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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (24945)	8/6/2003 12:44:43 PM
From: jim_p	Read Replies (3) \| Respond to of 206361

It's all about greed and fear. Lot's of people sitting on the sidelines to see how low the market will take it (greed). Many reduced their positions at higher prices and don't want full positions until after 2Q numbers are out on the 12th (fear). Shorts came in after the convert was announced and there was a lack of serious buyers due to upcoming 2Q numbers (bad timing/fear). We all know the MIR story. The institutional buyers are buying RRI because of where it will be several years from now to get 3-400% returns. Everyone knows the sector sucks and the trend is still down on margins. RRI has been under heavy institutional buying for the last four months. MIR and two quarters of badly missed numbers is giving the market time to pause before the 2nd Q comes out. CPN has been selling off their future and they will soon be the next sad story once the market understands what's been going on. This may give RRI holders another opportunity to buy?? Soon the fear will turn into greed. Most of the selling has dried up as the stock has gone down on lower and lower volume. Sellers are mostly gone, but we won't see big buyers until after the 12th unless the greed factor comes into play before then. A close today above 4.92 on volume over 3MM would be enough to get me back on board. RRI's been trading on 1/2 to 1/3 of normal volume for the last two weeks. I've got a large position now, but it's only 1/4 of what it was when the stock was in the 2's. Frankly I'd love to see them miss 2Q to get back to where I was (better than a 50% chance IMHO). Your move to sell in the mid 5's was a wise move, but when it starts to recover getting back in at a lower price might be difficult?? The good news about RRI is that it has the assets to be a $20.00+ stock. This is the first cycle ever seen in the IPP sector and RRI has very little credit risk at this point in time. Lot more upside than downside in the short run. Jim