Now this is a story of missed opportunity. And I know we all hate when that happens. If you could save 40% on your food bill would you be interested? How about paying 40% less for your next holiday? Ok let’s not make it about saving money.
Suppose you could improve your golf driving accuracy by 40% or well you get my point. What if you could do anything at all with a 40% advantage to you?
In this case it is about money, and an opportunity to do just that, to make a 40% profit legally, in a single day. A profit I didn’t take advantage of!
As a day trader and someone who manages the Canadian Stock Alerts blog I am always looking for opportunities in the Canadian stock market. And I have narrowed my strategy by only following stocks that have higher than usual volume, higher volume for any reason at all. If the volume is there, then the stock is “in play”.
Personally, I use the Stock Research Portal to look for all the drilling & discovery news releases in real time. Now enter Pele Mountain Resources Inc. They had a press release on Tuesday August 11, 2009 that came out at 10:19am. I skimmed through it, and didn’t deem it to be too note worthy. Boy was I wrong!
I totally missed this line … “a high value of 34 g/t over 2 m was located in the central channel associated with a 0.3 m wide quartz vein.” … shame on me, how could I miss that!
I checked the stock on my Level 2 and not much was happening after the news, so basically I put it on the back burner. A quick check after lunch, and it was .12 or 20% higher than the open. Well, it just kept getting away from me, and closed at .14 on 1.8 million shares traded. That’s a 40% gain that I missed!
A missed opportunity that could give you a 40% profit in a single day is not to be taken lightly. So what lesson did I learn here, that I hopefully won’t repeat? Obviously, read the drilling discovery news results more thoroughly and then watch the stock volume on Level 2 very closely.
The nice thing about the Stock Research Portal site is that it consolidates all the mining drilling news releases into one page on their site. They make finding the real-time news easy, now I just have to make reading it properly a bigger priority.
Ah yes .. to be human.