full-time investing; total portfolio up over 130% in 2009; but 2010 sucks!
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07:52 MCP
Molycorp: WTO ruling may eventually impact Chinese rare earth export policy - Dahlman Rose (31.12)
Dahlmn Rose notes the WTO has ruled that China must eradicate its export taxes and quotas for industrial minerals, while rare earth elements were not part of this ruling, they anticipate that a similar appeal will be filed requesting that the Chinese abolish their export quotas for rare earth elements. While it typically takes the WTO two to three years to rule on trade challenges, they anticipate that some sort of change will be required to the current Chinese system. Rare earth prices remain well above their forecasted range, thus they remain comfortable with their LT thesis that these equities will trade higher, despite the recent pressure in the element prices; firm rates MCP, AVL and REE with Buys.
BRAVO; WTO shows some Kahunas!
15:10 TGA is a very well-run oil company... period!
Transglobe Energy reports January average production of 17,010 barrels of oil per day (9.35 -0.06)
Production increases in January are attributed to improved water separation in the field and to new wells. Co commissioned a new multi-well battery in the Arta field during the second week of December, which has improved water separation in the field and increased oil sales. Co continues to progress a number of projects to reduce the amount of water trucked with the oil and to increase tankage/processing capacity allocations at the GPC terminal. It is estimated that ~500 Bopd remains curtailed in January. Effective December 29, 2011, the Company acquired ~4,350 Bopd of Gross oil production and reserves of 7.4 mln barrels on a Proved basis or 11.6 mln barrels on a Proved plus Probable basis; at a cost of $5.30/bbl for 1P reserves or $3.41/bbl for 2P reserves. The Company has identified a number of drilling and recompletion opportunities at West Bakr which could increase production to the 6,000 to 8,000 Bopd range over the next two years.
AUN.v had strong volume during 1st hr of trading today then eased off to dribs and drabs. Don't see any news, but has anyone heard any rumors out there that might pertain?
OT: The sky is falling? Now or later? Your calls are getting more bold. Predicting market tops is always tough.
Fed moves yesterday indicate Ben is worried but he hasn't said go short yet. Will he? Will you? Will Nouriel Rabini?
SKILLZ1, have you noticed that even Cramer doesn't make as many "predictions" as he used to? I think the reason is that he started getting his performance measured and posted on several internet sites. Also some of his no-so-savvy listeners kept jumping in, then complaining that his predictions on individual stocks kept causing them to lose money, at least occasionally. His percentage of winning vs. losing calls has been debated many times over the years. Afterall, JC just refers to Jim Cramer, not the son of God.
In my experience (many years back), professional retail brokers typically gave suggestions about what should go up, but they typically included caveats (such as "All is just my opinion, and I could always be wrong though."). Later we learned that many times the retail brokers were selling stock held by the brokerage's own trading account.
You have not always been so vocal about what TA is telling you. It seems like you really only became very vocal about TA (tech anal) implications in 2011, and most of the time you cite only a couple of indicators. There are many possible combinations of technical indicators that the pro traders try to use, and they typically like to have a combination of favorite confirming indicators much of the time.
In my experience, and you've probably heard it many times as well, TA is most useful when it agrees with Fundamental Analysis.
TGA... the only problem is they have a long way to go before their increased production outlook for the year is realized, that is, over 11 months from now. Don't expect the market to pre-price TGA now to early 2013 valuation.
TGA price during 2012 should have a strong positive bias thru the year, though subject to oil pricing and overall world economic growth.
I do own some TGA and am happy to hold it thru 2012 based on their excellent mgt team and strong outlook.
Steve
AUMN chief geologist retiring in a month ???
Not sure what this really means, probably nothing, but ... doesn't seem like good news ... perhaps they've just decided to go with a younger gold and snowboarding enthusiast.
