SPX - Spectrum Metals

[barney]

a turning worm, @barney
all the kids who's dads mates got the inside scoop are in......no one left to sell to ?

Yeah it seemed to lose a bit of steam in the arvo …. however … sometimes the Devil, or perhaps the Angel is in the detail

Quick tally/approximate values (within a couple of %) …

Trades/Shares traded at 10.5 cents … 1.25 million

Shares traded around 11 cents … 7 million

Shares traded around 11.5 cents … 6.25 million

Shares traded at 12 cents …. A whisker under 7 million

There may be food for thought in those numbers methinks

 

[Joules MM1]

Yeah it seemed to lose a bit of steam in the arvo …. however … sometimes the Devil, or perhaps the Angel is in the detail

Quick tally/approximate values (within a couple of %) …

Trades/Shares traded at 10.5 cents … 1.25 million

Shares traded around 11 cents … 7 million

Shares traded around 11.5 cents … 6.25 million

Shares traded at 12 cents …. A whisker under 7 million

There may be food for thought in those numbers methinks

how much as a % of each level was traded at the bid or at the offer is a tell other than that the volume itself does not imply either way, shallow volume is typical of a bull trend as most of the volume is in the rotation that led to the take off, heavy volume at a high is both a group fear of missing out and the other group using that strength to get out, so how does that fit todays profile ?

 

[Joules MM1]

how much as a % of each level was traded at the bid or at the offer is a tell other than that the volume itself does not imply either way, shallow volume is typical of a bull trend as most of the volume is in the rotation that led to the take off, heavy volume at a high is both a group fear of missing out and the other group using that strength to get out, so how does that fit todays profile ?

viewed thru that lens, if you like, it is more likely we're now some what exhausted and need time to reset, which doesnt mean fall over, prob more sideways chop, a with news spike thrown in to come

 

[barney]

viewed thru that lens, if you like, it is more likely we're now some what exhausted and need time to reset, which doesnt mean fall over, prob more sideways chop, a with news spike thrown in to come

Yeah that's what I was thinking …. If it trades back to 10.5 with venom, that would be negative. The median point of all the Volume is 11.5 so an inside day with an 11 cent close would sit ok.

 

[Joules MM1]

Yeah that's what I was thinking …. If it trades back to 10.5 with venom, that would be negative. The median point of all the Volume is 11.5 so an inside day with an 11 cent close would sit ok.

the money that matters has pulled its support ...looking for lower prices

 

[Joules MM1]

'ok, have to close out here...'

wait ....waaaiiite

aaaaaand no!

 

[barney]

'ok, have to close out here...'

wait ....waaaiiite

aaaaaand no!

Did ye or did ye not Joules? ….. Most of todays trading was done at 10.5 or under but the chart looks like typical rotation after a spike high … always a tough call whether to let them go or not

Buying/accumulating on the second retrace after a move is my favorite pattern … getting the timing right is the hard part.

The 10 cent region has its benefits of course …. down in baby steps, up in big daddy steps

 

[Joules MM1]

Did ye or did ye not Joules? ….. Most of todays trading was done at 10.5 or under but the chart looks like typical rotation after a spike high … always a tough call whether to let them go or not

Buying/accumulating on the second retrace after a move is my favorite pattern … getting the timing right is the hard part.

The 10 cent region has its benefits of course …. down in baby steps, up in big daddy steps

lol, second time i was about to pull the exit....but then retail poured in just enough and sellers backed off just enough....nothing to do

 

[Joules MM1]

still not much to do, a small probe to .095 tested the backbone and it held up, friday (today) saw some chasing of supply, chart looks very constructive (maybe a bullflag something), all the distribution carried out last week looks complete, now it's a matter of a decent find and hello a five minute whooshka

 

[barney]

still not much to do, a small probe to .095 tested the backbone and it held up, friday (today) saw some chasing of supply, chart looks very constructive (maybe a bullflag something), all the distribution carried out last week looks complete, now it's a matter of a decent find and hello a five minute whooshka

Yeah noticed this on Friday … healthy feel about it.

