I can understand your anger. Whilst it might make you feel better don't make any rash decisions about your trades while the emotions have hold.
The manipulators are trying to stir such emotions so they can get their bulldozers out to scoop up the shares they intentionally shake out of the tree.
All it takes is uncertainty from outside influences like Europe, the DOW, falling oil prices, or whatever. This is backed up by a stacked sell depth of 15m shares with TA factors like gaps being created and 'needing to be filled' adding to the uncertainty.
The $1.23 you speak of is close to MEO's risked VPS of $1.17 which they released during their Good Oil presentation 2 Sep 2009.
I am guilty of posting an estimate of ~$1.00 un-risked VPS. This was calculated from MEO's valuation, with adjustments after the increase in shares on offer after the CR in Nov and the fluctuation in the US$/AU$ FX. I still believe my MEO shares are worth at least that.
Perhaps your views are different but that is the nature of the dynamics of the share market.
The SP has tried twice to break the 37.5 resistance with plenty of help over two negative days on the ASX. Today's P&D followed the trend of the rest of the market.
I am still speaking favourably about MEO not because of an emotional involvement but because I like the fundamentals of the company. I have always had a long term buy sentiment because I realise the company is still making its way through a difficult and time consuming process.
There are plenty of traders who have made a lot of money out of MEO. They don't make money out of the company but target the investors by plying their trade.
The SP may go up or down in the short term but I feel that the SP is being primed for another pump at some stage soon. We have seen this roller coaster going on for months and I don't think it will stop. The SP just isn't being allowed to rise at a gradual rate.
For every pump a 'gap' is created that has to be filled. On the way down another 'gap' is created that has to be filled again on the way up. The resistance around a fib ratio has to be met before the trend can be reversed. And so the yoyo pattern keeps on going. The manipulators know all these tricks and patterns and use them, along with the announcements, good or bad, for their own ends. They love it.
There have been so many gaps created over the last few days across the market it will need more filler than what is used to render a house.
I know it is of no consolation ATM, gregke, but the question you should be asking is whether or not MEO's SP is over or under valued considering the research you have done on the company and whether there are any present or future indicators which may affect the price.
On the upside is the forthcoming FIRB announcement. If positive what further projects MEO may be thinking of with their $80m cash in the bank, and the potential 20% 11Tcf gas along with known gas fields in Bonaparte.
On the downside is the influence of financial woes on overseas markets affecting the ASX and the everyday action of traders on the market. We need to decide how far this will go and if MEO is strong enough to cope with these outside influences.
Like you say, trading in speculative stocks like MEO is certainly a continual learning experience for everyone and HC has quite a few P platers passing through, myself included. I still think the majority of posters, especially MEOmites, are trying to be helpful. I think it is a natural instinct, rightly or wrongly, to be positive about shares we hold.
Judging by how quiet the MEO forum has been lately I think quite a few are sharing your pain. I hope it doesn't affect your judgement.
Far be it for me to know the right thing to do or what the future holds but I think some parts of the decisions we make about the shares we are holding are:
. From the research I have done is the price of the shares I hold justified. . Are there any changes that alter the original research. . Are there any outside influences putting downward pressure on my holdings. . Can the stock resist those pressures and will it rebound. . How long can I keep my money tied up for if the potential is there but the time factor could be extensive. . Is it the right time to sell or is there a chance of an upswing before I sell. Or is the downside chance greater. . If I do sell should I cover all bases by selling only part of my holding. This way if the SP goes down I may decide to re-invest later and if it goes up, all is not lost.
Good luck in all your decisions, be sure you are in the right space when you make them.
I am just sharing my thoughts.
#:>))
MEO Price at posting:
37.5¢ Sentiment: LT Buy Disclosure: Held
