ABX and GLD

Hamilton

abx aug 23 2013gld aug 23 2013

ABX has hit our target of $21.50 ($21.28 so far). As mentioned a few days ago we would sell here. (For the record our targets should always be viewed as minimum targets; we do recognize that much higher levels are possible, often even likely!). ABX has followed the gold ETF GLD quite nicely. It still has a little more potential but $8 on $14.5 (on ABX) is 55%.  For the moment we have no idea where gold or gold stocks will go. But this is an a-b-c and that is a correction so unless it somehow morphs into a 5-wave sequence we will continue with a bearish bias.

BNK, Bankers Petroleum update

Hamilton

bnk aug 23 2013

This is a semi-log scale chart. See also previous blogs. The big picture (not shown ) is very erratic so this is a very tentative interpretation. From the low one would expect – as a minimum – an a-b-c up rebound. We had a furious a, then a long period of consolidation and now the c. The c cannot be over yet. In the worst case we are in a wedge that targets something like $4, in the best case the two legs will become, proportionately, equal at about $5.5 Time will tell.

TRQ update

Hamilton

 

trq aug 22 2013

We are selling our position is TRQ for a 25% profit. It did what we expected but without the gusto. There was clearly no triangle and all this is working on our nerves.  We suspect that the proper count would include a shallow sloping c-wave which is complete except for a very minor 5th wave. This stock SHOULD be trading at >$6 by now and it is not.