This was a screaming buy back in the mid nineties when it briefly traded below $9. At $2/$3 I assume it made a low and is now in a new bull market. Wave 2 should take the stock to about $6/$3 so there is little reason to get overly excited yet. If this was not wave 2, but just another a-b-c rebound, as we have assumed in previous comments, new lows are still possible. Nevertheless worth keeping an eye on.
Our previous comments were somewhat confusing. This is the count we will go for for the moment. The first real resistance is at $4. How fast it will get there is anyone’s guess but it will be fast judging by previous moves. Drillers are, in a sense, a derivative of the oil producers. When they make money they hire the drillers, when they don’t make money they do not even know their name, the swings can be huge.
This was , of course, the darling stock of the “woman’s own” investment club from 2005 to 2007. They are self educated and understand all the secrets of investing, all this while multitasking. Boatloads of money were made and equal amounts will be given back, unfortunately not always by the same people! This company owes its name to the oldest of the oldest of Canadian companies, where the ladies used to get their fur coats. This mining operation is going down hill fast. Wave 4 is at $2. They also sponsor CUA, CuOro on the venture exchange. Perhaps time to sell or dream on.
See previous blogs! In the most bearish scenario this ETF should get to $14+. We will comment at some other time regarding the long term potential, for the moment it may just be a nice profit in a very short time, why not take it’??