Friday 13 July 2007

Close But No Cigar

My theory about the IPE options was correct, the IPE share price went up another 3c to $1.08, so the IPEO price also went up around 3c. However my order for 70,000 IPEO at 2.7c was only partially filled (only 5,000 shares) and I doubt that the remainder of the order for 65,000 additional options will get filled at that price. By the close the highest bid was at 3c with the lowest sell bid at 7c. The last sale was at 6c, so I would have done really well if my order had been filled at the market open.

It was only after the market had opened up around 1% this morning that I realised I should have made the IPEO order 'at market' rather than 'at limit', but for such volatile penny stocks it's usually a bit too risky to place 'at market' orders.

Anyhow, since I already had 54,000 IPEO stock options with todays small addition I now have 59,000. Todays price rise gave me a quick $590 profit on just this small stock holding. The last NTA reported for the IPE shares was $1.23 after tax as at 13 July, so the stock price could easily continue upward now that some positive sentiment seems to have developed.

Copyright Enough Wealth 2007

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