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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: Second_Titan who wrote (3191)7/27/2001 1:56:49 PM
From: jim_p  Read Replies (3) of 206099
 
A gift from the market gods for the oil bears out there, PENG is a gift at this price for shorting.

PENG has an ESOP plan which buys PENG stock in the open market quarterly, and each quarter the stock spikes up over about 7-8 days. PENG is now up 30% in the last 8 days.

Here are the past price spikes:

9/1/00 21% 8 days

12/6/00 41% 14 days

1/5/01 28% 7 days

3/1/01 25% 5 days

Anyone starting to see a pattern here yet?

The current decline in PENG commenced at $30.55 on 5/14/01 and bottomed on 7/16/01 at $20.47.

We have now had a 60% retrace since the last sell off.

The company's ESOP allows each employee to contribute 5% of his salary to the plan. The plan is authorized to make "open market" purchases in PENG stock from time to time. Each employee is only allowed to invest in PENG stock until he is 100% vested (six years)in the plan, at which time he/she is allowed to direct a small portion of the assets to other securities.

Each time we had a run up, it was on about the same increase in volume.

The stock has been in a down trend since the first of January and each time is has run up, it comes back down further in several weeks.

Nothing has change in the patch. NG prices reversed yesterday. Storage will be full before October.

Jim
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