This is Jaguar Mining Inc (JAG). They missed their earnings projection for this quarter by announcing a 7 cent loss for Q2. In addition, the fundamental causes for lower production this quarter was revealed to not be fixable until sometime shortly before the end of this calendar year.
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As I write this, JAG is down some 22.5% in the first couple hours of trading.
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Rather than wait for some TSI confirmation, I am going to trust my gut that these kind of sell-offs are emotional and usually overdone. Also, the selling volume appears to be waning, but one never knows for sure what will happen when traders are adrenaline hyped with fear.
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My TSI trading record has been updated to reflect this purchase.
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Click on the chart to ENLARGE
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Hi John: Probably a good move on your part to do that. Unfortunately for me I'm on the other side of that trade. I bought 1500 shares at $7.65 thinking that was a good looking bottom as the price hadn't been that low for a year. So I'm taking it on the chin this morning but I'm not panic selling as this one will come back eventually especially with a higher gold price later this year. Oh well, that's life in the fast lane!
ReplyDeleteBruce