I sold my shares of Alexco Resources Corp (AXU) for $8.40 in the after market today. The stock closed at $8.05 so I am not sure why I was able to get such a high price, but anyway, I did. Shaking my head wondering what I do not know, if anything. Anyway, I bought this position 2 months ago and was pleased to sell it for a profit today.
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Hi, I was wondering what was your reasons for selling AXU at this time. I have a position in this stock. I would sell this company for a flip meaning that; I like this company, I think it will continue to go up longer term but I feel a short term top in in place. I would then buy it back at lower price booking a cash profit. Odds don't appear well for this type of trade to work at this time. Using my indicators I don't see any "significant" pull back at this time, barring an unforeseen negative news release. Technically RSI in a sweet spot, it is bouncing off upper bollinger band, william%R is in overbought area, but silver price the main driver looks to continue up, so what's your thoughts...
ReplyDeleteHi Silverwood and thanks for writing. My reason for selling AXU at the time was about the same as anytime I sell a position - to get my money back with a little tip added.
ReplyDeleteAlso, the daily TSI and MFI were both making a negative divergence which told me the odds of price going much high in the near future were slim to none.
Now I have some cash, a modest return on my investment (6.7% in two months) and I will look for another good setup to redeploy my capital.
My trading style, if I can call it that, is to not hold something longer than needed to earn a return on my investment. And if AXU continues higher next week I could honestly care less.
It is not my concern what any particular stock does that I do not own. It is my concern that I work towards continually selling positions for a gain.
Hi John, thanks for the reply. Well we probably have quite bit in common and I have been growing more and more passionate about trading stocks for fun and profit. With that said I am retired so I can spend a good bit of time watching the markets. I try to find companies whose business model I can understand( mining, oil/gas), research their fundamentals and buy them when I feel they are cheap. Now these companies usually will have good volume also and at times they will become overbought,have overly bullish sentiments or pumped by anaylst and I will sell into this scenario looking to buy back after they correct so that I have my position back which I believe is longer term bullish. So I'm continually stalking this trade. Anyway I would like to exchange ideas with you and maybe we can get a little bit better at trading this way. I have my eyes on exllf (Excellon Resources) as it was touted on BNN market call tonight on Friday
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