Hi Mike..... I don't think SH will mind my re-posting this to SI:
Subj: MIQ.M
Close: $.18C
FM: SteveH
Enclosed is the PDF document of MIQ's weekly and daily technical
indicators. This is a classic example of a stock in POSIT 5 in the daily
chart and of a stock that shows lots of potential in the weekly chart. As
you know we have been waiting to hear about drill results. This summer
under the Kinross drill program we have only seen one set of results. Since
then the price has fallen to a low of .11. Oddly, the technical indicators
showed this as a possible bottom and it actually hit it. As usual though
not that many shares traded at that level. Since then the stock has
reactivated to as high as .19C today, closing at $.18. I show that MIQ
might hit .24 in the short term (next three trading days) and $.46 in the
weekly chart, next three to five weeks.
Keeping in mind that I do own shares of MIQ.M, MIQ must be getting close to
releasing results. I base this on a recent run up of its sister company
BX.M, which has nearly sextupled in the last trading week, from a low of
.03 to nearly .18C. The stock was halted pending news but then no news
release followed to explain the news until today. The below is that
release. Note the mention of MIQ.M. This BX.M news release is significant
for a number of reasons: it discusses the POD and their relationship with
MIQ and Kinross and mentions that results from drilling at the POD are due
soon. What is more important is the trading of BX.M. Note the high volume
and the runup in price with no news. The release focuses that the attention
at BX is the POD drilling that it talks about. There is only one reason
that I can think of that BX would continue to move up in price and trade
high volumes: insiders positioning pending an announcement of results. For
the stock to triple I devine that the results must be good. Note that MIQ
has gone from the low of .11 just a week ago to a high today of .19.
Here is the BX.M news release:
"No explanation for market activity
Brex Exploration Inc BX
Shares issued 23,247,235 Oct 21 close $0.15
Thu 22 Oct 98 News Release
Mr. Andrew McQuire reports
At the request of the Montreal Exchange, Exploration Brex announces that
there are no material changes that can explain the recent increase in
volume and price of the listed shares.
Drilling and exploration work on the Railroad project, which includes the
POO property continues. The drilling, carried out under the management of
Kinross began in the POO area during late September. No results have been
received from the POO area as yet.
Brex presently has been allocated 50 per cent of Mirandor's ownership in
the POO group of claims which are part of the Railroad project. Mirandor
presently owns 100 per cent of the Railroad project. In March of 1998
Mirandor signed an agreement with Kinross Gold whereby Kinross can earn a
50 per cent ownership position in the Railroad project by carrying out
expenditures of $7-million (U.S.) on exploration over a four year period.
Kinross may acquire an additional 10 per cent by expending a further
$5-million (U.S.) in feasibility work. There are no specific expenditures
on the POO area. Exploration results are expected in the near future. There
are no other exploration activities to report on any other property at
this moment."
The techincal indicators show a stock bouncing off the bottom. That the
company is involved in a JV with Kinross Gold and that the seasons results
are yet to be announced (we hope) and that BX, its sister company is seeing
a significant run up, bodes well in the short and near term. That this is
also back up by the technical indicators shows promise. I have passed along
to Leroy the PDF file showing the daily and weekly indicators. Note the CCI
on the weekly chart. Note the On balance volume and the way that the
Stochastic and Williams %R are quickly separating and creating the classic
wide-mouth separation that is indicative of a stock on the rise.
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