Thursday, October 4, 2012

An Old Dear Friend - Agnico Eagle - $AEM

Been watching an old dear friend from tech bubble of late. That old friend is none other than Agnico "you made em' all eat crow" Eagle, ticker $AEM, which looks poised for liftoff. The "you made em' all eat crow" comment comes from buying Agnico back in 1996 thru 1999 for clients in my former life as a broker. These buys were made when the 'all you could eat Gold buffet' was open yet barren of patrons. Sadly many were busy fighting over the much preferred regular fare menu of JDSU, NT, MSFT, INTC  etc. and proceeded to take their appetite and their business elsewhere amidst many a derogatory comment to my pal Agnico. C'est la vie! Needless to say back to reality.

Nice rounding bottom as slowly the 50 has crossed the 200day and now the 200 is turning upwards. The stock poked its nose thru an almost 2 yr downtrend line recently only to back off. rejection off the downtrend line occurs coincidentally right near the top of a large outstanding gap, which we have now filled, from late summer/fall of 2011.

A convincing move up thru 53.25-50 on volume here would seem to do the trick and be your cue to buy a ticket on this train!

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