At last (!), we are enlarging these tight Bollinger Bands, and we can breathe (albeit scarred!). We are now dealing with an entire new beast, IMHO, because volume has picked up. This is not the first time that ECGOF drops "dramatically" after basing, to be followed by a leg up. I was very concerned at midday because, following the 10% drop, the volume was NOT there at all. If we close today at 10 1/4 with 500,000 shares traded we will be in excellent shape for a recovery (besides: that would give us one of those nice bullish hammer on japanese candlestiock charting). If we close at 10 or below, ECGOF will still be unstable.
The reason of the drop (IMHO) is mainly due to the drop in the stockmarket, followed by margin calls and scared ECGOF stock holders. I don't see the shorts as being very important here. If there were in force today, we will see a nice rebound when they will buy to cover.
Note: I am glad that some of you on this board are really doing the real due diligence with this company. Thank you all again. If you hurry with your SI article, David, you might be credited with an ECGOF recovery! Then again: it might only be due to Raymond going away, while you are coming back home. It seems to me that all the planets and constellations are going to line up correctly soon.... (I hope).
Gaston
PS: Mr. DELL is planning to sell 300,000 of his DELL shares and I hope "our" Mike is not planning to do the same with his ECGOF shares! |
