Gary Tanashian's  Instablog

Gary Tanashian
Send Message
Gary Tanashian is proprietor of NFTRH.com and Biiwii.com. Actionable, hype-free technical, macro economic and sentiment analysis is provided in the premium market report 'Notes From the Rabbit Hole' (http://nftrh.com/nftrh-premium/). Complimentary analysis and commentary is available at the... More
My company:
Notes from the rabbit hole
My blog:
Notes From the Rabbit Hole
  • Almaden (AAU) Updated... and THEN Some 0 comments
    Sep 3, 2010 11:34 AM | about stocks: AAU, GLD

    I am not touting anything here because being a poor momo manager, I sold too soon in the 1.40's (on no news - yet).  I did however, buy back at 1.70 and wrote the below in last week's letter while the higher of the two flags was still intact.  Here is the updated chart.  Ugh.  The buying opportunity beginning at 1.80 obviously never materialized.

    I guess this is a good argument for closing your eyes and designating some quality items as holds no matter what, as long as the macro picture remains bullish.  Hence, things like FRG & XAU.to, among several others.  As a trader I have outsmarted myself too often where quality stocks are concerned.  The key is in ID'ing quality.

    Have a great weekend!

     

    "AAU is beginning to take on the look of Sabina (SBB.to) with the upsurges, followed by bullish flags. Two statements I recall making about Sabina in this regard: “do you want to see a bull stock, here it is” and in response to SBB’s persistent strength in not allowing a significant correction for buying opportunity “I am not going to play that game”. As you know, SBB was added back to the Speculation Portfolio despite my personal bottom feeder orientation. That was 63% ago.

    So the lesson is well in mind on AAU and even after buying at 1.70, I want to add more.  My mental state is solid with this because Almaden owes me nothing after trading it up from the .50 area and because I am familiar and comfortable with the company. So, they have had a great bit of news on an early stage discovery, but NFTRH is not calling this investment grade. Not like FRG. But I do wish to keep it as part of the core and hope to continue to undo my mistake in selling it out in the mid 1.40’s. 1.80 through 1.45 look like the potential buy levels, with 1.30 as a ‘load up’ area. As things stand, I don’t expect the gap to be filled any time soon. "


    Disclosure: Long AAU

    Stocks: AAU, GLD
Back To Gary Tanashian's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.