I am also wondering whats up?
Maybe it is just short covering?
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A trade of 2.9m at 1703 is significant in some way. Just what I can't figure.
Nearly 6M for the day, support for both NOG and PRC, mmmn don't think thats just a good days trading, summats up !
Maybe that fund needs a name change now.
Something is up---well maybe,but then there are about 200 reasons why the SP should be a lot higher anyways so maybe nothing company wise is up. What i would say is that the current SP is high now relative to the price of oil.To have a $1-34 with oil at US 54 makes you think this company has a lot of upside left. Eventually the world will work out that new projects for future oil supply is a long way short of future demand,although in the very short current moment supply is greater than demand.This situation will not last for long and the tide will turn.
Digger
Has BRICKS launched a takeover attempt??
well we can only wish that this buyer wants a lot more
I was delighted to see a smiley day today. I wont kid myself to think there wont be any more dramtic falls left as i am sure the volatility will stay around for some time.
My first throughts with regards to the volume going through is TR selling to buy into PPP. other seller could be ACC i guess. Who the buyer is? May be digger who is slowly accumulating to take over the co at a good discount by years end.
The news from the US was extremely positive with regards to propping up these gigantic countries. I cant help but think that in 10 or 20 years time the US will get taken over by saudi Arabia at this rate. The stimulus package is going to be huge and will end up into the trillions of dollars. The next couple of quaterly results from the large corps will scare the living daylights out of investors as well imo.
Intersting to note that India is still steeming ahead and although China is expected to slow it is likely to be around the 6 to 7% growth.
summary. Oil is still a good place to be if you own stocks with excellent balance sheets