RE: $63 Oil Bankers Going fly Higher SoonSeems like some of the goofiness has gone out of the trading of BNK. I'm glad.
For those that are in and out of this daily, driving volumes high, go find another craps table to play. The daily volatility was not driven by longs. Those that bought at 1.75 were closing out short positions and taking a long poisiton IMO - they aren't selling. Those selling are the folks who we're looking for 10% gains per day and aren't getting them. Bassed on Q1 results BNK has a long way to go and are about 1+ years behind where they wanted to be by now. They need to start delivering on some production numbers and get the net/bbl up.
If you're moaning about why this is popping right now, print out your post and read it 3 years from now.
End of June will be 45 days of $55+ oil. End of August will be 45 days of 62+ oil. These guys will be sitting on a huge amount of cash and LOC to draw on when they need it.