RE: RE: RE: this is getting rediculousWe broke through it at about the
.91 mark on Wednesday. You'll notice that it is the low between the two tops and the high of the previous advancement. This was a major price point that has been violated.
It will come back soon enough, its just that
.90 will be major resistence and will take some of the air out of the sails of this blowing its top off.
I'm a little bit disappointed that managment hasn't put out a release to update the shareholders on the drilling yet as this could have kept the price up. We are on the verge of a 41% harcut, that's hardly manipulation, that's borderline something to worry about behind the scenes.
Like I said in January's Weber's Web, there is substantial downside risk here so this should only be a small portion of one's portfolio. That aside, I personally expect big things of EC through 2010.
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Cheers,
djgt
aka Chris Weber