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Gold/Mining/Energy : Position Trading in Canada
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To: TheMajor who wrote (1963)1/16/2000 3:03:00 PM
From: Ward Nicholson  Read Replies (2) of 2259
 
LDM:

Well, obviously LDM got "blowed up real good" by some longer term
players who had had enough. I totally underestimated the depth to
which the negative sentiment out there could tank LDM. It's been
awhile since I've seen that kind of raw anger out there in terms of
bid-whacking.

Technically it looks like ~$5.00 will be the current bottom. I expect
a bounce from this level to the mid-$6 area before LDM slinks back
down to re-test it's low. Given the force of the current negative
momentum I suppose a bounce to $7.50 is possible, but unlikely IMO.
LDM reminds me of the way AC traded in the fall of 1998. In the
absence of news I now expect a long basing pattern with a trading
range developing between ~$5.00 and a roof of $7.50.

I'll be minimizing my losses and taking a breather to re-evaluate.
It seems that once every couple of years I get myself into one
of these snafus, afterwhich the best course of action is to simply
to take a break to re-calibrate myself.

Best of luck on the grid.

WN
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