I went on reading some news and SEC fillings of this company, but then it came to my mind that the stock game is a simple game, it is our mind that loves complexity.
SFP has one of the most easy to understand technical patterns: the ascending triangle.
(http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=4573;image)
The technical target of the ascending triangle breakout is $5.55, that is 50% higher than yesterday's closing price. The pattern is invalidated if the stock closes again below the breakout point, which was $3.33, so risk here is about 10%.
A reward/risk ratio of 5 is attractive. I'll jump on the bandwagon today, buying SFP for the 3 Stocks on Fire Portfolio.
The stock has a very small market cap of $42M, so it is able to move really quickly. The latest news are very bullish:
Salton Bounces on Note Truce (http://www.thestreet.com/_mktwrm/stocks/retail/10232465.html?cm_ven=CBSM&cm_cat=FREE&cm_ite=NA)
Salton soars; co. inks support deals w/ noteholders (http://www.marketwatch.com/news/newsfinder/pulseone.asp?dist=¶m=archive&siteid=mktw&guid=&dateid=38547.5158593056-838397166)
Salton sees $80M from sale of Amalgamated Appliance stake (http://www.marketwatch.com/news/newsfinder/pulseone.asp?siteid=mktw&dateid=38593.4842773727-840966793&) (selling a part of the company for $80 million and the market cap is just $42 million?)
(This recommendation was made by David Randolph from 3 Stocks on Fire, and he will update this analysis everyday after the close until he sells the stock. 3 Stocks on Fire is a Community of stock traders and investors. Our 3103 members exchange trading ideas and strategies on our message boards everyday. We welcome you as a new member of the 3 Stocks on Fire Community, please take 10 seconds to register (http://www.3stocksonfire.org/trading/index.php?action=register) and receive our free newsletter)
Yep SFP is a good opportunity right now. For anyone buying watch the spread on the bid / ask on SFP, market makers were making it unusually large yesterday, so a market order might get you filled higher than you anticpate.
SFP had a minor pullback yesterday after the higher open (I've had to buy 5% up, I wonder why ::)), but that's not a problem, just keep the plan of selling it at the technical target of $5.55.
No doubts on SFP, $5.55 is the target.
SFP is another that is coming down to retest the breakout zone, which was $3.33. The ascending trendline stands at $3.12, rising $0.055 everyday.
The company said it is selling 52% of one of its subsidiaries for R 518 682 520 (about $83.1M, a bit more than expected, which was $80M):
«On August 29, 2005, Salton announced that it has entered into a
definitive agreement to sell its 52.6% ownership interest in Amalgamated
Appliance Holdings Limited (AMAP) to a group of investors led by Interactive
Capital (Proprietary) Limited. The aggregate purchase price is R 518 682 520
(five hundred and eighteen million six hundred and eighty two thousand five
hundred and twenty rand).»
This isn't having any effect on the stock price today, but I think it is a big deal, since the market cap of SFP is just $39.93M.
My plan is to trade the asceding triangle breakout. The target of that breakout is $5.55, so for as long as the pattern remains valid I will continue holding the stock, expecting to sell at the projected target.
The trading plan for SFP is so simple that I shouldn't even bother doing these updates on this stock. But I need to monitor it everyday before the next open, so I might as well say something about it, it won't do any harm :)
The ascending triangle pattern remains valid. The technical target of the breakout is $5.55. That's all there is to know about SFP's stock.
Hi David
I like this pick. Fundamentally the stock is in a turn around with:
- reconstruction and reduction of their debt
- restructuring of the organisation
- focusing on their core business
The insider activity and the support from their creditors gives me confidence that the turn around is on track.
I have a little different view on the recent action of this stock: buy on the rumor, sell on the news.
The news was indeed very good and the sell pressure seems to have lost steam with the low revenue today. So I will try to buy tomorrow to enjoy the ride to triple 5 (http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=3311;image)
Hi Michael,
Looks like we have the same thoughts again. I bought last week so I am a bit under water. But at least we have an earning run for next week:
http://biz.yahoo.com/bw/050906/66083.html?.v=1
The stats are a bit interesting here:
http://finance.yahoo.com/q/ks?s=SFP
-Louis
Michael is in, so we got some extra points to the probability of success of this trade :D
The company released this after the close:
Salton, Inc. To Announce Fourth Quarter and Year-end Results on Wednesday, September 14, 2005 (http://www.marketwatch.com/tools/quotes/newsarticle.asp?siteid=mktw&sid=8065&guid=%7B6C80928F%2DB8D3%2D4199%2D86FC%2D76478F293E3D%7D&symb=)
The ascending trendline is at $3.30, the breakout level is $3.33 and the target is $5.55.
