Thoughts.Just my thoughts on the tape action, take it for what it's worth.
Before the New Year, we got a quick rip up to .30 cents, be it a rebound from oversold conditions, or people front-running the upcoming (now starting) drill program at EL, Kidd, or both. This sent the stock through the upper bollinger band, and shot the RSI up to near 80. These are overbought conditions - too much, too fast. Stocks everywhere are rebounding now based on technically oversold conditions - just as we were at .10 cents. In almost all cases these rebounds we are seeing are technical rebounds, not really based on drill results or current drill programs. I have spent the past week tearing around the Venture nibbling at stocks that have not "popped" yet that I feel should eventually get a rip, and missed some good opportunities in the process but c'est la vie. Basically, we already got our "pop", and now traders are bailing on this one, taking their double and finding the next one
EXS is one of the few companies out there that is going ahead full steam with their drilling program. EL has just started drilling again this week, and Kidd is set to be fired up next week. Traders will take this pop as their ticket outta here, but longs such as myself are waiting for the chance at a fundamental improvement to the stock - drill results. A techincal pop can only take you so far, and for us that pop was to .30 cents.
Why CIBC wanted outta here so bad, I have no idea, but they have definitely dragged us down this week. If the drill program was well underway I would have suspected someone getting a whiff of crap results, but seeing as how it just got started, this can't be it - perhaps they just wanted to move their $$ elsewhere.
Personally, I have waited for this upcoming Kidd program for too long to bail outta here now - this is what I originally bought into the stock for, and now is finally about to get balls-deep underway. Thank phak for that.
Anyway, I try not to watch the pennies too closely, I would rather watch the "story" unwind.
Oh yeah, I do cringe to watch Canaccord throw up huge lots on the ask and then pepper the bids with small Anon lots underneath. Such is always their game, yet they always seem to get away with it.
So Canaccord, GFY.