LOL, the fun part was after doing some DD on it after that time period. I do recall early on I felt pretty good about the initial wave of DD and started whooping it up in the study room when I knew I ahd something good (kinda felt like AYSI but I wasn't real confident on the Tarrant Cty wells yet).
My wife wondered what was up when I had all the commotion going on. It was weird though, I felt rather sure it was an easy 50% gainer and told my wife so. I also told her it would take some patience or a little luck to get a lot.
So I waited for I think several weeks on the bid and attacking the ask whenever more than a few shares came up available. I built a moderate position but never got the big fat chunk I wanted cuz it never sold down and the volume was mostly anemic.
There were I think 3 times though where the MMs or someone traded thousands of shares BETWEEN the bid and ask (maybe $4.2-$4.35) and I was away from the computer each time AND was on the friggin' bid EACH TIME as I recall (the trades happened over maybe 3-5 minutes' time each and seemed to happen around 8-10:30 AM Pacific on difft days with the trades mostly 1 penny above the bid and one penny under the ask so kinda weird).
After it happened the first time, I made sure the next day I sat vigilantly in front of the screen during that time.
But it was a waste of time after a couple days and had other stuff to do so sure enough a few days later it happened that 2nd time. When I went in and saw the volume I felt like swearing LOL. I was pissed that someone was getting a few thou shares in a few minutes when I was getting that many over maybe a week or so on a light week. So I would up the bid and sit all day getting maybe 200-500 shares. Sometimes.
Whenever I'd see a retail investor put in an order at the ask, say maybe 500 or 1,200 shares I grabbed fast. When my position was OK, I got my daughter in on the act chanting "Let's Go Mexco" when it went up. Man, we were dancing around a lot for a little while there LOL. She's 5 years old.
After getting my position about half full I mentioned it on I-Hub. Then waited thinking some people would start getting in. But no one did. I even posted on the VMC board 'hey guys I see 1,000 shares (or whatever it was) that have been sitting on the ask for the last hour or so (I htink it was around $4.5 or so), anyone want them?' or that was the gist of my post. No one grabbed them for awhile. So then I ate them up myself before the day ended.
Then after awhile with time it rather suddenly broke out to the upside so I sold a little. Then it pulled back a bit os I grabbed them back cuz I still ahd less than the position I wanted.
Then somewhere in there a PR announced the flow rates on the other 2 wells and I went ape sh#% when KiK posted the PR. I immediately started buying again and even drove it up a little.
Then eventually the whole market fell in love with micro energy plays and the thing took off way above anything I (or probably anyone) thought it would do. It was fun but way excesive
Anyhow, I got work to do now.
Oh ya, It;'s
'A NEW HIGH FOR AYSI!" in the house now:) Although haven't been able to pull that one out as much as the Mexco slogan...
Friday, July 25, 2008
How One Investor Found a Home Run Stock, Part III
Below is Littlefish's addendum to his recollection of how he found Mexco Energy (MXC):