After reading the announcement as quick as I could, I jumped in and bought some during it's free fall. Unfortunately as previously pointed out, the non experts (mainly the day traders or the ones jumping in after reading one post and thinking it was a good thing) panicked when they couldn't understand the announcement and it didn't say TONNAGE #$%*MT.
To the holders that have been reading the reports like this for many years, you know what I am talking about. A very good announcement with many 100's of tonnes, many areas and readily available infrastructure. Alot of ore that is just mine and ship... No seperation, no benification required. Which equates to a low cost production and higher profits..
I can see this one being taken over (same with most of the others sorrounded by the big ore producers.) If there was a good time to do that, the time was today.. Get it while it is cheap...
Should probably see a slight retrace Thursday (but then again DJIA looks like it's gonna be a cracker) and then up from here.. Surely you didn't expect another 40% rise in a few days.. That's just plain ridiculous and I am glad if some of the "useless" day traders got burnt today (no offence to the smart day traders intended). Will teach them to do their homework and research their company and what to expect (and learn to read a geological report)
Cheers all.
UMC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
