Morning all,
I had to rush my dog to emergency in the middle of the night and only got 2 hours of sleep so i'm in no mood for the markets crap today. So market, straighen out an fly right...LOL.
All joking aside, we all need to relax and weather the storm. All the comidity markets are taking an absolute pounding. I watch alot of different stocks and even with news of a good finding, they take a slight upward turn followed by a drastic downward spiral. What does that tell you? For now the market is not buying anything anybody is selling. And that's fine, cause when the market is ready to listen again, we'll have alot to say!
On a side note, I happen to know a little more about another company (symbol is sgq on tsx.v). Can't exactly tell you how I know alot about this company as it would probably get a few people in alot of trouble so we'll leave it at that. I sold this stock in early July for about $20.00 per share. I was told this would go to at least $25.00 per share once a news release came out. That news release came out on July 31 and sp spiked from $17 to $19 that day. The very next day the sp started to drop and has gone into the $12.90 range (currently at approx$13.50). The news that came out was they have substantially more coal then they originally expected. So the market jumped in amazement at first and then flipped them the bird like everybody other comodity stock. So if a company who is already mining their goods and who is mostly owned by a major (Ivanhoe) is not imune to the pressures of this market, why would we? Stay patient and it will come to us.
P.S. For you animal lovers, my dog is ok. He just has an upper respirtory infection. A few antibiotics and he'll be good as new.
GLTA
JGo