SFP's ascending trendline for today stands at $3.36. I think this stock will bounce if it touches that support level today. If it doesn't, if it is set to close below the ascending trendline, I'll take a small loss.
A simple trading plan to make money in a simple game over the long run.
Just 91,900 shares traded on SFP. Didn't quite touch the ascending trendline and didn't quite rebound. Results will be out next week, on Wednesday. In the meantime I'll change my plan a little bit, I don't want to see SFP closing below $3.33, the horizontal support.
I find this ascending trendline to be a bit tricky, it's hard to know the exact point ... so I'll trust the horizontal line of $3.33.
Hold it as long as it closes above this level, perhaps a positive surprise on earnings may take us to the projected $5.55 technical target.
248,500 shares traded on Friday was the highest volume over the last 6 sessions, and that's a positive technical development for SFP. This is welcome specially when we have the earnings report coming out this Wednesday.
The trading plan for SFP is now very simple, sell it at $5.55 for a big profit or sell it if it is set to close below $3.33 for a small loss. This is all about respecting RULE 13: Take Big Profits and Small Losses.
Took some of my gains from HYRF on Friday (absolutely amazing!!) and put them into SFP, it looks like we are set up for a very solid bounce here. Is anyone else in on this one?
Hi Scotsman,
I am also in on this one as mentioned some days ago. I have however against my nature been a bit quiet on the fundamentals. The history is really a mixed bag of good and bad news. Maybe this one was too easy (http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=3072)
The mini rally here is fueled by positive expectations to earnings due to the Insider buying. I think I will use the opportunity to sell before the earnings report.
Mike
Thanks for your reply Mike,
I see this one as having at least a good bit of upside pontential, and wouldn't be surprised to see it approach $4 by tomorrow afternoon. While you can never be sure with earnings, I will probably hold for the earnings ride and see where it takes us, my impression is that the indicators (inside buying, price on 3 month turn-around) look positive.
the Scotsman
Nice rally from support at SFP. We're definitely having some buy the rumor, or inside information buying before the earnings release, which will happen tomorrow before the open.
Anybody who wants to sell before the earnings release needs to sell today. I don't.
Hi David
Good luck with earnings tomorrow
I decided to jump ship today. The insider buying and the recent increase in the stock price indicate that we will get a positive surprise tomorrow and I would normally be inclined to hold the share over the earnings.
I am however concerned about the legal issues and the fundamentals of the company.
Thanks for this pick. Depending on the earnings I still think there are some upside left in the stock and I wouldn't be surprised if your target will be reached.
Mike
I sold as well, taking a small profit following Michael.
The chart looks great, but fundamentally I am not sure where the company stands anymore. So I am not paying to see. I may miss another run up so good luck to anyone who's holding.
Thanks for sharing your reasoning and concerns about SFP Michael :)
We'll have the earnings release tomorrow at 9 AM, eastern time. Probably earnings will be good, hence the insider buying and rise in the share price of SFP.
Now it is a question of how much is factored in and how much isn't. Usually one should buy the rumor and sell the fact, but in this case that's conflicting with my previously made technical trading plan.
So, what should I follow, the rules of market wisdom, or the plan? Well, plans are important, but flexibility goes a long way too.
I really can't decide what to do at this point, I'll post a conclusion, a trading plan for tomorrow, just before the opening bell, after I get the earnings information (why should I decide now with less information than the one I will have just before the market opens?)
David,
It seems like we might have to wait a bit longer:
QuoteSalton delays release of quarterly results
Wed Sep 14, 2005 07:31 AM ET
CHICAGO, Sept 14 (Reuters) - Salton Inc. (SFP.N: Quote, Profile, Research) on Wednesday said it is delaying release of its fiscal fourth-quarter and full-year results. The release had been set for Sept. 14.
The company cited its recently completed private debt exchange offer.
Funny enough it seems like the market likes the delay. The Bid is at least up in the pre-market!
It doesn't have to be bad news that they postpone the release but it seems a bit strange for me that they do it one and a half hour before the CC. What did they suddently find out ???