__________________________________
Form 8-K for GOLDEN MINERALS CO
23-Jan-2012
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 17, 2012, Robert Blakestad, Senior Vice President, Exploration and Chief Geologist of Golden Minerals Company (the "Company"), notified the Company that he intends to retire as an officer and employee of the Company effective as of February 29, 2012. The Company has initiated a search for Mr. Blakestad's replacement.
DELETED
Barchart has STRONG outlook for MMT.va, IAE.to and TGA. I don't use Barchart very much, but it does provide decent charts and a good summary of typical technical indicators and resistance points.
They have various ways of looking at the stocks, for instance:
Barchart Opinion for Mart:
http://www.barchart.com/opinions/stocks/MMT.VN
Snapshot Opinion for Ithaca (IAE.to):
http://www.barchart.com/snapopinion/stocks/IAE.TO
Technical Analysis for TGA:
http://www.barchart.com/charts/stocks/TGA
My comments on these three (all of which I own):
Fundamentally, Mart appears to continue on expectation of upcoming announcements on a special dividend, deal with Shell for future production (prerequisite to building a new pipeline), and UMU-9 log details. By end of current qtr, we should also see significant increases in proven and probable reserves that will be supported by good UMU-9 logs.
Ithaca showed a strong breakout on volume over the last 3 days. Fundamentally, I guess the volume may be coming from the fact that the FPSO should leave the shipyard and be enroute to the Athena Field in the North Sea shortly, if not already. The Athena field is expected to be online by the end of March.
Fundamentally, TGA has been gaining strength in anticipation of large production increases during 2012.
IMHO, all three of these well-managed oil producers are VERY UNDERVALUED based on the large production increases expected in 2012 over 2011.
Pretivm Announces Bought Private Placement of Flow-Through Shares
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRE SERVICES
Pretium Resources Inc. ("Pretivm" or the "Company") is pleased to announce that it has entered into a bought deal agreement with a syndicate of underwriters led by Salman Partners Inc. (the "Underwriters"), to issue by way of private placement 1,000,000 flow-through common shares ("Flow-Through Shares") of Pretivm at a price of $18.50 per Flow-Through Share for aggregate gross proceeds of $18.5 million (the "Offering"). The Offering is scheduled to close on or about February 14, 2012, subject to regulatory approvals.
The gross proceeds of the Offering will be used to accelerate exploration of the Valley of the Kings Zone with infill and expansion drilling in support of a feasibility study on the high-grade opportunity at the Brucejack Project anticipated to be completed by year-end. The gross proceeds of the Offering will be used during the 2012 exploration program to incur eligible Canadian Exploration Expenses ("CEE") that will qualify as "flow-through mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada), and "BC flow-through mining expenditures", as defined in the Income Tax Act (British Columbia), (the "Qualifying Expenditures"), which will be renounced to the subscribers with an effective date no later than December 31, 2012. In the event the Company is unable to renounce Qualifying Expenditures effective on or prior to December 31, 2012 to the initial purchasers of Flow-Through Shares in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares or such expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each Flow-Through Share subscriber for the additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures as agreed.
The Underwriters have been granted an option to purchase, or arrange for substituted purchasers for, up to an additional 250,000 Flow-Through Shares at the issue price at any point up until 48 hours prior to closing of the Offering.
The Flow-Through Shares will be offered to accredited investors in all Provinces of Canada pursuant to applicable securities laws. Subscribers under the Offering will not be permitted to trade the Flow-Through Shares for a period of four months plus one day from the closing of the offering. The Flow-Through Shares offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack, which hosts a significant undeveloped high-grade gold resource.
(SEDAR filings: Pretium Resources Inc.)
