Since I made my exit, what have I done?
Well, due to the vagaries of the market – I got stopped out of Wheaton River Minerals – a classic case of “buy high/sell low,” in at $1.49, out at $1.35 but after yesterday big POG move? It’s back at $1.48 (vbg) it’s a great speculation – I will revisit this one in the near future.
I also sold half my position in Cumberland Resources, now why would I do such a thing? Mainly, it was to increase my cash position; secondly, I wanted to confront my bearishness by going long in three sectors that I absolutely abhor – Biotech, Tech and Airlines – I went long on one stock that covers the first two, Westaim Corp. flat panel displays and healthcare research using (of all things) SILVER!!! It trades in and around book value, they’ve got no long term debt and they’ve got $170 million in cash, I bought at $3.22 and since there was no f’n way that I was going long in the Airlines I added two PGM explorers instead -- Starfield Resources at $0.47 and Anooraq Resources at $0.80.
After yesterday’s action, I was stopped myself out of Westaim at $3.10 – small loss, but it was because I needed to raise cash for Anooraq … yes! … I doubled my position at $0.90 and will add the final third once the stock clears the $1.00 mark. It’s a great speculation that’s just become very liquid – will stop myself out at the $0.77 level. Starfield Resources on the other hand fell to $0.44 and I have no intentions of averaging down.
FWIW, I despise my self imposed hiatus – but I needed to change a few things – the one thing for sure, is that I need to add some thickness to my skin – I’ve become a little too “touchy” -- this thread is about cashing in – and that’s where I need to focus. Anyway -- I'll average my way back into thread activity here shortly.
Regards,
Frank P. |