 

[Joules MM1]

https://www.asx.com.au/asxpdf/20191010/pdf/449clpcz1ltjrf.pdf

someone kocked up

 

[barney]

someone kocked up

Just when it was looking safe to go back in the water

Kind of makes the last few days trading look a bit …. perhaps.

 

[Joules MM1]

should say
someone has screwed up at spectrum if the confidentiality agreement is provable and
if it's provable then venus holding back to see if the spx guys find anything that makes the holder of the agreement very shrewd

think about it, if youre the venus guy/girl and you can prove you have the confi agreement you don have to rush to anything, let spx do the hard work then call in the agreement .....

 

[barney]

think about it, if youre the venus guy/girl and you can prove you have the confi agreement you don have to rush to anything, let spx do the hard work then call in the agreement .....

Yep tend to agree.

Had a bit of a read up on all this to try and get the timeline ...

So Venus obviously wanted to sell Penny West (last October)
They go and have a chat to the Brokers (DJ Carmichael)
They obviously know David Bosio and Paul Adams at DJ Carmichael are also Directors of Spectrum.

So what would the "confidentiality agreement" actually say??

We are telling you "DJ" Brokers that we want to sell Penny West but you can't tell anybody at Spectrum about it because you are Directors?? Derr

Yet Venus are more than happy to see the deal with Spectrum go through a year ago but now have a problem.

Poor losers turn opportunists to the spectators

 

[Joules MM1]

Yep tend to agree.

Had a bit of a read up on all this to try and get the timeline ...

So Venus obviously wanted to sell Penny West (last October)
They go and have a chat to the Brokers (DJ Carmichael)
They obviously know David Bosio and Paul Adams at DJ Carmichael are also Directors of Spectrum.

So what would the "confidentiality agreement" actually say??

We are telling you "DJ" Brokers that we want to sell Penny West but you can't tell anybody at Spectrum about it because you are Directors?? Derr

Yet Venus are more than happy to see the deal with Spectrum go through a year ago but now have a problem.

Poor losers turn opportunists to the spectators

if you wanted to sell you want everyone to know ?
if you are speculating on buying you want no one to know

 

[barney]

Thanks Joules … yeah I had read all the above but was making the incorrect assumption that Spectrum were buying Penny West from Venus …. incorrect I now realise

So to clarify that I have this correct ….

Venus were looking to buy Penny West to add to their existing land holdings around the area?

(I was reading into it that they already owned PW and were approaching the "DJ-C" Brokers looking to sell it … incorrect

So the DJC lads(also Spectrum Directors) got the good oil from Venus and basically gazumped them to buy PW from owners Patina Resources Pty Ltd and Plateaux Resources Pty Ltd.

Venus Board are now saying that the Spectrum lads broke the law and must pay up.

I note that in an announcement on 22nd March this year VMC reported to the market:-

Spectrum Metals Ltd (SPX) has recently announced a “high grade gold discovery at
Penny West” and subsequent high-grade assays confirming a new lode in their
project area.

Now if I was a Judge, I'd ask why back in March VMC were seemingly happy to admit that Penny West was in SPX's PROJECT AREA, but a few months later are going for the throat.

All this now revolves around the substance of the confidentiality agreement of course ….

But it makes you ask … Why would the VMC dudes go and talk to the DJC dudes if they knew they were also Directors of Spectrum.

My guess is they probably "used" to be mates ... not anymore

All the above does indicate that PW must be worth fighting over … so whoever gets the vote from the Judge should get a boost in the SP ….. whenever that may eventuate.

 

[Trav.]

December Tipping Comp Pick

Trying to find a reason for this pick but not coming up with much from the chart. Trending down since early august and showing a small recovery in November so I am hoping that it breaks out of my simple wedge shown on the chart below.

 

[System]

On June 4th, 2020, Spectrum Metals Limited (SPX) was removed from the ASX's Official List in accordance with Listing Rule 17.4, following despatch of compulsory acquisition notices by Ramelius Resources Limited (RMS).