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Underexposed - Canadian Stock Journal


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Underexposed - Canadian Stock Journal

  #281 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014

Looks like my mildly bearish assessment a few posts ago turned true....now it has amped up to fully bearish and stopped at that dotted green support at $1275 or so. If it falls and closes below this then it will be VERY BEARISH (my highest level...)




this is the 5 minute look at the chart....looks like the $1275 support level will be tested again pretty soon.....fingers crossed.... next support is about $1220....then $1200...then could fall a lot further.

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  #282 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014

Gold again

Well it did stop at about $1275...for now anyway....here is the gold chart redrawn with new support lines (the old support really don't mean much now...Perhaps the horizontal ones that once were supports but broke through MIGHT be resistances now but since they were easily broken lately I doubt it.

Here is the chart



these solid lines should be major supports/resistance now...why because they are made up of significant peaks and valleys

I did not consider this latest support until it fell through the previous dotted support....now I set another secondary support at 1250 and 1200...those should still be decent supports.

We seem to be lost in that wilderness land between $1250 to $1350...we need a financial Moses to lead us out of it.

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  #283 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014

Portfolio Status Aug 22


Well the week is over and we have salted away another solid gain. To date we have exceeded the previous high point for this portfolio and I have a confidence that this success will continue.



Again you will see that I have no tentative transactions in mind...that makes about 3 weeks no with little or no change. Those stocks that are negative return have recovered and are almost at the break even point and now contributing to the bottom line.

Have a good weekend.

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  #284 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014

I am still very happy with the mix of stocks in this phantom portfolio...but you cannot be complacent

I have 2 stocks right now that are looking weakish....I gained over 0.6% today which is excellent and it would have been more if Lakeshore gold Corp [TSX:LSG] and Lundin Mining Corp [TSX:LUN] had been performing better.

Lakeshore Gold Corp

This is a stock governed by the price of gold and as such it seems to be holding up rather well considering the uncertainty of the direction of gold's price.



there is a support band between $1.15 and $1.18 that I think will be substantial...it probably relates to a gold support as well I would expect.



the declining Slow Sto and MACD are definitely not good signs and the position of the share price near the bottom near the lower Bollie adds to the gloom....but I take heart at the weak response of the BBwidth in the bottom chart ... it is very anemic at present but could be just the start of a rise in which case you will see a decline in the share price. I find some hope also that 50dayMA is confirmation of a support to come at $1.18

I believe this will be a buying opportunity if it does and it has nothing to do with the company...it is simply due to its commodity Gold...and I expect that gold will bounce back with time. So...LSG.TO is still a hold for me.

Lundin Mining Corp

this chart is subtly different than that of LSG.TO



Right now we are virtually sitting on a band of support from $6.00 to 6.03...if this support fails there will be no rebound for a while...it could drop to $5.90 or more probably to around $5.70.... thereby starting a wipeout of the gains we made.

You could say that we already lost a fair bit of profit....true enough looking at 20/20 hindsight but when I am up I tend to be more forgiving ... I am not afraid of a loss.



If you look at the Slow Sto and MACD you will see them about the same as the previous chart...the BBwidth though is a bit more robust...in addition the 50DaySMA which was a support failed and now are a resistance.

As a result I think this stock has more potential for failure.

But I don't yet give up and sell outright...it could still come back...as a result I am setting a stop limit loss order for this stock.

Effective the opening bell on Tuesday Aug 26 I will set a Limit Stop Loss for 2000 shares of LUN.TO with a range of $5.93 - $5.95.

why do I set it below $6.00? It is because I don't want a small downward spike to trigger the sale.

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  #285 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014

I am sorry....the case of the disappearing charts raises its head again

Here are the charts that were attached but now have disappeared

LakeShore Gold charts








Lundin Mining Corporation charts








these charts are in the order that they are discussed in the above post...I hope this makes sense

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  #286 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014

later today I will post the mid-week status of this phantom portfolio.

I have run out of interesting stuff to talk about right now. A few posts ago I suggested I might talk about how to play a pump/dump but Mike is right...90+% of those plays are in the OTCB and Pinks and discussion of those stocks is off-limits here and rightly so as it is hard to do any kind of proper TA on these manipulated stocks.

I am open to questions, or discussions....feedback is also welcome.

Being a long term trader, once the portfolio is performing you don't touch it much. As you can see I have done little since late July. I have expressed concern about LUN.TO but since I put on the limit stop-loss...it has been rising.

Anyway...back to doing other stuff....good trading

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  #287 (permalink)
Legendary Market Wizard
Georgia, US
 
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nice job!

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  #288 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014

hmmm I guess thanks for deleting the previous post, Mike...I assume this person said something disrespectful

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  #289 (permalink)
Legendary Market Wizard
Georgia, US
 
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josh's Avatar
 
Posts: 5,367 since Jan 2011
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Underexposed View Post
hmmm I guess thanks for deleting the previous post, Mike...I assume this person said something disrespectful

Likely a spam bot.

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  #290 (permalink)
Calgary Alberta/Canada
 
 
Posts: 934 since Feb 2014

Aug 27 Status


I guess I am paranoid I am not used to being on a trading website doing what I do and not getting some kind of negative comment. It is a testament to the quality of the participants here and to Big Mike himself.

Well the good results seem to be continuing. The portfolio has passed the $109,000 mark as shown in this graphic.



Lundin mines [TSX:lun] is really the only stock I am worried about at this point. It may seem like Kelso Technologies is a problem since it is in negative territory but as I have said many times before this company has potential and $800 or so to the red would disappear quickly.

I should show the charts of all the stocks in the portfolio soon but [TSX:KLS] is rapidly approaching a Bollie squeeze so I will wait til then before I make a decision on this stock.

I have decided on a new topic to explore.

Can this TA I use be used in Intra-day trading. Now I don't have the skills most of you day traders have as far as picking a good stock to try it on...I can do the initial optimizing (selecting indicators and time interval for the charts) .

Perhaps we can run something in real time...well updated real time...we shall see.

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