Establishing a Core Position and Averaging Down
posted on
Jan 24, 2008 06:24PM
Creating shareholder wealth by advancing gold projects through the exploration and mine development cycle.
Evening gents,
First post on the KXL board, after getting my feet wet on Agora with another junior miner a few weeks back that did go as planned. I personally learned some tough lessons trading that stock but was also introduced to posters like Coach that provide factual and realistic commentary which truly adds to investor due dilligence.
The last week or so has been an awakening for me as I continue to learn how markets and venture stocks operate in times of uncertainty. I had been following KXL for a little over 2 months now based on a recommendation from a friends father who got in when we were in penny land. I started my DD and had a daily eye on it during the $4-5 range. When we dipped below $4, I established a small position at $3.85 which I though was a great entry point - only to see the markets tumble taking most specualtive stocks with it.
I Have not sold this initial position at $3.85 and now with gold regaining its lustre towards $1000/oz and the markets regaining some ground after the selloff - I feel I am now ready to take the plunge and establish a core long-term position.
I had bids in all day today in the $2.75-2.85 range and it just didnt get down that low at the start of the day. I really don't want to see an opportunity around $3 escape me, but I am having trouble with setting a bid for tomorrow. I've noticed that the SP usually retraces a bit at the start of the trading day and sometmes fills some stink bids.
Is anyone looking to buy some more tomorrow? If so what are some realistics bids in your opinion to get some? Or am i overanalyzing this too much and should be happy with anything in the low $3s given the long-term prospects? Just looking for some opinions as it never hurts to poll the audience.
Look forward to reading all your contributions and securing a larger position in KXL.
Night everyone.