Monday, December 11, 2006

I couldn't pass up the sell

Back on Nov 29th I picked up some shares of Mitcham Industries (Mind) for $12.01. I did this as the stock pulled back after a modest breakout. Earnings came out today and the stock was up to $15.50 in pre-market trading. The only problem was, this huge jump came with only 5,000 shares of volume. I know pre-market is not very liquid, but only 5000? A quick check of the earnings report showed that earnings were good but certainly not great. I sold right when the market opened.

It turned out to be a pretty good move. Check out the chart.

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