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Just a brief comment on penny stocks. I heard acooment from someone that you
need to be carefull about them. In many cases a penny stock is being hyped by
someone. Also there are no major brokerage houses covering them. There was also
a comment that there was actually a group that actually went out and shorted
them.
I don't know if i saved the original comments but thought I would pass along
what I remembered.
Harley
----- Forwarded Message Starts Here -----
From: Bruce Waller
Date: Sat, 24 May 1997 19:10:46 +1100
To: Dr L Zaninovich
Subject: Re: Capricorn Resources, an Australian stock
Blokes,
As another aussie also a new user CCR attracted my interest in some
explorations carried out.However I do not share your enthusiasm as
the Stochastic & RSI appear overbought and the CMO has been crossed
on the downside by a 9 day Mov Av.
While the bottom of the upward trend channel has been penetrated
on 4 out of the last 5 days.
With a close of Aus 50 cents 23/05 I believe it may fall to around
Aus 44 cents with the possibility of ending up where it started this
run at around 36.In which case well worth a look at.
>From my limited reading on the subject I am not sure that the Australian
mining share issue,s are fully understood oversea's because of their low
value
per share and are more likely to be compared the junk end of other
markets,
Any comments on this from around the globe welcomed.
Regards
Bruce
Dr L Zaninovich wrote:
>
> I am a West Australian, and have been reading all the contributions to this
> address with interest, and this is my first contribution. Let me know if I
> do anything contrary to etiquette.
> I note some fellows comitting themselves to various stocks, but all U.S
> which I don't follow.
>
> So here is one from Australia, Capricorn Resources ( CCR). Looks great on
> chart and has fundamentals to match - according to my Broker's analyst they
> are worth at least 60 cents, today trading at 42 cents, and my chart
> prediction is 70c. They are exploring in West Australia and have hit very
> encouraging concentrations of Nickel - Massive Sulfides.
>
> Cheers from Down Under,
> Luka
----- Forwarded Message Ends Here -----
Harley Meyer
meyer093@xxxxxxxxxx
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