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Paul Mosgovoy
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  • Market Update: AEM 3 comments
    Mar 24, 2014 9:49 AM | about stocks: AEM

    Update: 2:24 CST: Re-established long (NYSE:AEM)

    Long Agnico Eagle Mines (AEM) at 31.42. Stop: 31.39

    Analysis to follow.

    Disclosure: I am long AEM.

    Stocks: AEM
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Comments (3)
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  • User 195396
    , contributor
    Comments (374) | Send Message
     
    Are you still long AEM or did the stop take you out?
    Thanks.
    24 Mar 2014, 04:24 PM Reply Like
  • Paul Mosgovoy
    , contributor
    Comments (113) | Send Message
     
    Author’s reply » Still long AEM.

     

    Was wanting to have the initial stop hold, but I still had available risk (capital) to handle a larger down move.

     

    Obviously not the best entry.

     

    However, If you look at a daily chart of AEM, there are five days over the past two months where the low was in the 31.70 area.

     

    Other traders' and investor's stops have been building up over the past two months in this area. Those were taken out with today's move. This gives the professionals an opportunity to take positions or increase positions on the cheap......it has nothing to do with interest rates as was the "excuse" headline of today.

     

    Obviously my assessment is that AEM, along with the entire sector is in an up-trend so the probabilities are weighted to the up-side and that AEM is not in a protracted down-move.

     

    We will know that today was a head-fake if tomorrow pre-market, and open are gap-higher with a push higher.

     

    Price action went about as far as it can for this to be a bump-and-run type move.

     

    Hope this answers your question....... if not please contact me again..... I want to make sure that those following me are getting the information they need.

     

    Thanks,

     

    Paul
    24 Mar 2014, 04:46 PM Reply Like
  • User 195396
    , contributor
    Comments (374) | Send Message
     
    Thanks again-agree that up trend exists, AEM has excellent mgmt, also looking for this downdraft in metals, miners completes itself. long AEM
    24 Mar 2014, 09:10 PM Reply Like
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