ELMO

When a good announcement comes out and the share price falls, this is a red rag to me. This was crazy and I love my idiotic seller. In this case, it has taken the market days to react but idiotic sellers have been selling into good news! And yesterday, it went into a trading halt to consider a drilling result. Why halt unless it is very, very bad result.... or very, very good result? There is also a discrepancy between ELM and ELMO. It costs 20c to exercise the option in Jan 2012. Because it is much cheaper to buy the options, I bought some on 13/1/11 at $1.01. In one week, it is up by >30%.

So on Monday 24/1/11, I will know which way it goes but judging by recent results, ELM must have hit the potash jackpot. I would be so flattered if the ASX thinks I have inside information! Unfortunately, I don't have that much spare cash so I only bought a small parcel to top up. Some fries are not worth investigating. Someone in Hotcopper wrote that at the last result, the grade is one of the best reported in the world yet there were sellers!