Richard,
You are correct and the chart SCREAMS that this stock is a loser that is going no where. I am not much of a TA guy, but I can read a chart like this one very easily. There is no floor, only one spike (a whopping 1/8 of a point) during the last 6 months -- from about the time the debentures were placed with the guy you mentioned.
I think I will probably take my lumps before next week is over, oil or not. I guess I have not spent enough time really evaluating this company -- I looked at it as a very small investment for me -- almost inconsequential, but money is money. Until this stock forms some sort of support, for more than a day, I would not touch it with a ten-foot pole, even if all the things Offie is bringing up were not true. (I become more confident every day that they are more than true and there is more to the story than even he knows yet) They will need a lot more oil than they seem to have thus far to pay off the debentures, the lawsuits and whatever else comes their way. (More lawsuits, I suspect) Someone is seling into any buying -- no matter how much it is. As I said before -- 6 million shares traded on what should have been great news and it drops 7%? Then it keeps on dropping the next day? Come on -- there is something very wrong with that. I have a new clarity about this stock. It is ten times worse than I thought. (and I thought it was pretty bad) |
