Stock Pick From August 24th 2007 - Recap
Well, I decided to get back to my stock picking exercises on a more regular basis to see how it goes. Lately, I have been playing with the StockScores method. You can read more about it in my StockScores and Analyzing Stock Picks article. I have yet to get it to work consistently by the way, but I haven't given it a fair chance yet either.
On August 24th, 2007, I picked Polar Resources on the Venture Exchange here in Canada. (VLR is the symbol). You can read about my reasons in the Polar Resources article. Basically, it fit criteria that I thought were a good fit for the StockScores method. This would be good StockScores, good chart pattern, and unusual volatility.
Anyhow, I am sad to say that, as of August 30th, it halted trading. The news release on the TSX website stated it was because of pending news, but that has not come out yet.
So this is definitely the worst paper trade I have had so far with this method. A full loss at this point as I cannot even sell the stock. The only thing worse is if they actually went off the market. I will wait and see where it goes. If there is positive news, then things might be all good.
Where Did I Go Wrong?
As far as using the technical indicators, I think it was still a good pick. Stockscores does not look at the fundamentals, but if I had, I would have noticed it has a negative earnings-per-share right now. But because of the positive technical indicators, it suggested perhaps a positive announcement was coming out.
I'll revisit this stock in a couple weeks or when it goes back trading once the 2 weeks now, pending news comes out.
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Category: Investing
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