To: Ed Pakstas who wrote (862 ) 12/10/1998 12:36:00 AM From: Wizzer Read Replies (1) | Respond to
To tell you the truth, I would've thought the decline in KOB would've been much greater today than it was. From looking at the charts, it seems the stock price REALLY started to go up when the well blew out (correct me if this is wrong). It is likely that they will only be able to cap the well, and drill another hole to join up the original well at around 12,000 feet. Right now, we have a good idea that there is something there that at the very least peaked a lot of interest in these stocks. The time frame has changed somewhat, but at least there is still activity going on. The sell off today was, in my opinion due to panic pure and simple (80-90ish range). However, there were still a lot of buyers out there and that's why the stock didn't slip further. Stock was being swallowed up like mad as I watched in the Market Depth (some could have been due to recent short covering, although to what extent is unclear). It traded up from there, and as it approached the $1.30 range today, it fell really rapidly (possibly new shorts appearing-selling).
