I was actually quite emotionally angry all day which is not a great thing. It suddenly frustrated me to no end to watch something I initially bought at $1.30 to be worth 30% less 3-4years later (after being 2-3x in value for a lot of the time). In hindsight all I have done in 2-3 years is average UP.
I had to put the trade window away for the day and have rationalized that nothing good can be achieved from emotionally trading.
I've got the weekend to cool my head now and make the right call.
So, with some thoughts back in my head:
Long term - nothing has changed, so in that regard anyone currently holding (including myself) can weather this storm simply by holding through it.
Short term - looking very dire until Buru enlighten us all. An announcement (even negative) is needed desperately.
Worst case scenario fraccing and drilling will not occur until next year - The SP is going so badly right now I'm starting to think the SP will react POSITIVELY to such an announcement. Lack of direction is killing us right now, as soon as that is cleared up we can dust ourselves off and move on.
In the mean time, the stock is essentially a gamble. There is no short term gains to be had in buying right now more so than throwing it all on black at your nearest casino (you'd have better returns at the casino). With 0 reason to buy, we are being pilaged by shorters.
The power is entirely in their hands and rightly so. I am over considering the shorters as 'evil', in truth they are the only ones who've gotten it right the past 12months. Hopefully management are getting the message and learning a lesson this year.
They have dug a very big hole for Buru this past 12months and now it is left to Eric to jolt some life back into the corpse.
With a clearer head on my shoulders I think I will likely continue holding into next week as I think there is more to be gained at this point from holding than selling into the shorters hands. Things have to turn eventually, and when they do we will recover from these prices. Buru is worth more than $1 with its Ungani Oil and a planned 2015 Drilling/fraccing programme (whenever they get around to informing us of course).
I would much rather be watching from the sidelines of course.
BRU Price at posting:
$1.00 Sentiment: Hold Disclosure: Held
