daytrade diaries... september 22, page-2

Todays Picks

ARM: I think we are overdue for news and would be surprised if we don’t see some this week. I can now see a flag pattern on the chart with a flagpole height of 14 cents. Add that to the breakout level of approximately 43 cents and we get a target in the mid to high 50’s. I expect a breakout in the next day or so.

BCN: Well the 1 for 1 issue at 2.2 cents last night was disappointing in my view. It will double the amount of scrip on issue and also doesn’t fill me with great confidence about the results yet to be announced, since if they were good I would have thought it would be logical to hold off and raise money at higher prices post announcement. I still hold 460K options which I’ll probably sell in the next 2 days prior to the ex date. For gold I’ll shift my focus to RED from now on.

THX: Nothing changed on THX. A bit of action late on Friday at the close but I am still waiting for the assay results from the hole TPCRC019 on their Thunderball project. The company has already said they expect the grades to be exceptional and higher than hole TPCRC008 which assayed 5m at 7,600 ppm uranium (that’s 17lb per tonne by the way).

IFS: A new high during this rally of 11 cents yesterday. Perhaps some support for the stock is finally coming into the market.

RED: Still waiting to see if they retrace back to 10 / 10.5 cents before accumulating more. I have not yet reached my target for a core holding. As I said last week I see the potential for very large returns over the near term here. Hopefully the gold price being down overnight will help me achieve my target holding.

IMA: Accumulating stock in the lead up to the release of their drill results from the Eucia basin.

BLY: Lovely chart so I picked up a few traders at 29 cents yesterday.

BGD/BGDO: The price seems to have stabilized now so I’ll be looking to get some more BGDO’s around the 8 cent level once I see signs that the stock is heading up again which should happen when we get more news on the Gladstone steel plant.

Good luck this today everyone.