You got to love it when investors “worry” about stuff; it’s an opportunity to buy stocks at a discount. Today’s worry is brought to you by: Portugal, a member of the famous PIGS group.
Here are today’s transactions in the Non-Registered account:
Sold TSE:FVI Fortuna Silver Mines
In at 2.475, out at 2.59, profit = +3.98% after commissions
Bought TSE:FR First Majestic 1000 @ 3.12
Bought TSE:MEL Midway Energy 800 @ 3.18
I did not sell FVI because something is wrong with it, in fact you will notice that I buy and sell the same stocks over time. So if FVI returns to the mid 2.40′s I will be a buyer again. Another one of my rules that I fail to observe is to “never look back after selling”, because knowing me the price always climbs higher!
I find FR to have been beaten up pretty hard even after reporting good numbers for Year end and 4th quarter results! It looks to be oversold and has the potential to rebound nicely at some point
MEL on the other hand is a nice stock to have at this price because of the Cardium lands this company carries. One more acquisition and they all pop up again.
All these companies will be featured in time whether they are part of the portfolio or not. FVI reached 2.67 at one point after I sold. Timing is everything, but in the stock market, it’s all in hindsight. What counts is exiting with profit and avoiding losses.