I was not expecting great news but frankly I surprised by the degree of the reaction to the latest results.
I guess it has to do with concern over the viability of the mine with such low grades. And as I have said before 15,000,000 or 25,000,000 ounces HAVE NOT BEEN PROVED YET.
The real test will be in the next two weeks or so when the Bema brass will have to report insider trading activity,if there was any. The last thing with we need is the appearance of the Bema management baling out on tis shareholders.
It seems my concern and others(I it was Graham) over insider selling in late August by Clive Johnson had some merits. After all, as someone pointed out on this thread, here is Clive Johnson selling a significant position of AZS at $15.00, when Bema just purchased one million shares at $14.00/share.
Fotunately, my paper losses today were mitigated by my covered called postions on AZS and BGO and my realized gains in August.
I choose this as an opportunity to close out my positions but i dont think I will be adding to my position.
Still I believe in the long run fundamentals of these companies. However, I AM NOT IN LOVE WITH THE COMPANIES I INVEST IN, IF I FEEL THE FUNDAMENTALS ARE NOT THERE, I WILL CUT MY LOSSES AND GET OUT.
I would like to here from the likes of Terry or Eric or 0l49er on what they think of todays stock performance. After all, they are the most vocal supporters of these stocks.
George |