Pretivm Announces Bought Private Placement of Flow-Through Shares
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2012) - Pretium Resources Inc. (TSX:PVG)(NYSE:PVG) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRE SERVICES
Pretium Resources Inc. ("Pretivm" or the "Company") is pleased to announce that it has entered into a bought deal agreement with a syndicate of underwriters led by Salman Partners Inc. (the "Underwriters"), to issue by way of private placement 1,000,000 flow-through common shares ("Flow-Through Shares") of Pretivm at a price of $18.50 per Flow-Through Share for aggregate gross proceeds of $18.5 million (the "Offering"). The Offering is scheduled to close on or about February 14, 2012, subject to regulatory approvals.
The gross proceeds of the Offering will be used to accelerate exploration of the Valley of the Kings Zone with infill and expansion drilling in support of a feasibility study on the high-grade opportunity at the Brucejack Project anticipated to be completed by year-end. The gross proceeds of the Offering will be used during the 2012 exploration program to incur eligible Canadian Exploration Expenses ("CEE") that will qualify as "flow-through mining expenditures", as defined in subsection 127(9) of the Income Tax Act (Canada), and "BC flow-through mining expenditures", as defined in the Income Tax Act (British Columbia), (the "Qualifying Expenditures"), which will be renounced to the subscribers with an effective date no later than December 31, 2012. In the event the Company is unable to renounce Qualifying Expenditures effective on or prior to December 31, 2012 to the initial purchasers of Flow-Through Shares in an aggregate amount not less than the gross proceeds raised from the issue of the Flow-Through Shares or such expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each Flow-Through Share subscriber for the additional taxes payable by such subscriber as a result of the Company's failure to renounce the Qualifying Expenditures as agreed.
The Underwriters have been granted an option to purchase, or arrange for substituted purchasers for, up to an additional 250,000 Flow-Through Shares at the issue price at any point up until 48 hours prior to closing of the Offering.
The Flow-Through Shares will be offered to accredited investors in all Provinces of Canada pursuant to applicable securities laws. Subscribers under the Offering will not be permitted to trade the Flow-Through Shares for a period of four months plus one day from the closing of the offering. The Flow-Through Shares offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act.
About Pretivm
Pretivm is creating value through gold at its advanced-staged exploration projects Brucejack and Snowfield, located in northern British Columbia. Pretivm is advancing the high-grade, underground gold opportunity at Brucejack, which hosts a significant undeveloped high-grade gold resource.
(SEDAR filings: Pretium Resources Inc.)
PVG bought deal at $18.50 vs current price around $16.
That's a heck of a premium. Could this be a mistake? There must be some warrants that would come with it to justify the premium.
I don't doubt GORO will eventually get there, but if there is anything we can expect is a well-spun news release announcing whatever results they get. If the Reids are good at anything, it is spinning their own news.
Wade, it's like you are in training to use Twitter or something, all these chatty lil personal questions to R59 and SKILLZ1. Not to be disrespectful, but please realize that you can use personal messages so others don't waste time reading chatty little Tweets. I mean you can certainly look up the RSI on a stock rather than ask SKILLZ1, right?
Best Regards,
Grumpy-Assed 'peeker
PXPLY: Me, too, neither.
Still wish we could get a read on what happens to PXPLY stock if company ends trading in US. Stock could go to zero value if company doesn't define how many new Korean traded shares PXPLY shareholders will get.
TGA looking strong on updated reserves:
TGA Transglobe Energy announces 2011 year-end reserves (8.65 )
In Egypt, the Company's 1P reserves grew 60 percent over 2010, representing a production replacement of 335 percent. On 2P basis, the year-over-year increase was 61 percent, equal to a production replacement of 475 percent, while on a 3P basis, the year-over-year increase was 53 percent, equal to a production replacement of 574 percent. At Arta/East Arta, reserve additions were achieved in the Lower Nukhul through step-out and appraisal drilling along with continued development of the Upper Nukhul.
CIBC recommends PBN/PBKEF with $21 target over next 12-18mo:
January 12, 2012 Oil & Gas - Dividend Corporations
PetroBakken Energy Ltd.
