We have had a strong 65% run up from the recent lows now on very light volume - it appears the only thing that has happened over the past 3 months is we have been able to buy some cheap stock. Everything on the company front seems fundamentally sound and they just need to keep drilling and producing.
My major concern is that we stop moving forward at a fast pace and management starts waiting for "the big offer to land on the table". I have seen many companies over many years that have done than, and ended up with literally nothing or very little. There are a few that are regularly commented on in these forums that hung up the for sale sign and are still waiting.
There is a lot of action in the US with shale plays, and even though the gas price has taken a tumble over the last few weeks, it should continue to strenghten IMO. What has happened in the Gulf will make many companies re-assess their "risk reward" strategies (again IMO).
Anyway, good to see my .38 support almost hold, then the short term .56 ceiling broken on Friday. With no stock for sale and some quiet accummulation perhaps happening, the three month dip may put us back to .75 (where we were) and beyond with good solid company announcements.
RFE Price at posting:
60.0¢ Sentiment: None Disclosure: Held
