Position Trading in Canada Message Board

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Gold/Mining/Energy : Position Trading in Canada

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To: Ward Nicholson who wrote (728)	2/15/1999 12:38:00 PM
From: Kevin Hamlin	Read Replies (2) of 2259

I picked up some JFM on Toronto today. The market took it out to the slaugterhouse the other day and trimmed it by close to 50%. Then if that wasn't bad enough, they've come in and taken another 30% off of that in the past week. At this point, I think the market has totally over-reacted. Just a week ago, this was an $18.00 stock, and I just picked it up for $6.50??!! Looking back over the trades of the past week or so, it looks as if house 2 was by far the biggest seller. Today they are definitely quiet (net - about 7k shares), but then again the whole market is. The other reason I picked it up is that the market had a nasty downdraft on Friday, but JFM held it's price very well. One of the nice predictable things I find about the market is it always overdoes things...both up and down. The other nice thing is that it always realizes this overdone nature (whether up or down), and snaps back into equilibrium soon enough. At this level JFM is totally oversold i.m.h.o. It's a decent company, and I think this is a great example of the market over-doing it. In at $6.50 and looking for the correction back up. Kevin

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