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Gold/Mining/Energy : Day trading in Canada
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To: the Chief who wrote (14)8/11/1998 10:07:00 AM
From: keith massey  Read Replies (3) of 4467
 
Hey Chief

I agree with your method of trading but throw in a slight twist. At around 1:30-2:00 I look for any stocks that have gapped up on high volume (400,000+). I make sure the volume is not a cross and that the volume is high for this stock.

I then quickly read the last couple news releases and check the last financial statement on Sedar and also check the proxy reports to see how much the insiders own. In rare cases I may call the company. This usually takes me 20 minutes. If everything looks O.K and the stock is near its high for the day at around 2:30 I will get in and hold for the night. This has worked well for me in the past.

I also look for stocks that have dropped huge amounts on large volume. If the selling is all coming from one house and the buying is coming from more than 10 houses I will check the news, sedar reports etc. I find these stocks usually pop back up very nicely the next day. A good example of this is BSX a couple of days ago.

I got burned several times when I first started by buying into volume on a gap-up without checking the news. So I now take the extra time to check out some of the fundamentals to lessen my chances of getting burned. This approach has saved my butt a number of times.

Best Regards
KEITH
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