RE: RE: Up too far & too fast on no news
Someone's just dripping shares intothe bid, taking it down 3000, 500, 10000 shares at a time. A couple bigcrosses in the early hours, but this later stuff just looks likesomeone riding it down. Same thing happened in late 2010, up until thepre-christmas pop: days and days of low-volume, small-ball tradeschasing the price down, taking out stop-loss orders. -------------------------------------------------------------------------------
Exactly. The trading houses have very sophisticated software to separate you from your shares. Have a look at the intraday chart for today to see how low the trading volume is after the two large crosses between 12:00 and 12:30. Those two crosses ( 600k+ shares) account for almost have of today's volume. It also looks like there was a 250k+ share cross at about 11:35. Those three crosses account for over 850k shares. Once you deduct that from todays trade totals you'll see we're actually having a low volume trade day. At five minutes before close we're back up to the $5.00 range from the low of $4.73. If this was a sell-off I'm sure we would have kept on dropping.
The SP rose ~$2.00 in two weeks at the beginning of January because somebody knows something. With today's trading activity we must be getting very close to finding out what that is. Last week were some worse days in the market and the SP hardly budged. Please re-read the NR released two weeks ago:
BNK PETROLEUM INC. UNAWARE OF ANY MATERIAL CHANGE1/12/2011 6:08 PM - Canada NewsWire
CAMARILLO, CA, Jan. 12, 2011 (Canada NewsWire via COMTEX News Network) --
TSX ticker symbol; BKX
BNKPetroleum Inc. (TSX: BKX) (the "Company") at the request of IIROC onbehalf of the Toronto Stock Exchange, announces that it is not aware ofany undisclosed material information that may be affecting the tradingprice and volume of the Company's common shares.
The Company iscurrently drilling its Wytowno #1 well, on its Slawno concession inPoland, on acreage adjacent to where two shale gas wells have beendrilled by another operator. It is possible that the activities onthose wells have generated some additional interest in the Company.The Company is not aware of any material changes in its operations thatwould explain the recent trading activity.
About BNK Petroleum Inc.
BNKPetroleum Inc. is a U.S. based international oil and gas explorationand production company focused on finding and exploiting large,predominately unconventional oil and gas resource plays. Throughvarious affiliates and subsidiaries, the Company owns and operatesshale gas properties and concessions in the United States, Poland andGermany. Additionally the Company is utilizing its technical andoperational expertise to identify and acquire additional unconventionalprojects outside of North America. The Company's shares are traded onthe Toronto Stock Exchange under the stock symbol BKX.
To viewthis news release in HTML formatting, please use the following URL:https://www.newswire.ca/en/releases/archive/January2011/12/c2206.html
SOURCE: BNK Petroleum Inc.
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