Empire Industries Ltd. (EIL), Market Update

Empire Industries Ltd. (EIL) trades on the Canadian Venture Exchange.  Much info, including a recent financial fact sheet, can be found on the site. 

Our interest is in the chart:

 

A 3-year trend, shown in green, seems definitively broken.  Based on that, it seems a compelling speculation so we recently went long at an average of $0.06  (not diarized in this blog). 

Probable resistance exists around $0.10


This news has stock futures, as well as gold and silver, up roughly 1% - Summers withdraws from consideration for Fed post.  As a result the DJIA will probably be closing above the key trend line discussed in our last update, however given the Federal Reserve has a two-day meeting ending Wednesday which will result in a "Summary of Economic Projections and a press conference by the Chairman" and possibly the start of tapering of the QE program, we'll sit tight with existing positions and wait it out rather than closing market short positions or turning bullish.   








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