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Worden Discussion Forum » General Discussions » Stock and Market Talk » PGH

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pthegreat
Posted : Wednesday, January 12, 2011 7:38:19 PM

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Joined: 6/15/2008
Posts: 1,356
 Jumped on some Feb 13 calls $0.45 this AM
Scanning for triangles as described in the trading strategies thread :  http://forums.worden.com/default.aspx?g=posts&t=49875   I found PGH last nigt. nice forming triangle right at the 50DMA and TDST-support.

PGH on daily chart opened above the symmetrical triangle. 5min chart ;big jump over the TDST-resistance at 9:35AM with volume.
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ponchomike
Posted : Thursday, January 13, 2011 9:30:29 PM

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Joined: 8/8/2007
Posts: 42

Just a little background on PGH.  

It was one of the Canroys, or Canadian Royalty Trusts.  They pay high dividends, typically around 7 - 9% annually.  Several years back, the Canadian government forced the Canroys to change from a trust to a corporation, and gave them four years to do it.  I don't know if PGH has converted yet, but the window for converting is about to close.

Most of the former Canroys have not seen share prices impact by changing corporate structure, but if you hold on the conversion date, it may be treated as a sale and repurchase.  AAV was treated that way last year when it converted.

As a new corporation, there are doubts by some analysts that these companies will be able to keep paying out high dividends.   There is a lot of speculation that these companies will be cutting dividends, which will affect share price.

I hold several, and I'm a little leary of adding to any of my positions right now.

Mike
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pthegreat
Posted : Thursday, January 13, 2011 11:46:28 PM

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Joined: 6/15/2008
Posts: 1,356
 Mike thx for the info. I'll keep it in mind. However my style of trading is intraday to at most no more then a week or two. I scan for stocks that are breaking out, and I leverage by trading options. I might glance over the news for the stock, and check which sector it is in, before I pull the trigger but that's the most I do in terms of fundamentals. I just trade of the chart for a quick in and out..

My Feb 13 calls moved up from $0.45 to $0.60.  I expect to sell tomorrow.
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pthegreat
Posted : Friday, January 14, 2011 10:00:57 AM

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Joined: 6/15/2008
Posts: 1,356
 I'm out, break even. not taking any risk, long weekend coming. and no follow through this AM.
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