Sobeys is following the script precisely (see March 2010 blog). It has completed waves 1 and 2, or A and B, and is now diving into wave 3 (or C ). First “logical target is around $40.
Month: June 2011
TRE a buy ??
Sino Forest reported poor results , blamed Authorized Intermediaries for a lot of the confusion, whatever that means. Anyhow the stock dropped another 32 % and now it looks like a buy! From a high of $26 to a low of $3.35 is quite a drop; more importantly it follows a very countable 5 –waves down signaling that a rebound of sorts should occur imminently. A bounce could take the stock to $6 or higher which would be a double of you can pick it up for ,say, $3.
CCO update.
This should be it.
ABX
On the left is what we expected ABX to do, just at the time when our most prominent investment firm put the stock on its focus list. On the right is what actually has happened so far. Somewhere in the Atlantic ocean there used to be a tribe that used very large stones as currency. So large that they formed part of the real estate in the front yard.Ownership was transferred by verbal agreement. Gold works much the same, it has little intrinsic value (just like fiat money) and would be utterly useless without faith.
So I am not that hot on gold one way or another but ABX might just be a buy at these levels, at least for a solid bounce if not more.