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I made three sales on Monday and two purchases. I was leaning toward the idea that gold and silver would take a little breather and so I took some profits, did some bargain shopping and bought a hedge supporting my idea.
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This first daily chart is of Capital Gold Corporation (CGC) which I sold for $3.50. It appeared that the indicators were likely to give me a sell signal, I had some profit and put it back into my account.
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This second daily chart is of Clifton Star Resources (CFMSF). As with CGC, my decision to sell was based more on my desire to take profits and put the money back into my account, than some extremely convincing sell signals.
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This third daily chart is of Platinum Group Metal (PLG). Same story as above.
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The first purchase I made on Monday was of Constitution Mining Corp (CMIN). This stock is a great example of why these penny stocks are so unpredictable and volatile. The company announced that it was diluting shares to raise cash. The stock had been declining mysteriously for days, but took a full deep water nose dive on the news when finally "made public". I think at one point this stock was down some 35% - talk about over reaction. Personally, I think someone knew a lot more than the rest of us days and days ago, and had the resources to short the daylights out of the stock - with the plan to cover the shorts on the predictable panic.
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My other purchase was of Proshares Ultrashort Silver (ZSL). This is that hedge purchase I alluded to in the opening paragraph. Watching things overnight I would imagine this purchase will not be profitable, as silver looks like it is going to scream higher from here - especially with the US Dollar seemingly collapsing. I did not have a clear buy signal, but one appeared to have imminent odds of appearing. Maybe next time I should wait for the signal, you know?
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My TSI trading record has been updated.
Nov. 14 mid day
9 hours ago
Precious metals have gone crazy!
ReplyDeleteDo you think we should jump in now or wait for a pullback?
Thanks.
Fung - if you read tonight's post you will see I have jumped back in today with both feet, both arms, futures and anything else I could find.
ReplyDeleteI really enjoy reading your post. I have seen a lot of good set ups and appreciate your insight. I did not follow you into the CMIN trade because I have read that the company may not be run by the most reputable people. For more information you can go to http://www.incakolanews.blogspot.com/. There are a number of articles about this company.
ReplyDeleteThanks for all of your great post!
to bad u sold the cgc early ! good luck
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