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Gold/Mining/Energy : Clayton Williams Energy (CWEI) OIL
CWEI 131.900.0%Apr 25 5:00 PM EST
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To: Craig Gantner who wrote (277)1/10/1997 12:33:00 AM
From: Buzz Mills   of 1017
 
Craig,

I have noticed the same patterns as you, and think it is very normal for a stock that is consistently breaking new ground and hitting new highs to react this way. CWEI closed at its high yesterday and attracted new buyers which caused it to gap up before the open today. Then as it is at a new high there are always going to be owners of the stock, that think it is a good time to sell. The majority of those selling are small holders, while the majority of those buying are buying anywhere from 1K to 5K. Usually there isn't much trading during the middle 4 hours of the day, and what there is are usually sells; the buyers, in the meantime, are patiently sitting back waiting to see how far the price slides before they buy towards the end of the day. As CWEI continues to break new ground there is going to be churning of the stock. It has been my experience that stocks have a hard time crossing psychological decade boundaries, i.e. 20, and wouldn't be surprised if CWEI churns and consolidates a little here in the 19's before it breaks out above 20. This morning CWEI got all the way up to 19 7/8 before falling back away. The fundamentals for CWEI are just too strong to keep it in the teens and CWEI should not have a problem seeing the mid-20s within a reasonable time and then we can set our sights on the 30's.

Buzz
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