Positive Update; December Production Of 50,000 Boe/d Exceeds Guidance
? PetroBakken provided an operational update last night, highlighting that
December production averaged more than 50,000 Boe/d, exceeding the
high end of its 2011 exit guidance of 46,000-49,000 Boe/d, and with
another 1,450 Boe/d of production currently shut-in and awaiting tie-in.
? We view the update as positive and have bumped our 2012 production
forecasts modestly by 1%. We also highlight that PBN is now ~40% hedged
for H1/12 (at an US$84/Bbl floor and a US$117/Bbl ceiling) and ~20%
hedged for H2/12 (with a US$77/Bbl floor and a US$121/Bbl ceiling).
? No update was provided on asset sales, but PBN stated that it remained
$150MM undrawn on its $1.35B credit facility at the end of December
(essentially unchanged from the end of June). PBN continues to assess
options to address its $750MM conv. debentures (putable in Feb. 2013).
? We maintain our Sector Outperformer rating and $21 price target. We
continue to view shares of PBN as grossly undervalued at current levels,
trading at a 2012E EV/DACF multiple of 4.8x and a P/Risked NAV of 50%
(vs. the group averages of 8.1x and 76%, respectively).
Stock Price Performance
Source: Reuters
All figures in Canadian dollars, unless otherwise stated. 1 2-113744 © 2012
CIBC World Markets does and seeks to do business with companies covered in
its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their
investment decision.
See "Important Disclosures" section at the end of this report for important
required disclosures, including potential conflicts of interest.
See "Price Target Calculation" and "Key Risks to Price Target" sections at the
end of this report, where applicable.
Jeremy Kaliel Serhiy Petrenko
Stock Rating:
Sector Outperformer
Sector Weighting:
Market Weight
12-18 mo. Price Target $21.0
Pretium Resources (PVG) reported that it has filed on SEDAR a Technical Report for the resource estimate on its Brucejack Project, further to its news release dated November 28, 2011 announcing a significant increase in Brucejack's high-grade gold resources.
On The Wires
Samson Oil & Gas (SSN) advised on the ROOSEVELT PROJECT Gretel II 12KA 3 (SSN 100%, subject to a 33.34% back-in option). The DHS Rig 1 is rigged up on the Gretel II well site and is ready to commence drilling operations from the 9 5/8 inch casing shoe which had previously been set at 1,701 feet. A repair has been necessary to the top drive unit and this is expected to be completed within the next 24 to 48 hours and drilling operations are expected to start shortly thereafter.
Oil going down as EU oil embargo has been delayed 6mo to allow countries like Greece, Italy, Spain to find alternate supplies. This means no Iranian closing of Straits of Hormuz and no US warships pumping lead into Iran.
http://www.bloomberg.com/news/2012-01-12/oil-rises-from-lowest-2012-level-on-nigerian-strike-and-iran.html
AUMN news is good, but they've had a very good run (up about 20%) over the last 2 days. Should do well if gold and silver continue higher, of course, as they concentrate on improving operations and doing updated 43-101 and PEA reports at several of their mining properties.
It was nice to see that they could improve production from this property that came to them from the merger with ECU. Other than that I haven't followed AUMN closely for awhile.
AUMN has several great properties, particularly for silver. Before yesterday, AUMN had dropped from about $14 in September to about $5.50 in December. It has not been generating much excitement, probably because silver has been so weak since peaking in 2011 around $50/oz.
I own some AUMN but IMHO it's not clear that the company has anything up their sleeve to help the stock continue up significantly until they get those reports done and silver gets significantly stronger.
Does anyone have regular contact with mgt or other investors that have shared other reasons for AUMN to continue higher in 2012 (besides Ag prices and upcoming reports)?
TIA,
'peeker
Anyone have an idea when to expect publication of GORO's official reserves report?
Great, ya sounded like Dennis Gartman for a minute there.
All in fun (when the stocks are up).
'peekr
TGA at $9.50 now; looking better than any black candlestick ...
