered in] in the ensuing slide back to reality, that commenced one day later.
I'm not the chicken$hit that some of you would like to think. I was travelling all day and didn't check things out until after the hockey game - took a while to cut through all the euphoria here to see what happened. Hell of a move today - I guess I'm not the only one that likes baiting the hook. No, I'm not sure of that - this move might be just a normal market reaction. I'll have to defer to the majority - you guys know what's going on - who am I to question your wisdom. This company just has so much going for it that there's nothing unusual about it jumping 25% on no published news. I would think that its probably just a reaction to that silver tongued CEO being on TV and Radio - who wouldn't jump on the bandwagon after hearing Randy ah-ah explain about Xstrata being interested because Timmins isn't far from Sudbury.
No I think you guys had a real winner today. A word of caution to those who were laughing all the way to the bank - unless you sold, you didn't have to go to the bank - so what's to laugh about. Anyway, if I were you, I'd load up on ISM - if you're already long and you all bought back when it was in the pennies - you might as well go for the kill - really load up. I won't be loading up - because as that mental giant beerbelly has informed you - I have a huge short position and I'm busy selling off my hockey card collection.
No, cheerleaders - just keep enjoying this endless ride to the sky - there's a huge ore body down there and the big boys are going to be tripping all over themselves to spend a few billion to get their hands on it. Geez if I'd known it was this easy I'd have gone out and spent a couple of million on drilling to identify this previously explored area that was abandoned, but is now worth a few billion. The thing that gets me is, if its that easy to identify and sell, why spend as much on investor relations as on drilling? Hell, how would I know, Handy Randy is the mining man [isn't he oldfellow?]
Anyway, enjoy yourselves. And once you've all sold out and become millionaires it won't be too late for a couple of lessons in life. First, read some history, its scary how often it repeats itself. Second, try and be as joyous in defeat as you were in victory - sometimes on the way down, you meet the guys you thought you'd never see again.