Wednesday, September 3, 2008

Trying to Trade Alloy Steel

Alloy Steel (OTCBB: AYSI.OB) seemed to have been trading in a range from the low 1.70s to the 1.90s recently, in the absence of any new news1, so I bought a few more shares today at $1.72, with the intent of selling these shares in the $1.90s. I figure if I am looking at this stock every day anyway, then maybe I can make a few dollars if I recognize a pattern. We'll see how this works out.

1There hasn't been any company-specific news, but the strengthening of the U.S. dollar versus the Australian dollar recently is something of a headwind, since most of the company's business comes from Australia now and is denominated in Australian dollars, which are now worth less in U.S. dollar terms.

1 comment:

DaveinHackensack said...

So much for that trading range. Picked up a few more shares at $1.51 yesterday.