Good fundamentals always trump weak TA.
Gloating over my TGA,
'peeker
MMT.v impact depends on how long the general strike in Nigeria lasts and whether violence gets out of hand.
Business Week: Nigeria Braces For Fuel Strike That May Disrupt Oil, Close Ports
January 08, 2012, 8:03 PM EST
Jan. 9 (Bloomberg) -- Nigerian workers will begin a national strike today after fuel costs more than doubled, threatening to shut ports and disrupt output from Royal Dutch Shell Plc and Chevron Corp. in Africa’s largest crude producer.
The Nigerian Labor Congress and Trade Union Congress, representing more than 8 million workers, called an indefinite strike to force President Goodluck Jonathan to reverse a decision to scrap fuel subsidies. The Petroleum and Natural Gas Senior Staff Association of Nigeria, the oil workers’ union, ordered its 24,000 members to stay away from work.
Gasoline prices in Nigeria, where two-thirds of the population of about 164 million live on less than $1.25 a day, surged after Jonathan abolished 1.2 trillion naira ($7.4 billion) of subsidies on Jan. 1. The price had been capped at 65 naira a liter, undermining investment in refineries that resulted in the West African nation importing about 70 percent of its fuel.
“I am determined to leave behind a better Nigeria, that we all can be proud of,” Jonathan said in a televised speech on Jan. 7. “We must act in the public interest, no matter how tough, for the pains of today cannot be compared to the benefits of tomorrow.”
Nigeria produced an average 2.2 million barrels of crude a day in December, according to data compiled by Bloomberg, and is the fifth-largest provider of oil imports to the U.S. At least 90 percent is pumped by Shell, based in The Hague, Exxon Mobil Corp., San Ramon, California-based Chevron, Total SA and Eni SpA in joint ventures with the state-owned Nigerian National Petroleum Corp.
Northern Violence
The protests come as Jonathan battles to contain violence in the north by suspected Islamic militants of the Boko Haram group, which is fighting to impose religious rule. At least 16 people were killed in three separate attacks in northern states on Jan. 6, including 12 church worshippers in Yola. Jonathan declared a state of emergency in some northern areas after a Christmas Day bombing at a church in Abuja, the capital, killed at least 43.
“Getting to work is hell” as transport costs surged, Pius Owoeye, a chauffeur for a family in Abuja, said in an interview yesterday. Protests may be “the only avenue where the government will listen.”
The U.S. embassy said on its website that citizens in Nigeria should stock up on food, water and fuel for at least three days in case the nationwide strike shuts shops. Air travel may also be disrupted, according to the embassy.
Banks, Manufacturers
Crude oil has gained 11 percent in New York since the beginning of this year and was trading as high as $102.80 a barrel on Jan. 6.
Nigel Cookey-Gam, spokesman for Exxon in Nigeria, said in an e-mail the company is “hopeful of a resolution” and will monitor the situation. Shell spokesman Tony Okonedo declined to comment when called on his mobile phone.
Nigerian lenders, including Diamond Bank Plc and Standard Chartered Plc, will run limited branch services from today, according to officials at the companies. Members of the Lagos- based Manufacturers Association of Nigeria, such as Nampak Nigeria Plc and Flour Mills of Nigeria Plc, will likely be affected by the strike, the group’s president, Kola Jamodu, said in a phone interview.
“The import bill for Nigeria is a joke, you spend half of what you earn in foreign currency to import fuel, fuel that you already produce,” Abdulrahman Yinusa, chief financial officer at Lagos-based Diamond Bank, said in a phone interview.
Inflation Impact
Port workers will heed the national strike, the Maritime Workers Union of Nigeria said in an e-mailed statement from Lagos on Jan. 6. The National Ports Authority, which manages six harbor complexes, including Lagos and Port Harcourt, said in a statement it will be “open for business as usual.”
