more on SMM - Summit Resources
I have been succesfully trading in and out of SMM since May 2005 and it remains in my watch list.
In those 6 months it rose 200% from $0.30 to $0.90, mainly due to Uranium being a hot sector, and a good recommendation in The Dines Letter
I identified SMM as being a speculative stock, with lots of potential.
They have a lot of Uranium resource but cannot yet mine it due to a Uranium mining ban in Queensland. However, there is a lot of pressure to allow mining at some stage, which would be very positive for the company.
Because of the speculative nature of this stock, I decided to only trade it Short term, only holding it anywhere from a day to a month. Like most speculative stocks, SMM can become very volatile and 10% moves are not unusual.
The trading range I identified earlier is about 20% wide, which is a reasonable reward for a speculative short term trade, especially if you can buy towards the bottom of the range, hopefully limiting your risk.
In those 6 months it rose 200% from $0.30 to $0.90, mainly due to Uranium being a hot sector, and a good recommendation in The Dines Letter
I identified SMM as being a speculative stock, with lots of potential.
They have a lot of Uranium resource but cannot yet mine it due to a Uranium mining ban in Queensland. However, there is a lot of pressure to allow mining at some stage, which would be very positive for the company.
Because of the speculative nature of this stock, I decided to only trade it Short term, only holding it anywhere from a day to a month. Like most speculative stocks, SMM can become very volatile and 10% moves are not unusual.
The trading range I identified earlier is about 20% wide, which is a reasonable reward for a speculative short term trade, especially if you can buy towards the bottom of the range, hopefully limiting your risk.
posted at: 7:40 pm
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