wakefield 1 well - spud ..., page-30

I think that pjsimons's post is a sensible one...

He wrote "I would presume one very good reason SP didn't move north today was because everyone expected that to happen."


Here's my trading logic for BUY when they announced spud (if anyone is interested):

The day before spud I asked that very question on this forum - i.e. "if the share is guaranteed to rise then why wouldn't every man and his dog jump in and buy BUY"... Tweetie Pie wrote that outstanding, informative post in response and I bought in at 12 on open the next morning (with the view to watch very closely)

I saw it come out of pre-open at 13.5c and go straight to 14c - I could see that 14c was not holding and having been burnt before on things like this that I know little about, rather than get greedy, closed my fresh position at 13.5c for a tidy 12.5% trading profit.

That does not mean I will not buy in again later - I have an order back on the market for 12c and 11.5c (which I may or may not leave there) - but knowing that everyone would be waiting for this guaranteed rise meant (for me) that I should be in and out quickly if required.


My point is that since I have an order back on the market already implies that I did not see this so much as a sell at 13.5c rather as an opportunity to get back in cheaper (which of course I could already have done an hour later at 12.5c - so point already proven)


I think this is a fun stock to play around with and while it may have a long term hope - it is still a spec stock and your personal circumstances/risk profile should manage this risk accordingly
1. On one hand, don't mortgage your house to buy BUY
2. On the other hand, don't be afraid to have a go it can make you a quick buck (or a lot)
3. As with any stock, filter the hype and filter which are the more experienced, dependable posters on this thread if you are putting all your faith in what they say


Good luck to all