Yesterday, I bought 1000 shares of Midway Energy (TSE:MEL) at $2.92.
I also added 1000 shares of Spartan Exploration (TSE:SPE) at $2.85.
Stock Trade Commentary
In hindsight, it was a perfect move to sell my 3000 shares of Midway on Monday at $3.08. I got back in because I wanted to keep a foot in the door with MEL, and I sure succeeded in hitting the low of the day for my entry point $2.92.
I don’t know why the market was so surprised about the housing numbers, it was a given that the numbers were going to be low, the tax incentive expired and the future buyers were drawn into the incentive period. It might take a month or two before we see an uptick in sales, in any case, I always enjoy buying during a fire sale!
Today, US Core Durable orders are due at 8.30am ET, if the numbers come in below consensus, we will be seeing another bloody day with a DOW under 10000. Hopefully, it doesn’t turn out to be that bad.
The latest purchase in SPE brings my total investment to 3000 shares:
- 2000 shares at $3.01 avg price in the non-registered account.
- 1000 shares at $2.85 avg price in the HELOC non-registered account.
There’s no doubt about it, SPE is one of my favorite stocks because of its huge potential. Sooner or later oil prices will pick up and junior oil producers will follow. SPE increased a $12-million financing to $15-million in the same day of announcement due to excess demand on Monday. There is still a good amount of profit at 70$ oil for SPE and the other junior oil producers.
How about you dear Reader, have you been bargain hunting in this bloody market?