I think what bill said about the Jorc is probably pretty close to being on the money. I,m not sure how these huge insto's work in America but maybe they already have Pen tagged for accumulation but can't just yet because of no Jorc(maybe its as simple as that, there criteria for investing, rule number one Jorc is needed before any major sort of investment) even an inferred one will do. But as I said, thats certainly not stopping utilities showing interest, its just the wrong interest atm.
I think we will find too that when Pen breaks 10c it will then attract a totally different crowd of investors.
And yes the urge to take small profits early is a very powerful one. But I do laugh now when I hear the adage "You can't go broke taking profits" because after reading about a very successful investor experiences in the market, they said that thats exactly how people do go broke. Whilst the majority of the profits taken are too small, the losses far outway the profits. Whether its true for the majority, don't know, but its sounds about right.
Also as much as they had alot to do with the collapse of the uranium price, I think that its not going to be too much longer before we see the big hedge funders jumping into the uranium sector again. The levels the uranium price is currently at along with the demand on the horizon is going to be too irresitable Imo.
As far as the capping theory, it just looked so suspicious seeing the huge sell orders jump on (always far enough away to be out of the action) then jump off, and this continued for a good part of the week that has just past. Maybe its mine and others imagination, who knows. But to me it looks encouraging.
anyway cheers, and looking forward to the modelling.(and thats not the catwalk. lol)
NK
PEN Price at posting:
4.5¢ Sentiment: None Disclosure: Held