“Nigerians cannot afford the high fuel prices and will not accept the hyper-inflation this misguided policy has created,” the Nigeria Labor Congress and Trade Union Congress said in a joint statement on Jan. 7.
Jonathan responded to the labor criticism on Jan. 7 by pledging to cut the pay of executive-branch politicians by 25 percent in 2012 and reduce overseas travel. That wasn’t enough to call off the strike, according to the unions, which plan to defy an order from the National Industrial Court to halt the labor action.
Inflation, which was unchanged at 10.5 percent in November, will probably accelerate to the “mid-teens” in 2012, Yvonne Mhango, an economist at Renaissance Capital in Johannesburg, wrote in an e-mailed note on Jan. 6. Nigeria’s central bank has raised its benchmark interest rate by 6 percentage points to a record 12 percent since September 2010.
“The impact of the petrol price hikes will go beyond simply pushing up transport costs,” Mhango said. While the government will probably stick to its plan, it may “still bow to popular pressure and phase out rather than simply scrap the subsidy.”
Cough! Cough!! Cough!!! Excuse me!!!! Some of the comments lately on SHOM stock have been about as reassuring as having a chicken bone stuck in my throat.
AGM? Why the runup the first 7 hrs?
HNR off today on disappointing well in Indonesia. Writing off the entire dryhole cost of $22.9million this qtr.
Hmmm... holding for now, only .50 above 52wk low.
Need to do some DD to see what else they have that will cause a bounce.
'peeker
Nobody talking about buying triple bear ETFs to protect against early 2012 market selloff? Hmmm ... , being paranoid, must mean a selloff is coming, and nobody wants to let me know .
Seriously though, I would like to hear a few opinions of what may be likely to occur early in 2012 to take the market higher or lower.
IMHO, a correction is more likely than a bull run early in 2012. I greatly doubt that the world economy can justify a big slice of optimism in anybody's mind.
Reviewing my portfolio performance for 2011, I can see clearly that my high for the year occurred in the first week of 2011 after a great run in 2010. Others that review their portfolio performance for 2011 may be more encouraged, but I'm getting a little squeamish moving into January.
How about you guys?
GLTA in 2012,
Your Pensive 'peeker
MMT.v/MAUXF.pk Mart is having trouble keeping it up!
Martman's technical analyst (stockbroker) buddy looks like just another knucklehead right now with that $1.30 prediction, though he should be correct within the year due to fundamentals (i.e., large free cashflow increases).
GLTA Martians,
'peeker
Why add now? Have you spoken to Jeff about anything?
HNR (Harvest Natural Resources) has had a tough 8month downtrend, so I bought some today from a year-end tax loss seller, I guess.
Anyone want to share why it's been such a dog thru 2012?
Current wells being drilled in Indonesia and elsewhere, iff successful, may just wake this bugger after tax loss selling season subsides.
GLTA,
'peeker
For those seeking dividend income, here's a good summary article some REITs, MLPs, and BDCs:
http://seekingalpha.com/article/315901-optimizing-value-in-the-pursuit-of-dividend-yield-income-reits-mlps-and-bdcs?source=email_investing_income&ifp=0
2011 Graphs show world economies being stretched thin.
http://www.theatlantic.com/business/archive/2011/12/the-most-important-graphs-of-2011/250240/
2011 Graphs show world economies being stretched thin.
http://www.theatlantic.com/business/archive/2011/12/the-most-important-graphs-of-2011/250240/
Mart (MMT.v/MAUXF.pk) positive talk by value1008 on StockHouse Mart board ... I like that he doesn't use terms like "no brainer".
Yes, this stock is still VERY cheap. If Verbonac uses a 4.2 multiple, there's the $2.39 s/p in 2012.
A couple of weeks ago i began using the Wilder ADX trend-strength indicator at Stockcharts to study MMT b/c it was obvious to me that this stock was in breakout mode out of the painful trading range it had been for much of the year. Savvy T.A. guys use this ADX indicator to tell how high a stock can go so as not to fall for a "panic profit-taking" impulse induced by the fear of leaving/losing money on the table (which so often happens when a stock is stuck in a trading range and doesn't break out above and one doesn't do the "rinse and repeat" trader thing).