Thanks Michael :)
I have this:
«Salton, Inc. (NYSE: SFP - News) announced today that it is rescheduling its previously announced September 14th conference call on its fourth quarter and year-end results. In light of its recently completed private debt exchange offer and recently announced agreement to sell the Company's 52.6% ownership interest in AMAP, including the requirement that the Company prepare pro forma financials relating to those transactions, the Company has elected to delay the filing of its Form 10-K for up to fifteen days, as permitted by SEC rules.
The Company expects to file its Form 10-K and to reschedule its conference call on fourth quarter and year-end results prior to September 30, 2005.»
I guess it still isn't time to sell the news, so buy the rumor will probably continue.
Decision is made, I will continue to hold SFP and hope my profits will grow until the $5.55 technical target.
SFP = $4.34 > TL = $3.67 => HOLD SFP
Not meaning to be a pain...but $ 3,67 was what it was for yesterday. For today it should be $ 3,71 ;D . Is hard to be working from different places, I know from experience. David, good luck on your computer problems!
Amarens
Thanks for your correction Amarens :) Everything seems to be fine with my internet connection now, thank you.
The company said on a Form NT 10-Q yesterday after the close:
«The Registrant has been working diligently to prepare its consolidated financial statements and annual report on Form 10-K for the fiscal year ended July 2, 2005 and such financial statements and annual report are substantially complete. However, the Registrant completed a private debt exchange offer on August 26, 2005 and entered into a definitive agreement on August 29, 2005 to sell its 52.6% ownership interest in AMAP. Substantial resources were required in connection with these transactions, including to prepare the required pro forma financial information related to these transactions. As a result, Registrant's management needs additional time to complete and review the consolidated financial statements and annual report on 10-K for the year ended July 2, 2005. The Registrant expects to file its annual report on Form 10-K for the year ended July 2, 2005 prior to September 30, 2005.»
We already knew this. What's interesting was the FORM 4 Contrarian Equity Fund, L.P., an insider on SFP, filed yesterday:
They were buying shares on Monday, Tuesday and Wednesday. On Monday they bought 204,720 shares @ an average price of $3.9292, on Tuesday they bought 140,485 shares @$4.1243 and on Wednesday they purchased 102,215 shares at $4.2435.
These insiders are buying a lot of shares (about one third of the daily volume) at higher and higher prices !
That only means one thing: good news are coming !!! They know it, but we don't.
I don't want to be trapped by profit taking or something, so my plan is this:
1) Sell at the $5.55 technical breakout target.
2) Sell if the stock closes below the $3.33 breakout level.
QuoteThey were buying shares on Monday, Tuesday and Wednesday. On Monday they bought 204,720 shares @ an average price of $3.9292, on Tuesday they bought 140,485 shares @$4.1243 and on Wednesday they purchased 102,215 shares at $4.2435.
These insiders are buying a lot of shares (about one third of the daily volume) at higher and higher prices !
What it looks like is that those insiders had stop buying. They have enough for now, and without their buying SFP naturally declined on low volume. But, they still bought for a reason, and that reason isn't known by the public yet. Probably earnings will come out above expectations and they will be released until September 30th.
So I will keep the stock and the trading plan:
Quote1) Sell at the $5.55 technical breakout target.
2) Sell if the stock closes below the $3.33 breakout level.
SFP traded just 41,200 shares today, which is the lowest volume since the 1st of August. But after the closing bell significant news came out:
Lifetime Brands Acquires Tabletop Assets from Salton; Acquisition Adds Premium Brands and Extends Lifetime's Distribution to Fine China and Crystal (http://www.marketwatch.com/tools/quotes/newsarticle.asp?siteid=mktw&sid=8065&guid=%7B251720E9%2DED77%2D4959%2DBCEA%2D963B12912EE2%7D&symb=)
Salton Completes Sale of Tabletop Assets for $14.2 Million; Divestiture Continues Company's Strategy to Focus on Core Brands (http://www.marketwatch.com/tools/quotes/newsarticle.asp?siteid=mktw&sid=8065&guid=%7B0B8C0317%2D3C5A%2D4311%2D9261%2DD874EB44C91C%7D&symb=)
These are relevant news for a company with just $46M in market cap. Let's see if the stock has some more volume on tomorrow's session and if the price per share runs away from the ascending trendline which stands at $3.84.
