Erich sent this yesterday about Suncor Energy, which has been on fire the last four weeks and is making new all-time highs:
How about a chart request for Suncor (SU)? I’ve owned this since $38.16 a couple weeks ago, and can’t seem to get anyone interested with me!!! Gap up this morning is promising, no? I think the only problem may be a lack of really big volume…but I’m just an amateur – don’t trade for a living.
First I have to say that “it ain’t no fun if the homies can’t have none” doesn’t necessarily apply to stocks. The point in time when everybody agrees that any stock is a great investment that’s probably the time to sell it. But obviously somebody’s agreeing with Erich because the stock is being bought pretty aggressively. I wouldn’t worry too much about the volume. If it starts selling off on higher volume that it’s gone up on then I’d get worried.
Hey Erich…this “homie” is wit’chya. Energy stox and several other commodity classes have been on a roll these past few weeks. I know oil is breaking highs (or threatening to), but have no clue what’s going on with other resource stocks. Even gold has held its own since cratering recently. As Mike said, you should take the current disbelief in this move as a potentially good sign of future gains to come…
Thanks for the analysis Mike. Looks like that volume spike is finally coming through today.