India Globalization Capital Inc. (AMEX:IGC) Exit Strategy
Bought some shares of this company at just under $3 before the euphoric run to the upside started. This is really my first foray into trading company stocks and I don't usually trade based on news, but with this one I did. With the 420 industry set to blow up here in Canada, it's interesting to see a bubble go through the motions while it's happening. I have no doubt many companies in this sector will fortify over time beyond Oct 17th, however, for now it seems like a lot of speculation is taking place, which is causing a lot of these companies to be over valued. IGC is a prime example of this. I don't have any confidence in this company reaching the heights it did last week again. I believe currently we are finishing up a correction before the downtrend ultimately continues. I am hoping to cash out my shares around $7 if it goes back up there as per my analysis, otherwise I'll hold out until $4 if it starts breaking to the downside earlier.. either way I'll still be in profit..
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