Anyway, I'll keep the previously made trading plan:
Quote1) Sell at the $5.55 technical breakout target.
2) Sell if the stock closes below the $3.33 breakout level.
QuoteThese are relevant news for a company with just $46M in market cap. Let's see if the stock has some more volume on tomorrow's session and if the price per share runs away from the ascending trendline which stands at $3.84.
It didn't, just 115,600 shares traded and a small decline on the share price. SFP is clearly waiting for the fourth quarter and year end results to be released until September 30th. I will continue waiting and holding the stock too.
Price action looks to be closing below the ascending trend line are you selling before the close today dave?
-fousc
SFP broke it's ascending trendline today to close at 3.71. Though with earnings coming out anyday now i've decided to hold this one out, I think this is just a false breakout of the trend. 1.3 million shares have been purchased by insiders since last month, must be anticipating something, this last pull back was on considerably low volume and i think earnings is gonna be a good day to hold this one.
-fousc
Updated chart:
Quote from: fousc on September 21, 2005, 03:54:17 PM
Price action looks to be closing below the ascending trend line are you selling before the close today dave?
-fousc
My plan is clear fousc:
Quote1) Sell at the $5.55 technical breakout target.
2) Sell if the stock closes below the $3.33 breakout level.
I know the stock broke the ascending trendline, but that was on very low volume and I previously said I was willing to give it some more room to maneuver. Risk is 14.4%, reward is 42.6%. I can't and I won't change my plan at this point, it is very hard to keep discipline, but in the end, it pays.
I agree with your analysis fousc, good luck for us :)
Sorry Dave,
im so use to following you on your strat of selling on the break of the ascending trendline my instiincts forgot what i had read about the changed plan and told me dave was selling today :).
QuoteSFP's ascending trendline for today stands at $3.36. I think this stock will bounce if it touches that support level today. If it doesn't, if it is set to close below the ascending trendline, I'll take a small loss.
Thanks for the clarification, im happy to hear that your still onboard as well.
regards,
-fousc
Horrible day on SFP and earnings are not out yet. Volume increased a bit, but remained low. I don't want to think too much about it, if the stock is set to close below the $3.33 support I'll sell without hesitation.
SFP held $3.33 and volume increased a bit to 215,200 shares. Earnings are not out yet and candlesticks suggest at least a bounce from support will indeed happen. I will keep the plan and take a loss only if the stock is set to close below the $3.33 important support level.
SFP went down to touch support in a meaningful way, it held and then bounced back by the end of the session. A doji candlestick pattern was left on the chart, and that suggests a bottom was made. I will continue holding SFP for as long as it closes above $3.33. Still waiting for that earnings report.
Just so you don't feel you're alone here, I'm waiting with you for that earnings report ;)
I have te believe our waiting will be worth while!
Have a good one today!
Amarens
Quote from: Amarens on September 27, 2005, 08:50:18 AM
Just so you don't feel you're alone here, I'm waiting with you for that earnings report ;)
I have te believe our waiting will be worth while!
Have a good one today!
Amarens
I'm also a believer Amarens :)
The company issued this press release: Salton, Inc. Reschedules Announcement of Fourth Quarter and Year-end Results for Friday, September 30, 2005 (http://www.marketwatch.com/tools/quotes/newsarticle.asp?siteid=mktw&sid=8065&guid=%7B1499B0A6%2D706A%2D485E%2DBCA8%2D5975C1967A65%7D&symb=)
So, earnings will be out on Friday before the opening bell. I will hold until then, provided that the stock doesn't close below $3.33.
Still waiting for that earnings report tomorrow. But I do have a problem, because I won't be here tomorrow at the open, I'm flying to Paris to take my 2.5 year old to EuroDisney :-*
What shall I do then?
I will trust on my technical plan of selling if the stock is set to close below the $3.33 support (I will check the close in Paris) or at the technical target of $5.55 (so far away from here, but we never know with these micro caps).
With Earnings coming out tomorrow, and considering the boost up to $4+ in the run-up to earnings before they were delayed, the big question on my mind is WHERE IS THE VOLUME ???
Unless everyone who was gonna buy into this one bought in a couple weeks ago and has just been sitting on it waiting, like us :(
I am with you on this one David, and if anything, I've held for this long so I will hold for tomorrow to see what she brings, I just hoppe that the delay was for purely administrative things, as they said, and not for more fundamental reasons. :-[
anyway, we shall see, I'll stick to your trading plan this time. Have fun at EuroDisney ;D
SFP has been issuing a lot of SEC filings related to loans and the delay of results. I really can't figure out if the developments are bullish or bearish and the market seems to pretty much ignore those filings.
