Excellent idea on Forbes. I'll be getting an email off either late tonight or early tomorrow -- off to photo the comet early tonight. Anyone with as much an interest in AXC as most of the long holders on this thread should consider a sincere and well-reasoned email to Forbes. The more exposure that can be garnered, the better.
No new news in SSR. They basically are saying the same thing as we have been saying and reasoning on this thread. We have in the past said that AXC is a tremendous buying opportunity at this price and that the core business itself is worth between $8 and $11.
On the small pop on Friday -- as mentioned, this was mostly predictable based on the stock's behavior in the past. AXC's stock (or should we say all of the stock's traders) just held to their trading habits - beat it down, give it a reprieve then beat it some more. This may explain the rather paltry volume -- same players, no one really new. As far as long term implications -- way too early to tell. Except for negative volume index, everything else is still flat or hasn't shown any decisive break to the upppp. Neg. vol. index, has broken above its 30 day moving average for the first time since January. But, as of now, my gut feeling tells me that the downtrend very well may continue -- look at the lousy up volume. Regarding knowing when a breakout may really be sincere, TA says that a close above 6-3/4 would be decisive enough to indicate a real break-out from this dastardly down-pricing trend. To get this figure, just draw a straight line that just touches most of the highest intraday highs since the downtrend started back around 1/10 or so. This line is the downward price resistance level. If AXC closes above that line, (now abt 6-3/4 as of 3/22), then this trend may indeed be over. For now, though, I don't think we should hold our breaths or get "irrationally exuberant" (wonder if Greenspan is an AXC shareholder?).
Best regards,
RM |
