GORX dropped to .75 this morning but I could not get it a that point since I was busy with something else. Even if I were available at that moment, I would not have bought it since it is the second day after it had a huge run and the trend is not that clear but the momo started to build up slowly and I have added a small position at .86. Let's see how this speculative pick is going to work.
Take a look at SMCG and SMCGW.
Millennium India Acquisition Company (SMCG) is a closed-end fund whose sole asset is a 14.44% equity stake in SMC Group, the fourth largest financial services company in India. As such, its stock price should reflect a direct correlation to value of SMC Group. SMC Group has been experiencing rapid growth in an expanding economy, representing an increase in perceived value. However, Millennium‘s stock price has been declining in recent months, indicating a counterintuitive inverse relationship between the two.
copy and paste the above link.
Based on the above report its Net Asset Value as of March 2009 is $3.40 but the stock is trading at $1.90. Keep in mind that this March time period was horrible for global markets but markets picked up a lot since then. Based on that and other factors like Indian economy in general and recent elections that proved that the current government is going to be more stable than before, I think SMCG should be trading much higher from this level. SMCG is the only stock listed on NASDAQ to play Indian financial markets.
About Warrants (SMCGW) - The warrants have a strike price of $6 expiring July 2010 (Confirm with your broker). If the common stock (SMCG) moves up to $5 or $6 in medium term, the warrants that are currently trading at .09 could EXPLODE! It is a speculative play with high risk and high reward. SMCG does not have Options so when the momentum begins lot of traders will jump right on these warrants which will skyrocket then!
Disclosure - I am long SMCGW.
A general Caution and Advice - Please start with a small position and always keep your stop losses in place just in case....As usual Do your DD before investing. Thank me for your profits but don't blame me for your losses because you are the one who pulled the trigger!!!
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Who is Mr.Incredible?
- New Jersey, United States
- Mr.Incredible is a Momentum/Technical Breakout player who trades small/micro cap plays and who saw a 600% Growth since 2006, Yes even in this down market. I am going to post my real trades (including profits/losses) soon...As a general caution and advice Please start with a small position and always keep your stop losses in place just in case....As usual Do your DD before investing. Thank me for your profits and don't blame me for your losses because you are the one who pulled the trigger!!!