a second set of eyes (chart), page-13

While I respect charts as one way of trading stocks (and I genuinely mean no disrespect to 5hareholder and all the other chartists), I think you also have to analyse human psychology here.

My focus is largely BESBS (Buy Early Sell Before Spud) plays and in my years of speculating stocks, I have never addressed a chart for advice.

As a speculator in this current market , I care little about drillings for coal or gas (unless huge amounts in great locations). That is why I stayed out of CTP until a few days ago.

I'm the first to acknowledge that the SP trend has been downward. However, that is driven somewhat by the emotion of traders when they look at a stock. True, chartists have their emotions to buy/sell toward a stock heavily influenced by the charts. Others look to what might turn a stock around. In the BESBS case, it is GREED - the potential to make big bucks quickly.

In the case of CTP, Johnstone-1 is a decent sized OIL target. In this market, decent sized oil targets can still attract attention (greed). While I am still a little nervous about a small sell-off if O-2 is considered a total dud (as this will dampen emotions about CTP), I am hoping that the target of OIL will bring in a new range of speculators/traders who, like me, would not touch CTP recently but will give Johnstone-1's oil target a small punt.

Hope that today's action is just the start (although still a little nervous about O-2).


Disc: Holding CTP at 5.5c and 5.6c