Nickel down another 7% after 7.5% crash yesterday. Those who follows the junior miner board, you probably already knew I turned decisively bearish on nickel a few weeks ago and liquidated over 90% of my nickel holdings. As usual, I posted my opinion on the JM board and had a long debates with fellow board members, some time heated debates. I am sorry to see I was right. Do I want to see nickel to crash? No! Even on 5/15, when I put my final selection of PSL6 in, I chose 2 nickel stocks.
There was a saying commodities go up by staircase and come down by elevator! From 5/15 to early June, after watch the inventory, canceled warrants, port storage, stainless steel news and analyst reports, my views on nickel changed completely. When I saw the train coming, I had to step out of the way. No questions asked, just sell sell sell like before. I was fortunate to successfully get out of copper in the spring of 2006, out of zinc in the winter of 2006 and even out of energy in the fall of 2006. If you are in the commodities trading, the last thing you want to do is to take the elevator down to wipe out your hard earned money.
Right now I am very conservative about metals, with HBM.to as my largest position. The only base metal I am quite bullish is moly, but most moly stocks I own don't have earning yet(but will have huge earnings soon), so I can't discuss them here. I also bullish on energy, ngas and oil sand in particular.
Buy cheap, undiscovered stocks!
Disclosure: I usually own the stocks I post the most. The more I discuss, the more shares I own. Do you own DD before placing the trades.
Please post stock symbols first in all your posts.
