TODAY'S MARKET REACTION -We are in the midst of a market that is driven by doubt rather than fundamentals.
The market doesnt want to hear only what its been expecting - no matter how satisfactory - it wants to be surprised on the upside.
BNK is not alone in producing a satisfactory Q2 - then being punished for it.
Nor is this reaction limited to the energy sector.
For example FMD.UN produced a good Q2 - only to be zapped by an initial 9% - although recovering about half way back already.
I can only say that if one no longer believes this to be one of the best management teams, and no longer believes that stated production targets will be met with a buyout somewhen in the next year - then by al means cut and run.
One final comment - the danger of 'stop loss' instructions make it all to easy for large players to knock small investors out of their positions. And since BNK has - in recent months become the favourite of shorters and day traders - stop loses are a very dangerous game - so be careful.
GLA