Wednesday 7 April 2010

Cityunslicker trading update - Q1 2010

NameSymbolLast pricePurchase TargetQ1 2010
Minerva plcMNR118249840%
EMED Mining
Caledon Resources PlcCDN52586520%
Xtract Energy PlcXTR2.53.35-10%
Ascent Resources PlcAST5.256.32-10%
Ithaca Energy Inc.IAE1414712055%
European Real Estate 
Keystone Petroleum 
Petra Diamonds LimitedPDL74.5618018%
FORTE ENERGY NPVFTE8.4511.2520-22%
Pan Pacific Aggregates plcPPA0.750.791-5%
African Eagle Resources plcAFE3.9544.80%
Sterling Energy plcSEY135155190-14%
ChariotCHAR55Sold 70100100%

Boy am I glad my predictions of an imminent market correction proved wrong in Q4 of last year! I remained long throughout the first quarter this year and am still so, with less in cash than before. I may well change this position shortly after the election or even shortly before.
I have added XEL, another North Sea Explorer, SEY, another Kurdistan explorer and moved back into AFE as more drilling results are due.
I sold HOIL as thought there were better opportunities in Kurdistan and North Sea and their drilling news is not for months, sold for a 7% profit. Chariot is a great company but seemingly got taken over for a pump and dump, so I sold making a huge profit and will buy back in after the strange market settles, it went as high as 80 and is now back to 55. I sold at 250% profit. I also lost 50% of an investment after a few days into DES - idiot that I am! Over trading is hard to avoid, but leads to awful mistakes.

Very annoying to be behind Guido who has managed 38% so far this year, 3 more quarters to go though.


Steven_L said...

Thanks for the update.

I've charged up my spread betting account with the proceeds of my car sale and am watching GBP:EUR.

It looks like it's getting to the end of a near 18 month long triangle and could break either way. That's my tip - pile in on the breakout.

I must admit to thinking 'sell in May' this year when it comes to equities.

I wish I'd hung onto Minerva now though and disposed of a fund instead!

CityUnslicker said...

I sold a chunk of my minerva today, may get back in, been goign up in a astraight line - lovely, but can't last for ever!

Richard Elliot said...

I see your AST target price (2p) is below the current price (5p). Does that imply an immediate sell? Or holding it and hoping for better news?

Been looking at some funds this week, but am being scared off by the high charges!

Steven_L said...

RE: You just provoked me to go long sterling against your convict dollar - I feel a bit of bottom fishing coming on!

Richard Elliot said...

@SL - not a bad call, I think there will be a bounce for GBP after the election result.

Steven_L said...

I had second thoughts, it seemed like a good idea after a bottle of Carmene last night.

But I woke up £73 poorer this morning and hit the chicken switch. Maybe should have stuck with it I'd be at break even again.

CityUnslicker said...

RE - that should read 20p on AST. Although they are drilling at the mo and bad news will see it at 2p!