daytrade diaries... january 12, page-2

Todays Picks

GGP/GGPO: Well before trading got underway there was an announcement of a trading halt which confirmed that news about drilling results is coming. All shareholders can do is wait now but I believe the results will be positive. News Due: Further results as the drill hole approaches the target depth of 9000ft followed by results from logging the well. When this is complete we should know whether they will try a production test.

ARM: The price broke out of the latest pennant formation yesterday which gives a price target of around $1.22. I believe a new broker report was due to come out last night with a price target so Ill post the target when I get the report some time today. News Due: Details of upcoming drilling program, further sampling results from fieldwork.

BCC: Drilling of the Lee county well should have commenced again yesterday. They are due to enter the target zones early this week so it shouldnt take too long before we see whether there are hydrocarbon shows. The third tranche of the placement to the US investor has also now been received meaning that BCC is well funded to drill further wells. All indicators on the chart are rising, but are not yet overbought, so further rises are likely in the next day or so. News Due: Results from first well at the Lee County project are likely to come in during this week. Confirmation of a successful ramp up of pompano gas production to the target level of 8-10mmcf/day.

UEQ: Volume was up again yesterday, albeit slightly (579K traded), and the close was a half a cent off the days highs showing continued buying strength. The chart continued to improve yesterday with the stochastic, the MACD and the RSI all rising. I still expect a fairly quick move up to the 20-25 cent range hopefully on the back of some good news. News Due: Details of upcoming exploration program particularly at Narbarlek. Update on progress of negotiations for the establishment of the first Phosenergy project.

AQR: The expected fall due to T+3 sellers didnt eventuate yesterday. The chart still looks overbought so some caution should be exercised. I still expect some weakness in the next day or so as people take some profits after the excellent run. I plan to buy a few today or tomorrow in time for further assay results. News Due: Further assay results for the deeper part of the initial diamond drill hole 94D at the Whitewash South. Based on visuals these results should be good. Assay results from 95D and 96D are also yet to come.

PEN/PENOA: What a candle yesterday produced. Early in the day the stock looked a little weak but then the buyers came in with strength. The chart points to further gains however the stochastic is approaching overbought levels. Other than that the RSI and MACD look good. Volume was the highest for a month showing conviction of the buyers. Robbbbbbb included a chart on PEN over the weekend and looking at the channel a price target around 7 cents looks achievable here. News Due: Uranium resource estimates for the Lance projects.