Connacher Oil & Gas Ltd CLLZF

Wait for $1.85

[snoopee]

People on the board should read Punjabi's post. Very informative to why this stock is going to $1.85 . It appears that the message (Post #10256185) has been viewed 456 times, likely 456 people waiting on the side until this thing reaches that target. Why buy now??? Watch it drop at the end of the day. If people quit buying now, the houses will not be able to unload (unable to short it above $1.85) . I imagine the 1.95 is a fake support to get investors to purchase above that price?? Here is Punjabi's post. snoopee Assalam o Aliakum, First I would like to say that this is one of the worst BB I have come across. It would be nice if some posters refrain from posting unnecessary nonsense. No one benefits from it. From August 1 to September 1, 2005. 116,231,771 CLL shares have traded at the average cost of $2.07. The outstanding shares are about 93168500.The average cost for this period would have been much higher if the financings was not fixed at $1.85 & today the stock would have been trading much higher. This financing has become a big drag. The stock is getting a rough treatment from the lead manager. Last week when the stock hit $2.36 some brokers came out to sell & dropped large blocks on the bids & tanked the stock. After the stock touched a $2.06 it bounced back & traded as high as $2.33. For the last three to four days the market book /order book for CLL had improved at lot. After Katrina most large cap oil & gas stock have been created new highs. Yesterday CLL had some large block buyers but GMP & Anonymous were very aggressive to sell. They increased their pressure on the stock today. Today at the open the market book was very strong there were some large bids. There was one bid of 70k at $2.25 & 92k at $2.20. Bids at other prices were alos filled up. Under normal trading a seller would not have taken out the bids of $92k at $2.20. He would he could have parked his offers at $2.21& sold large number of shares with out tanking the stock. But they could not have dumped over a million shares. In order to sell over a million shares they had to take down the stock. It seems that the GMP the lead manager & some one using Anonymous was in a big hurry to sell large amount of shares. GMP sold 244400 & Anonymous sold 1051100 shares today. Since yesterday both of them have sold around 1739000 shares. There is a chance that GMP or one of their customers is selling as Anonymous. Why I believe that GMP could be using Anonymous for selling. At one time today there were two offers by GMP at two different prices. One of the offers was removed twice. One it came back again with broker # 74 then he changed the same offer with broker # 1. That makes me believe that GMP could have been dumping shares using Anonymous. Now why would some one be in such a big hurry to dump? When oil is creating new highs & trading close to $70. CLL has traded 116 million shares at the cost of $2.07 in one month. The stock has turned over 1.25 times the entire float at average price of $2.07. Large numbers of shareholders are sitting close to break-even. Few with huge profit & some at a loss. My guess is that today’s sell-off was profit taking & is directly linked to the new financing. Guaranteed profit. Now if this seller or GMP has sold 1.73 million shares in last two days for around $2.24 & the financing cost is $1.85, which gives them a big spread of about $.39 or a profit of $674700 in a few days. Now they could have shorted the stock or sold their position or inventory. They would have ensured that they are getting shares from the financing. They could also be selling shares in the open market to pay for new shares from the financing at $1.85 & locking in the profit at the same time. Any sale above $1.85 is a profit for them. That could be the reason that today’s sell-off was so aggressive. After the announcement of financing GMP bought 350000 shares around $1.85. Did they sell those shares? If GMP is behind this sell-off then it is wrong. He should not collapse the stock to sell CLL shares. If one of his customer is doing this then he should not give him any allocation from the new financing. I think managements got a bad deal in the first place. They should investigate why their lead manager is tanking the stock & profiting from its position as a lead manager. CLL is paying $5 million commission to underwriters Wassalam