This is a beauty, no idea what it does but looks real bad once it reaches the 50% retracement level. Here is the chart.
The 50% level is around $29, the 200 day moving average just below that.
Month: March 2009
SLF March 25
Here is an update on Sunlife. It is now almost at $24 from just under $15 (so you should not own it if you work with the 30% rule). So where do we go from here? (Top chart is arithmetic, lower one log-scale). I normally hesitate to count “corrective†moves as they are very erratic and all over the map but this one provides an opportunity to make the 30% twice. The stock dropped from about $55 to $15 or roughly $40. It is “normal†to get a retracement of about 50-62%, (Gartman’s Box) so if we stick to the lower end of the range the stock could reach 15+20=35 on a rebound but it will not do it in a straight line. More often than not it will retrace 1/2 or so of the up move that has already occurred. So wait for it to get to about 18/19 and then buy it again.
TIM Timminco March 25
This stock has quite a reputation. Sprott supposedly derived much of its income from a large position in this stock, whereas Lawrence & Co was convinced that the formula for this sand was little more than a hoax. At the time I was inclined to agree with Lawrence predicting that the stock would not rise much above $32 and then drop under $10. It got to $35 and is now under $10 at $2 and change. At these levels it may not be a bad idea to “nibbleâ€a little just to see where it goes. This is pure speculation. Here are the charts , then and now.
CFW Calfrac March 25
This oil driller should be able to reach a little over $10, from the close at $7.30 that is not all that bad. Sorry, no wave count on this but we did break out of the channel .