In at $2.52, out at $2.59, profit= +2.00% after commissions.
Stock Trade Commentary
I sold my last shares in Pinecrest Energy today in another bid at market timing. To begin with, my average price has been high in PRY and I would expect the Italians to present a buying opportunity at lower prices as it looks like panic driven selling is coming back. Again, this is NOT profit taking; this is pure market timing. Too bad I missed the top in selling my PRY shares but this is the nature of market timing. The company remains a favorite of mine and now that Q3 is out of the way, there’s a chance its price might settle lower in the coming days.
Pinecrest has done a great job building its land position up to 100,000 net acres which provides the company with 6-10 years of drilling inventory. Until a sexier slave point junior comes along, this one remains the best junior with Slave Point oil exposure and I’ll be keeping an eye on it.
Have you been buying or selling today?