Update on Today's Post

I am not offering financial or investment advice. I am a fellow investor and trader sharing his thoughts for educational purposes only.

As I said in my post this morning it is very important to be disciplined when stocks do not react as expected. This morning the future's showed a major correction was about to occur. Only moments before the market opened I put a sell of $2.36 on the block of URG that I had bought yesterday. As soon as the market opened URG sold. I watched in amazement as it slid to $2.20. I have a full position in this stock so I will not buy this stock again but rather will hold and wait. URG has one of the largest resource bases in Wyoming and one of the top production profiles. I believe that if URG does not correct to the long term support of $2.40 it will be ripe for a take over bid by the Chinese government as they seek major supplies of uranium through strategic acquisitions rather than purchasing from the spot market.