Just to let you guys know that I'm completely out of AZZ (for the first time in a decade).
Over the past few weeks I've been closing all positions and moving to cash.......AZZ was my last open position (and it nearly killed me to sell). For quite a while I've been subscribed to www.technicalindicatorindex.com (Robert McHugh), and have been moving my super (and now all shares) from cash to shares and vice-versa when his indicators show that overall index trends have changed. I went to cash early in wave A down and, went all-in to stocks at the bottom, his charts now show that the bear market rally (wave B up) has likely completed and wave C down has commenced........in summary, since the bear market rally started, prices have been rising on declining volume which isn't a recipe for a sustained rally; the rising bearish wedge which has been forming for the last 2 months has recently been broken to the downside; the MACD indicator for all major indicies is at extreme overbought levels and curling over; bearish head and shoulders tops are forming in all major indicies...........I've found it all very interesting following this stuff and it's done wonders for my super value being all-in when the market is rising and on the side-lines when the market is falling.......anyway, if you're interested in any of this stuff, you can get a one-month trial sub.....
Back to AZZ, it is undoubtedly in a super exciting period. It has been an amazing bounce back from oblivion. The next couple of years could be hugely rewarding for shareholders. I have been in the stock long enough to know how general market conditions can drag on AZZ's share price and I have decided that building the pipeline or even the fraccing of the petro jv land well (we don't even know our % after payback) will outweigh a significant decline in the DOW, etc.......I would love to be back in before the fd2h is fracced as I believe its success will provide us with the further re-rating that we all know AZZ deserves and field development will just be largely be a financing exercise which James can handle.
Just thought I'd let you guys know what I'm doing.........now I'm out it will go to 50c next week for sure : ) .......best of luck to you all.....hopefully I'll be back in Early in December?
Regards, Whippet
AZZ Price at posting:
34.5¢ Sentiment: LT Buy Disclosure: Held
