My other coal miner, Grande Cache (GCE), also purchased on November 9 got caught in the updraft and it too was on a roll today. Figuring I might cash in on this I placed a sell order at $10.15 when is was trading around $10.00. It took about an hour but the buy orders finally reached up to my price and took out my shares at $10.15, a 20.8% gain over my $8.40 purchase price.
When I bought the coal miners last month I was thinking about a twelve to eighteen month hold. Little did I know that a takeover offer would fire up the whole sector in a few days. Sometimes things just work out.
Now here's what is so different today. Since RBC's big earnings miss, reported before the markets opened this morning, the banks have tanked. As a holder of bank shares, BMO, Royal and TD, I'm disappointed. On the other hand, I see this as a buying opportunity. I've taken my new found wealth, from today's selling activity and placed buy orders for additional shares of both RBC and BMO figuring it's a chance to average down on my October purchase prices. I'm well under the market on both offers so I may or may not get them but it's worth a try.
Have a great weekend, and as always, Happy Investing!
8 comments:
Hi Stu, like your blog.As a bit of backgrounder I grew up in Winnipeg joined the navy and took early retirement in 1995 at the age of 32. A successful investor I became an Investment advisor. I stumlbed on your blog as I was surfing the WTN and GCE bullboards on stockhouse. My clients and I have been long holders of both these stocks - pre meltdown. This is one of those instances when averaging down paid off in spades. I think your experience with advisors is not unique - but again I wouldn't paint every advisor with the same brush. I hope to follow your blog and make the odd comment from "the other side of the desk"
Yours aye,
M
Welcome aboard. Comments, including critics, are always welcome.
Do you have a recommendation for a re-investment of Friday's new found money?
TPCI
Hi Stu,
I'm 60 retired and owned WTN since Jan.2009.
Sold balance of WTN today.Bought Cline Mining 2.05 in Oct.2010 and will see if they will start prod.this month.If not,I'm out fast.
IMHO Canadian banks are a license to print money,BMO my favourite-2.80/div.Taseko mines will explode if Prosperity Mine OK'D by feds in the future.My guess is it will go ahead with new proposal by Taseko.Holding and waiting.
I was hoping WTN would sell it's US & UK holdings and buy GCE using Ridley Coal Port to full advantage.Not to be,I'm not complaining, though I think WTN could have been 20.00 stock if they had taken over GCE.It won`t be easy to find another WTN imho.
Happy Hunting-GLTA
Welcome to TPCI. I've been wondering about Cline but note that the financials on their site only include up to 2007. I've emailed them asking where 2008 & 2009 are and no reply. Thanks for Taseko info. I'm going to do some DD on this one.
Good luck & happy investing.
TPCI
Morning Stu,
BMO & CMK up nicely this morning,CMK my pure speculative play,will sell at my target price of 4.00 - hard stop in place.I use BMO Investorline. I ignore analysts and other pumpers.Never buy Mutual Funds - Ripoff IMHO.Here on the WET COAST we are getting dumped on by a big storm.Markets look SUNNY so far.
Regards
Will this help? re:CMK
CLINE FILES REVISED INTERIM FINANCIAL STATEMENTS, MD&A AND AIF 5:05 PM 11/05 CNW Group
Morning Stu,
Got cold feet this morning,out of CMK @3.20
Bought BCE.(yield over 5%,div-increase))I'm feeling defensive,we know how fast markets can turn!
Regards-The Wet Coast guy.
Sure can't disagree with that. Like I said in this morning's post, the TSX keeps going up. Starting to make me nervous. Feels a bit like the calm before the storm. Not a time for us old guys to be in speculative stocks.
Cheers
TPCI
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