About two weeks ago i could see that, whereas the RSI and a few other indicators might indicate "overbought" and suggest profit-taking in low to mid
.70s, that ADX clearly shouted "BREAKOUT" and suggested this stock was going to re-set much higher. Hence i didn't do any profit-taking, b/c it was clear this was a new ballgame.
Guess what? That ADX trend-strength indicator, which is clearly a trend of BUYING, not selling, is still VERY ROBUST at around 44 today. 25 is considered a threshold level where a trend definitely comes into place. 30 is considered a strong trend. Mid-44s is a superbly vital, robust buying trend here.
I like the fact that the ADX calmed down a bit from the 50 level with the recent dip of the s/p last week (on falling market days), but is still gently trending up from here at these superstrong levels. Again, this is an extremely healthy looking T.A. chart: for one thing, that beautiful golden cross of the 50dma well above the 200dma. Then there's that strong-upward sloping upper bollinger band, today at 95 --93 yesterday; MMT closed right under it at 92, suggesting it could leap several cents above the bollinger band on a spurt of more buying. In about 3 trading days, especially with such a strong ADX still in place, that b.band could easily be above 1.00.
This is all just T.A. and, as i've said, i'm more of a fundamentals guy, but it's great to have both approaches dovetail so beautifully and to see that, even at today's s/p level, this thing is still VERY undervalued with respect to future earnings and cash flow. And yes, institutions can soon start buying MMT for clients when the s/p floats just a little bit higher.... Especially early in the New Year, IMO, when big money often likes to run smallcap stocks up in a beneficent sector rotation (i.e., if history is prologue to our near future).
It's always the case that a fair number of shareholders are happy to take just 50% - 200% profits and hand off their shares to other shareholders who are happy to sit with their shares til they move up another 50% to 200%. Rare are the people these days, it seems (with so many "traders" and relatively fewer "investors"), who have the patience to endure the volatility and actually hold on for the longer duration to get a 4-8 bagger.
But it seems we have some of these investors here on this board, no? Despite the painful volatility and Agip impasse in our past, it looks like 2012 will be a stellar year for MMT, with so many more catalysts to take this toward the $1.50, $2 or $2.50 mark.
Best wishes to all--both traders and investors....
--timothy
CMT seller due to tax loss selling time
hahahahahaahahahahahhhhhhaaaaaa
choke, chortle, kozuh, wade, wade, holy Wade Cherwayko.
KIK me, KIK me,
Funnnny, Bob!
Mart deal is all but done; just waiting for one simple thing at the top levels of government:
Final Act: Gridlock in Nigeria where the fires are already lit and the dancing nymphs have danced (and done their poses for National Geographic).
Last Scene: Witch doctors Boehner and Reid just need to eat their wild hog, smoke their pipes, and then throw their swords and shields into the river ... so the oil gods can eat.
Action!!!!!
MMT has been on top of a nice play in Nigeria for a long time; here's an excerpt from an old August 2007 news about Mart's plans to reenter the UMU-N2 well, which had been found to have deep oil and gas near 11,000 feet.
http://www.rigzone.com/news/article.asp?a_id=49567
In the same field, Mart and its partners are preparing to re-enter and test the UMU-N2 well. This well was drilled and cased by ELF in 1980. According to Elf's well report, this well encountered three oil pay zones between 7,149 feet and 7,611 feet, with a total of 59 feet of net oil pay. In addition the well encountered a deep gas zone at 10,580 feet and a deep oil zone at 10,685 feet. The deep oil zone has 20 feet of net oil pay with no evidence of an oil-water contact and was tested by Elf at a rate of 1,673 barrels of oil per day with no water or sand production.