Earnings are going to be out tomorrow before the opening bell. I really don't know if they are going to be good or bad.
So, what am I left with? Doubts? I can't have doubts when trading the markets, I must be prepared for all market developments, because in fact, anything can happen !
If we go back on this thread we can see the plan has a 42% reward and a 15% risk. So I'll stick with the plan of selling at the technical target of the breakout, which is $5.55, or take a loss if $3.33 is broken on close. But, I might have a problem with this plan, which is, the stock can close way below $3.33 and this way risk would be higher that 15%.
So I will use an intraday rule this time. I guess that if the stock prints $3.29 everything is pretty much lost, at least on my time frame. So the plan is:
1) Hold to take profits at $5.55
2) Sell if the stock breaks $3.30, even if it's just on an intraday basis.
I will let the market tell me how earnings were and what is the fundamental value of this stock, I believe in the market's judgment.
Market Pulse: Salton narrows 4Q loss to $28.8M vs $50.2M
http://biz.yahoo.com/cbsmb/050930/4c79b7b72f6b4aebbe0b9600df4dc457.html?.v=1
NEW YORK (MarketWatch) -- Salton Inc. Friday reported a fourth-quarter loss of $28.8 million, or $2.53 a share, narrower than a year-ago loss of $50.2 million, or $4.42 a share. Sales slid in the latest three months to $216.5 million from $249.7 million in the same period a year earlier. The latest results include a charge of $3 million related to intangible asset impairments. Thomson First Call doesn't publish a consensus estimate for the company's results. The Lake Forest, Ill., small appliance maker said its business and margins continue to be adversely impacted by the high cost of steel, corrugated and oil-based raw materials. Salton shares closed Thursday at $3.67, up 5.8%
Salton Reports Fourth Quarter and Year-end Results
http://biz.yahoo.com/bw/050930/305139.html?.v=1
LAKE FOREST, Ill.--(BUSINESS WIRE)--Sept. 30, 2005--Salton, Inc. (NYSE: SFP - News) announced today its fiscal results for its fourth quarter and year ended July 2, 2005. The Company reported net sales of $216.5 million for its fiscal 2005 fourth quarter compared to net sales of $249.7 million for the fiscal 2004 fourth quarter. Salton reported a loss of $28.8 million, or ($2.53) per share, versus a loss of $50.2 million, or ($4.42) per share for the same period in fiscal 2004. Net sales decreased domestically by $20.0 million as a result of uncertainty among one of our large suppliers and a few customers due to the Company's ongoing restructuring activities which impacted product availability and demand. Foreign sales declined by $13.2 million, including $2.6 million of foreign currency gains. The foreign sales were impacted by concerns surrounding the Company's restructuring activities and a general softness in regional sales.
...
David, Looks like a smooth Flight plan(SFP) for you and your family this weekend. I have a boy who turns three this weekend and he is priority one. I think your trading rule # 1 should be, take care of the home front first. Hope your weekend is everything you want it to be. Thanks for creating this site.
Good trading all!
uc.
Hope I didn't speak to soon. Yikes! Just broke your support. :-[
uc
Yup, broke support and I'm out. >:(
Serious disappointment on this one, as I've been holding it for a while, and didn't sell when we were up a couple of weeks ago. Mind you, knowing the markets, it'll probably rebound back from here :P
Feel like I'm losing out on all my good positions lately - pulled out of HOM below $4 yesterday, and now SFP which was healthily up first thing. Oh well, just gotta keep moving on and say goodbye to this one. Don't particularly like the idea of holding a stock that has posted a greater loss than its market cap anyway, even with revenues of over $1 bn.
Bye Bye Mr. Foreman.
Sold SFP @ $3.30 for the 3SOF Portfolio, following David's trading plan:
Quote from: David Randolph on September 29, 2005, 08:19:49 PM
1) Hold to take profits at $5.55
2) Sell if the stock breaks $3.30, even if it's just on an intraday basis.
Oh God, I want to tell you that I never win when I go on vacations ... that's probably why I didn't take any day off for for the past 4 years or so until now. I'll just continue that way, I only know one way to succeed, and that's to work hard, because I don't have any luck, I can tell you that :P
Anyway, I feel I don't need luck.
