There's been something of a disconnect between the performance of gold and some of the gold miners. Here's the spot gold price. There was a desultory rally and now further weakness.
Regis mining is one of those stocks which has outperformed the price of the underlying.
I'm short at 294 with a stop at 302. Funnily enough, there's a strong chance that I'm simply trading a c wave pullback before another look at 305 or higher but the lower short term high at 300 looks reasonably well tested over 3 days and something like 275 to 280 is doable in the short term. Just a quickie then.
LYC is interesting. It tanked yesterday afternoon on talk of a failure to get approval for a processing plant from the Malaysian authorities. I bought some of my short back at 110 and was close to getting more at 100. There was a late recovery and the stock has held at around 110 this morning. The approval process is not complete and an answer is not expected for a few weeks but there must be some thought that "where there's smoke there's fire" because otherwise the stock should have rebounded. Still short and happy to buy more below 100.
No comments:
Post a Comment