Good point. I tend to agree. I almost sold out at 75 but waited - had to sell out at 67.5. Still a good profit. Some maybe deciding to take profits is they bought in the 40s/early 50s rather than risk getting one.
I doubt if a farmout agreement would have failed today. This is a combination of the above/stop losses/worry about mgt ethics/the general market and kar's kontiki failure. MEO would be in a less favourable poisition now with that big failure. If it was a success - well the opposite obvioulsy - in a strengthen position. I know the sites are totally independent of each other but sentiment goes a long way with spec stocks.
I envisgae a 3-5% drop tomorrow too unless today is a huge drop of above 12%.
MEO Price at posting:
61.0¢ Sentiment: Hold Disclosure: Not Held