SFP was considerably up in the morning but then it sink to my stop level. Ramsburg took care of the selling, I left instructions for him, I don't know if he put an automatic stop or if he was watching the intraday of the stock.
Anyway, I followed the plan so I'm glad, now it's time to move on.
(Scottish Trader, I want to tell you a little psychological trick to deal with the wins and losses on the stock market: since pressure is high for you to be sad when you lose and happy when you win - that's the natural response - but you need to be always equal and in control of your emotions, you must do a little psychological re-balancing.
The trick is to try to be melancholic and even a bit mad when you win and happy and looking for some laughs when you lose. That's the way for you to be always in balance and controlling your emotions considering the stock market. After some years doing this, hopefully your humor won't change even a bit because of stock market or your personal portfolio developments, nobody (possibly even yourself), won't know at dinner if you've made or lost money on that particular day !)
Something's up with Salton. But I can't find out what. Can it only be triggered by this news??? ???
March 22, 2006 - 10:30 AM EST
Salton(R) 'Wows' Retailers With 130 New Items at International Housewares Show
Salton, Inc. (NYSE:SFP) declared last week's International Housewares Show one of its most successful ever.
Salton went into the Housewares Show focused on its core business of kitchen appliances. There were new product introductions in every brand -- a total of 130 in total -- all to be seen on retailers' shelves by the end of the year -- in time for holiday selling.
Salton executives were able to connect with all their major customers -- to show them new, unique products, discuss their promotional plans and put together strategies on how to maximize their business for the all-important fourth quarter.
"We were pleased with the excellent retailer turnout at our booth and were happy to be able to offer many innovative items that were well-received by all classes of trade," said Salton CEO Leon Dreimann.
Among the highlights of the show were the George Foreman(R) G-BROIL(TM) grill, which incorporates a locking hinge which turns the contact grill into a grill/broiling machine, Foreman S525S Super Searing Grill, which super sears the food to give it enhanced flavor and appearance, the Foreman Brainstorm(TM) Turbo Blender, a smart blender that incorporates fuzzy logic to determine the time, direction and speed required for perfect results every time.
Other key introductions were the Westinghouse(TM) Thermocolor(TM) iron, with a water tank that changes color with the temperature of the soleplate so the user knows at a glance when the iron is at correct temperature for the fabric being ironed, the Richard Simmons "Steam Heat" Food Steamer, which features three horizontal compartments that can be individually programmed to have three different foods finished cooking and ready to serve at the same time and Toastmaster(R) Inside Out" toaster oven broiler, with its patented removable liner for easy cleaning in your dishwasher.
In addition, "Breakthrough products were shown to retailers at the show under non-disclosure agreements," said Dreimann. "As patents are finalized we will issue reports on these exciting new concepts."
Charts definitly look positive, finally. Was on a holiday when it fell down deep and decided I might as well hold on. You know as a reminder to take losses next time. Might turn out positive after all ;).
Look forward to any input.
Amarens
Thought I would just bump this up here, as what I thought was a real dog of a stock (an it was!) has made one serious turnaround in the last 2 months. Haven't really looked into what caused the run from its low around 1.25 all the way up to a high of 4.13 in about 2 weeks, but the chart is looking pretty bullish at the moment after forming a nice ascending triangle consolidation. This might be worth a nibble if it breaks (and closes) above 3.55. Could happen today....
My thought exactly ::) ::)
And it did. What willtoday bring?
well its up, and everything else in the market is in serious pain (expet for movi - whew!!) but where is the volume??? Seems like absolutely nada, certainly not enough to make a satisfying breakout.
Another possibility is that we actually have a rising wedge taken from the open of that spike high day (not sure what happened that day/how valid that high was, but the volume was there then) to today's high, which would suggest a retracement should come fairly sharpish.
Traded this one (poorly) back in september when it was on 3sof, and to my mind it is a fickle one in an industry that doesn't immediately seem explosive. I seem to remember back then that their financials were not too pretty either. So for now, I think I will sit on the sidelines and see what happens. If it breaks above the ascending resistance of the wedge, I would probably consider it a buy, but it sure could do with some momo!!
Woulda been nice to catch that run from 1.25 in march though - whew!!
Changed Ticker Symbol
SFP is no longer valid. It has changed to SFPI.PK