Hello All, Just a very quick update.
MCKE my alert for yesterday issued news today.
http://finance.yahoo.com/news/Morgan-Creek-Energy-Corp-prnews-2401870691.htmlx=0&.v=1 While on the surface this seems like great news I am not sure.
The company raised up to 2 million dollars in a private placement.
That is usually great news for a company as it allows them to carry on their operations BUT further down in the release it says they are selling the funder a unit of 1 common share and 1 warrant to buy stock in the future at a dollar.
Some of the funders that operate in the OTC markets are ruthless.
If they bought stock at 50 cents they may just try to unload as much as they can above 50 cents. This may mean that the stock is going to come under and remain under pressure.
Because it doesn`t say when the funding took place this may be the reason that the stock was very active the last few days and could not break above 70 cents. With all the buying that took place over the last few days I would have thought that this stock should have gone through 70 cents easy and it did not.
Now I am not telling anyone what to do I am just pointing this out.
Some of you may say, WOW, the company just raised 2 million and that`s going to allow them to drill the wells and that`s awesome news and I am willing to hang on and see what happens.
Or some of you may say, the stock traded strong the last few days and couldn`t break through 70 cents and now there is some news out that is somewhat confusing, maybe I will take my licks here and cut my losses.
I put in a call to the company but have not heard back as of yet but I thought I would get this out in the mean time. If/when I hear back I will send another update.
I am coming out with another alert tonight that I am very excited about. Keep an eye out for it.
Good Investing, Mark If you do not trade with a broker that allows stops GET ONE.
ChoiceTrades does allow stops and they only charge $5 commissions on OTC stocks. Open an account by following this link.
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