Tuesday, April 26, 2016

Sold half my position in Formation Metals (FCO.T)

Way overbought and going parabolic!

I am selling half my position in Formation Metals after experiencing a 100% move in the stock. This is the company I bought to take advantage of the looming cobalt shortage. Unfortunately the company is nowhere near production and this whole move is speculative hot money.

If you read my article on Formation Metals this is exactly what I thought would happen.

Now this company is a true penny stock that is nowhere near production of cobalt. However, as I said before this is a pure speculation on higher cobalt prices.

Anyway time to take half off the table and let the rest ride. This is possibly heading for a blow off move to the upside and then a big decline. Not to bad a 100% gain in 22 days!

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