Friday, February 18, 2011

Sold AXU - $8.40

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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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Click on the chart to ENLARGE
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My TSI Trading Record has been updated.

3 comments:

  1. 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...

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  2. Hi 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.

    Also, 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.

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  3. 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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