Wow, experienced my first double up since starting to invest. I know that when you're playing with penny stocks you're playing with fire - but when it hits, it feels good! This week CQV has went from 4-5 cents up to 13 cents!
My ACB was 6 cents plus commissions so when it hit 13 cents today I was not sure what to do. No news is out that is driving this. There is speculation about the oil rigs on their way to the West Coast of Newfoundland but they're not even on site yet. Some speculate that there is good news on the Alberta front that is causing this run up. They did release their MD&A to the exchange, these can be found on SEDAR. The documents show that management are more bullish about their prospects than previously assume - this also is part of the run up.
When the stock moved from 6 cents to 9 cents earlier in the week, I expected to see some profit taking. Today when it zoomed to 13 cents, there was some moderate selling but the demand continued to be strong - so most people are staying long. This is a suprise considering the option to buy 186 million shares at 10 cents from the USG acquisition.
I ended up selling half of my position to get my original investment back. I might be kicking myself, but regardless of what happens here I cannot lose on this position.
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