Ol' trader Jim probably making a killing going in & out of the company for his upcoming retirement / expatriation.
Wrong! It's the polar opposite technically. MACD made bullish cross over, slow stochastic mega strong. Plus financial media, which I see as organs of hedge funds, are bullish. Obviously, the day is not overr, but it looks like it will belong to the bulls.
2BC - Agree that it's better to miss out on the lower 5-10% of a rebound rather than catch a falling knife. That said--PGH is starting to look interesting, no? Slow Stochastic 89,3 up to 17.x (a lot stronger than other Canadian producers). Tax loss selling pretty much over with (which may account for part of bounce in recent days).
Obviously the elephant in the room is price of oil--PGH's divergence from price of oil in last 5 trading days makes the rebound suspect (or perhaps oil is finding a bottom around 55).
Just average volume until now...Not exactly a panic. Technicals are much better than Sept approval. Nevertheless, I sold 1/2 my shares to lock in a profit. Little guys get killed on event driven stocks.
The transaction seems odd on many levels: Why would a company with no mine to produce cash flow anytime soon (as evidenced by the lack of cap ex on FS) settle on debt financing whose stipulation is cash flow? Why would it settle on such small initial sum, only enough to get through one quarter or at most a half year of admin & care and maintenance expenses? Why would the company settle on the worst possible financing - diluting existing shareholders AND setting itself up for failure with cash flow dependent debt financing?
Also - the funding violates so many of Sinclair's promises: No dilution of existing shareholders, Buckreef fully capitalized, mining to occur in 2014.
I'd love to see the Webcast of the 2012 AGM where Sinclair talks about Kigosi, Buckreef, & becoming a production company, but I don't believe it's posted anymore...
Ahh- this must be what Jim is telling people who are calling his hotline.
Look at the Dec 10 Press release which says the funding will allow them to complete phase 1 of Buckreef. Then read the April 16 press release which defines Phase 1 & Phase 2.
Apologize in Advance for Pulling a JJ: Mar16 2014:"On Russia countering Western sanctions, Sinclair says watch the “struggling dollar” and Russia accepting any currency for oil and natural gas. Sinclair explains, “It’s struggling . . . because it smells the real teeth of retaliation for sanctions being in the simple acceptance of any currency whatsoever for payment for gas to Europe. Believe me, they will settle in other currencies. . . . It makes energy cheaper. Why in the world would anyone want to pay in dollars if they can pay in their own currency? Russia could retaliate in a way that would have phenomenal impact on the U.S. dollar. . . . Russia has the upper hand. They have it in their ability to turn the U.S. economy upside down and into collapse. There is no question whatsoever. Putin doesn’t need a nuclear bomb. He has a nuclear economic bomb that he can set off at any time.”
In time perhaps, right now it doesnt help to have a devalued currency, does it? The point of circumventing the dollar as a medium exchange will eventually erode the reserve currency status of the dollar. In the mean time, they are getting the Ruble equivalent of $55-$60 a barrel for oil.
Yup-There was a video with Jim on USA watchdog in the spring where he was telling Greg Hunter or someone that Putin & Russia were going to bury the USA. Oops.
I have other oil positions that were performing better- kept the stronger performers. Just managing my own trading portfolio.
by the way -sold out my position bought at 1.98 yesterday, sold 2.05 today. Didn't like that PWE couldn't hold the bounce like PGH / BTE. It will continue to be the whipping boy until one day it's not. until then,good luck.
PWE is definitely the weakest of the bunch. Look at PGH & BTE by comparison. Also - PWE isn't big enough as an acquisition target- buying a sub billion dollar mkt cap company has a lot of overhead involved-lawyers, underwriters, etc and doesn't do much for the balance sheet / reserves of a giant. Talisman is 10x the size of PWE.