Well, not quite big volume...but certainly a bit better. The majority of the trades went through in the $1.23-$1.25 range, so the price showing on the close isn't really representative of the day's activity.
Nice too to see some of the traditional buyers back in there today. Sprott, Yorkton, Bolder. Nesbitt wasn't, but they've picked up quite a bit in the past week or so.
The drifting share price over the past week is frustrating, but so much if it had a "retail" look to it. Little bits and pieces and some small positions selling out. The trading today though did have a different look and feel to it.
I'm pretty thick in MRY now...most of it in the $1.26-$1.32 range (and some a little higher). I was tempted to buy more today, but just watching for a little more confirmation that this is the bottom. (I thought last week that $1.26 was going to be the bottom, but looks like I missed it by a nickel. Ahhhh well, still not bad if this holds to be true!) The only reason I'm being particularly choosy at this time is that MRY is now my biggest single short/medium term position and I really don't want too much more. (Well, actually I want a lot more, but prudence has to weigh in somewhere!) Whether it's $1.25 or $1.20, or $1.30, as far as I'm concerned MRY is far oversold and will recover nicely. There's just too many positive developments within the company that the market will respond, even if it takes slightly longer than we would like!
I think the lack of news people have been hoping for (another major Tier 1 contract) is playing on some people's nerves. While frustrating, I believe these contracts ARE in the works, and one in particular is quite close. Furthermore, I would guess that with the British Airways and the DHL contract under MRY's belt, other major airlines will definitely be looking at MRY. Beating out the #1 company (Sabre) for the huge DHL contract will definitely turn some industry focus onto MRY and help with the credibility that many majors want, i.e., that MRY not only has the best technology available (which they do hands down), but that they're a growing concern and here to stay. (By the way, I understand that MRY just hired another 6 employees...total staff in the 40's now I think)
Patience. Imho we will all be rewarded, very well, and sooner than later. At these prices MRY is a steal considering what is possibly in the chute!
Regards,
Kevin |
