Wednesday, August 28, 2013

Sabina Trading

Like I've said over a million times, favorite stock to trade.

I have been doing some minor trading, buying at $1 and selling at around $1.40. This worked well the first two times as the chart seemed pretty simple to read. Generally I'll trade that if a stock breaks a R level on its 3rd attack by more than 3.5% I'll go in long. Volume is hard to judge...sometimes I feel that its the only thing that means anything and other times I feel that it means nothing.

That being said, at $1.42 it bounced back below the $1.40 line. Yesterday, it fell a good 15%....but then again so did almost ever gold/mining stock worth owning even with gold up around $20 to break the $1400 mark.

So, here we are today, up 4.6 percent so far. I'll be watching to see how this behaves closely.

UPDATE: Closed down, like a good deal of the gold stocks, at $1.26 today. As an aside....always nice to watch the senseless dumping that goes on near the end of the day with the GDXJ. I really would have thought that with gold breaking strongly through the $1400 mark we would have seen a big lift in the juniors. That being said, the majors usually turn before the juniors.

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