Today, I also sold 1000 shares of Midway Energy (TSE:MEL) at $3.25.
In at $2.92, out at $3.25, profit = +10.62% after commissions.
Stock Trade Commentary
I decided to lighten up my holdings in my non-registered account by locking profits on Midway Energy. My outstanding margin got above 5000$ after buying Perpetual Energy this month. With this sale, the margin will be lower than 2000$. Even though I am a big fan of Midway Energy, sometimes one should not fall in love with the stock and move on when a decent profit opportunity is presented. I am still keeping 1000 shares of MEL in my HELOC account at the excellent price of $2.90. I like to always remind myself that timing your transactions is always in hindsight so no looking back in anger if MEL crosses $3.30 tomorrow.
The market has been crazy with precious metal stocks; gold just hit a new high. How high will gold be going? I do not know and I do not care, the minute CRK or IPT provide me with another decent profit margin, I will take it. The market is not going anywhere and there will always be opportunities lying around. This was not the first time I buy and sell Midway and it will not be the last time, I sure will pick it up again for the right price.
Do you think metals are stepping into overbought territory? Or is this only the beginning of a new leg up?
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