Stock Trades: Sold Midway Energy (TSE:MEL), Bought WestFire Energy (TSE:WFE)

Today, I sold my last 1000 shares of Midway Energy (TSE:MEL) at $3.39 from my HELOC.

In at $2.90, out at $3.39, profit = +16.21% after commissions.

I also bought 500 shares in WestFire Energy at $5.01 in my HELOC.

Stock Trade Commentary

With kind of a heavy heart I sold Midway Energy today and locked 16% in profits. I still believe in MEL and will probably buy back in if the price falls to what I think is a proper buy price. By now you are wondering why then did I sell this stock?

I decided to sell at the 4 month high and replace it with what I perceive to be the next opportunity: WestFire Energy. Of course my purchase today is simply half a position that will be increased as the week progresses and the economic data is unveiled. Tomorrow the FOMC will be instrumental to market direction; I will be tuned in at 2.15pm EST!

WestFire Energy is currently developing an inventory of low-risk drilling locations focused mainly on Viking Oil. Their exit guidance for 2010 is 50% higher than their last Q2 reported average production rate. I am looking forward to buying more of WFE during the week.

Today I also got filled on another stock in my non-registered account, I will post about it tomorrow morning.

Have you been buying any stocks in the energy sector? if yes, which ones?

Related posts:

  1. Stock Trades: Bought More WestFire Energy (TSE:WFE)
  2. Stock Trades: Locking Profits with Midway Energy (TSE:MEL)
  3. Stock Trades: Bought More Midway Energy (TSE:MEL)
  4. Stock Trades: Bought Midway Energy (TSE:MEL)
  5. Stock Trades: Bought Midway Energy (TSE:MEL)