It was fairly obvious that this thing was ripe for a quick trade as of late yesterday, after it created a double intraday bottom at 1.50 on fri & mon. I was a little greedy and missed an entry at 1.53 yesterday, and even fell half a cent short in the auction, but bought on open today @ 1.60. As usual, sold a little early @ 1.80, but a 12.5% gain in a few hours was too good to pass up. My pain of missing the top was shortlived after having today traded SGX 4 times intraday and NXS twice for a 100% strike rate!!
I thought $1.64 was a good price on 24/12 as I had a gut feeling that 1.60 to 1.50 would be the bottom and so I topped up again.
Great to see the S/P keep going up today- currently up $0 .24 to $2.11
I think the S/P overreacted to the fall in oil prices and now that they have turned around the S/P is rocketing back up. Long may it continue !
I'm in for the long haul and will think in a few year's time that they were a steal at $1.64
Mickel your gut feeling is better than mine. I sold some more off yesterday given my thoughts on the lag in sale of Theresa. I thought the market would get bored waiting.
Also thought the rise might be due to index funds readjusting at year end. Time will tell....
Peter Bond stated that he expects the SP to head back to around $4 when and if this sale is finalised in the short term. In this market I think he is too optimistic for that to happen.
Regards CB
Originally posted by Goldman:
Starting to think Peter Bond is the super optimist... needs to sort out this teresa sale asap, or the SP could bottom out under a dollar... 6 weeks is still a long way away...
Goldy, Chart is very bearish and this one may test its recent lows of $1.50 tomorrow unless the Dow Jones has a good day overnight.
It shouldn't make any difference fundamentally but a little postive sentiment may allow it to climb a little before again getting sold down.
Prediction for tomorrow: (Subject to any LNC ASX announcement)
Open 1.69
High 1.77
Low 1.57
Originally posted by Maala
Has anyone else seen any news stating that Xinwen has just planned to raise 800 million Yuan ( 170 mill AUD) by issuing bonds? I read a post elsewhere but can't find anything to verify this.
Has anyone heard the news about Linc making half their Drilling Team redundant as well as others within the head office. Things mustn't be looking too good for the sale, otherwise you would expect they would keep them a little longer. I'm not too sure where they can go from here with no form of income and confidence dropping.
Originally posted by 9405:
Has anyone heard the news about Linc making half their Drilling Team redundant as well as others within the head office. Things mustn't be looking too good for the sale, otherwise you would expect they would keep them a little longer. I'm not too sure where they can go from here with no form of income and confidence dropping.
Hi ColB,
Thanks for that, I read it on Hot copper as well and to be honest I have my doubts. The link posted there took me to the Chinese version of the wall street journal, but couldn't find any references in the main wall street journal web site or the bloomberg.
I guess we'll just have to sweat bullets for a little longer
Cheers
M
LNC hovering around $1.60 after an earlier $1.58 low. For those who believe in the Linc story (I am one) this is a very attractive price.
Originally posted by Prawn:
Why is it an attractive price? Please provide some form of analysis otherwise the post will be removed.
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