Nevada Copper (NCU.to) is a stock we follow fairly closely in The IKN Weekly but it’s not one that your humble scribe currently owns. It’s been beaten into the dust recently by the nasty sector selling and we’ve called it as cheap ever since it crossed $3 to the downside. Last week it finished under $2 to your author’s continued incredulity and here’s the comment in IKN163, dated Sunday June 17th:
Nevada Copper
(NCU.to): How low
can it go? It’s that moment once again when your broken record of an author
notes
- NCU
is even cheaper than last week’s cheap price- He
doesn’t own- He’s
tempted to buyAnd the only one of those I’m happy about is the second one
(because I’m already holding enough bags
as it is, thank you very much). Some bright spark analyst is going to call
the bottom in this stock and make a name for themselves, but right now it has
all the hallmarks of that dangerous knife-catching game and it’s anyone’s guess
(underline guess) at what
point the reversal kicks in. As long as copper holds up (and anything above $3.00/lb is good enough) it’s fundamentally a
screamingly obvious buy, if you can handle the potential of a rough period at
the start of your holding period.
And here’s the 10 day chart of NCU.to, including today’s action spurred on in part by this NR:
The consolation is knowing that at least a couple of subbers got on at prices under $2 on Monday, which warms the cockles of the proverbials*. The other consolation is that even at $2.30 and bits it’s still dirt cheap, so plenty of time left to jump on.
* i know cos they mailed me. let’s hope they took the trading profit pre-Fed announcement. Update: scrap that very last sentence, NCU rally continues post Fed-speak, which also shows you precisely wtfik.